"The company never defaulted" That's not what it says in the...

"The company never defaulted"

That's not what it says in the  Annual Report......................

On 6 February 2014, the Company entered into a secured loan agreement with Aude Holdings Pty Ltd as trustees for Lastours Investment Trust to borrow $ 1,500,000 secured against a fixed and floating charge over the assets of the Company and at an interest rate of 60% calculated daily. In the event of default, the interest would increase to 80% per annum calculated daily. The loan was repayable in full by 31 May 2014.

The Company was unable to repay the loan by 31 May 2014 and as at reporting date it was in default and being charged interest at the rate of 80% from the date of default. On 14 May and 3 June 2014, the Company was served default notices

Subsequent to year end and on 6 July, the Company entered into Deed of Acknowledgement and Variation with the secured lender Aude Holdings Pty Ltd as trustees for Lastours Investment Trust under which the secured lender has waived the breaches which resulted in default notices on 14 May and 3 June 2014, reset the interest to 25% per annum, extended the expiry date to 31 December 2014 and has provided an additional facility of $ 1.15 million.