I like the fact that they paid off the debt. But, don't mistake that for having lot of cash. Those loans just happen to come due, that is all. Plus, the loan was taken out in 2019 at 10% interest per annum.
My fear is this - I hope they take on new and cheaper debt to finance operational activities and construction of the new facility. The easier and more likely case is that NGW will issue ton of new shares to finance these things. In that case, this is a bad news.
I've been reviewing the financial statement and no reason for me to buy and hold this company at this time. Too many uncertainties in term of its leadership and not to mention the cost of this new facility. The original price to build the new facility is out of the window because of supply chain constraints every where even in construction industry. I would not be surprised if the new facility will cost at least $25M-$30M, all-in.
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