Thanks I read it last night. They moved it to a current liability. Maybe they are about to pay it.
At December 31, 2014, we had $6.2 million in cash and equivalents on hand, compared to $8.0 million at December 31, 2013. We had working capital deficit of $10.1 million at December 31, 2014, compared to working capital of $6.2 million at December 31, 2013. The primary reason for the change in working capital is the classification of a long-term loan, currently in default, as a current liability.
It looks like the loan came from a subsidiary and it is not due until 2017. I don't know why it is showing as being under default.
The increase in long-term loans is due to our draw down of RMB120 million (approximately $19.5 million) in funds pursuant to a Trust Agreement between Hainan Shiner, our primary operating subsidiary, and Zhongrong International Trust Co., Ltd., or Zhongrong, on April 17, 2014. The credit facility bears interest at 7.35% per annum, is due on April 17, 2017 and is collateralized by the common stock of Hainan Shiner,
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