| | | Looks like that Q4 $500MM in new funding is a "no show".
From 10-Q Vendor Financing
In February 2022, the Company entered into a satellite procurement agreement with Macdonald, Dettwiler and Associates Corporation (“MDA”) (see Note 8: Commitments and Contingencies for further discussion). As of September 30, 2022, the Company had recorded $63.8 million in short-term vendor financing on its consolidated balance sheet associated with this agreement. This agreement provided for deferrals of milestone payments through August 2022 at a 0% interest rate.
On October 28, 2022, the Company executed an amendment to extend this payment deferral date and allow for other related changes in terms, including two $7.0 million payments (one of which was made on October 31, 2022 and the second is required to be made in November 2022) and interest that will accrue on the amount outstanding at an annual rate of 7%. The total interest accrued was $0.2 million as of September 30, 2022. All remaining amounts outstanding are required to be paid in December 2022. Concurrently, the Company continues to pursue debt financing for the funding of the construction and launch costs for these satellites (discussed below
Note:
At Sep. 30, 2022. Globalstar 10-Q showed Cash and equivs of ~$14MM. $7MM was reportedly paid on Oct. 31st, and another $7MM was due in December.
How long before we see a SWO? |
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