United Communications Partners Inc (UCPA)

[naturalborninvestor]

You misunderstand the debt situation.

They have no debt "to crush away". The company has a line of credit with a local bank to meet short term cash needs. Simply due to the accrual basis of accounting (revenues earned and cash received do rarely match in timing). That line of credit just happened to stand at $260k on June 30th and is recorded as "note payable" which is a bit misleading as the term is usually used for convertible debt. This amount is unlikely to be zero at any point in time and may just as well be higher again at the Q3 balance sheet date of 30th September.

Note 10 – Line of Credit
The Company has a floating rate line of credit facility with SEB Bank in the amount of $2,265,000. As of June 30, 2017, the amount outstanding, under this line of credit facility, was $260,268. The rate of interest payable under the line of credit facility is presently 3% per annum.

Anyway, just going through the Q2 report now, none of you seem to have spotted the most interesting event...