RE:RE:Liquidity and Capital ResourcesIf I remember rightly on the call, they mentioned it was in the last Md+A.. It wasn't in the previous quarterly release.
This was "The Company's agreements with its lenders regarding certain covenants become more restrictive at the beginning of each quarter from January 1, 2022 to January 1, 2024. Therefore, despite Think's rapid improvements in financial performance, including three sequential quarters of positive Adjusted EBITDA, the Company determined that it was not in compliance with the minimum EBITDA covenants as set out in the Bank of Nova Scotia Credit Facility and under the Beedie Convertible Facility (the "Credit Facilities") and could potentially be in non-compliance with certain covenants set out in the Credit Facilities in future months in 2023. The Company is actively engaging with its lenders and proactively addressing this matter. For further details, please see the Company's MD&A."
More from the call, if I heard correctly , these results were not audited by Ernst and Young as a cost saving measure.