Gim Owens just last week said they are ready to do merger. He knows about that debt. He also said he has all the funding needed to grow the company after merger and no need to issue any shares. Already in place is the key part. As of last week Owens still wants to do merger.
You forgot QASP has $90K due on planes plus LIEN on the simulator. THis is ontop of 180K+ Joe is claiming. I estimated QASP Known liabilities close to $270-300K.