Ren, I realized that about the banks after I posted. They probably could get a loan on less than they have provided to date.
The thing that i was thinking about is the statement that would help a bank know that PBLS can pay its debt has not been provided. To date I have not seen a Cash Flow statement.
Based on the numbers we have seen so far, the divy's, acquisitions and new equipment PBLS's cash flow (IMO) could be weak to nil.