As of Sept 30th INT is 90 days overdue on a $325,000 payment due to Mark Hale for the SAAS purchase. Another $650,000 was due Oct 1st, but at Sept 30th INT only had $300,000 in cash. Further, they owe legal payments of $133,000 per month
But they raised 2.5 Million you might say. They even put out an NR saying....
The Company has received commitments for the balance of the $2.5 Million Placement and is awaiting final subscription documents to facilitate a further closing. The initial TSX Venture Exchange deadline for the placement was November 1, 2012; however, the TSX Venture Exchange has granted a 30 day extension to this deadline should the Company require additional time to close the next tranche of the Placement.
Well, apparently not.....
Private placement financing
On October 4, 2012 the Company announced a non-brokered private placement of up to 12,500,000 units
of Intertainment (“Units”) at a price of $0.20 per Unit for aggregate gross proceeds of $2,500,000 (the
“Placement”). Each Unit will consist of one common share and one common share purchase warrant
exercisable at $0.29 for a period of two years from the date of issuance. The Company has closed
$1,375,197 of this private placement as at the date of release of these interim financial statements.
So, they had 1.6 Million in cash and 11 Million in Current Liabilities after the last raise.....anybody wonder who got paid and who didn't?