Tada, CCD - Sorry for the late response but I collected some info. and had to leave this afternoon and just got home. Here is what transpired along with some guesses to fill in blanks and you might see why there is still so much loan left. I can actually make it worse.

May 7/18 - US$30 million Third Eye Loan closed.

Aug. 30/18 - US$20 million PP closes - US$10 million should be paid down on loan.

Nov. 2/18 - US$10.3 million PP closes - US$5.15 million should be paid down on loan.

US$15.15 million is supposed to have been paid down but Jan.31/19 financial statements say that US$15.5 million was actually paid down on loan leaving US$14.5 million remaining.

Jan.31/19 - US$5 million PP closes - 50% was not paid down on loan.

April 1/19 - US$11.3 million PP closes - 50% was not paid down on loan. 

By this time, US$23.3 million should have been paid down leaving US$6.7 million outstanding. Since the 50% from Jan. 31 and April 1 were not paid, RVX and Third Eye must have already been renegotiating. Further evidenced by no issue with Top Line not being announced by Jan.31. It would appear that renegotiation eased those covenants and set a new date of loan maturation at Aug. 4th. Further evidence was in the prospectus that stated that there was still US$14.5 million outstanding at April 30th. I think we can accept that.

The prospectus states that CAD$5.9 million or US$4.4 million of this PO will go toward paying down the debt with minimum subscription. That is 50% of the net to RVX of a minimum subscription.  $14.5 mm minus $4.4 mm would leave US$10.1 million dollars owing on the loan. RVX says they expect to only owe US$9.7 million so it is ballpark. 

I can make it even worse but I don't think RVX will be including these numbers in their calculation. From April 30th to July 31st, approximately US$360,000 in interest will accrue as well as there is a US$ 600,000 Exit Fee. That is approx. another US$1 million that will be owed to close the loan that they probably aren't considering part of the loan outstanding as they are probably just talking principle. 

I accept their numbers and have no problem seeing how it is still so large. We discussed this a while back when some thought that we had enough money to pay the loan off but I argued that we needed to raise more before we could because we would have nothing to operate with as all cash would be gone. It would appear that we didn't even pay the 50% covenant and were using that cash to survive until now. We now have to face that we have to fill the current PO to pay bills and the current 50% and will have to raise more to pay off the loan and operate into the future. Many ways are being bantered for achieving this which might be legitimate for the next raise but this is where we are right now. Nothing to fret over, just the state of where we are and have to deal with it.