RE: Rathlin update13 Jul 2021 13:19
What a load of old pony our friend the mule comes usually comes out with. Not to disappoint is is latest rendition.
But he fails to read the accounts.
Let's just take California for instance, when will this loan be paid back that is accruing interest every year.? Making money in Cali....don't think so!
Extract from final accounts dated Dec 31st 2020 below..........
"The loan to the subsidiary has been provided by way of a Loan Note Instrument and is subject to interest rates at the short term monthly (compounded annually) Applicable Federal Rates published by the Internal Revenue Service of the United States federal government. The loan has no fixed repayment date and is denominated in USD. Subject to the subsidiary being solvent, the loan is repayable by giving the subsidiary not less than one month's written notice. The accrued interest on the loan as at 31 December 2020 was US$231,000 (2019: US$183,000), equivalent to £169,000 (2019: £139,000)
The amount of the loan to the subsidiary as at 31 December 2020 was US$8,587,000 (2019: US$7,964,000), equivalent to £6,292,000 (2019: £6,029,000)"