Whip it was more about issues on RM side. They can't just give unsecured loan to SPNG like many think. The way they did it was only security SPNG can offer. The discount off share price issued at makes the shares reasonable security. This was the only option to finance SPNG. It also puts the money under equity and no liab on the balance sheet even though really a loan because of buyback of restricted shares. It thus allows easy way to qualify for bank requirements that SPNG will face. SPNG has such a strong balance sheet and Q1 will show growing profits bank lines will be easy to get. It does take time for the paperwork, banks do their own audit etc.
How strong is balance sheet current ratio is 20 to 1. That is current assets / by current liab. A big ratio for banks. A good one is anything iver 2 to 1 and they have 20 to 1.
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