RE:RE:RE:Solid BeatThe following is from their q2 2018 report:
"Net debt is a combination of long-term bank debt and working capital. Net debt for June 30, 2018 decreased by $40,347,000 from June 30, 2017 primarily due to the $52,000,000 received for the GORR transaction in the fourth quarter of 2017 and increased cash flow from higher commodity prices partially offset by higher capital spending in the first quarter. Quarter over quarter net debt decreased by $8,142,000 due to increased cash flow from increased production and commodity prices and less capital spending compared to Q1 2018. Working capital is calculated as current liabilities less current assets.
The Company finances its working capital deficiency using cash flow from operations, its long-term bank facility, share issuances, option exercises, sale of noncore assets and investments and adjustments of dividend payments. Included in the working capital deficiency at June 30, 2018 is $22,000,000 million of debt relating to the subordinated promissory note and the amount due to a related party."