Multistack International Limited (MSI) has released its quarterly activity report for January to March 2025, highlighting significant financial activities including the settlement of arbitration with Danfoss and restructuring of debt with Super Link Company Limited. The company received a net cash amount of AUD 2,232,547 from the Danfoss settlement in March 2025, resolving a long-standing claim. During the quarter, MSI’s primary business activity remained the sale, marketing, and distribution of water-cooled and air-cooled water chillers, though no chiller sales were recorded, with revenue limited to spare parts.
Following the Danfoss settlement, Super Link Company Limited, a related party, exercised its option to acquire Verdicorp’s assets, including the ORC technology, effectively discharging MSI’s obligation to repay a loan of A$3,546,975 (including accrued interest) as of March 31, 2025. This transaction, initially approved by shareholders in May 2023, significantly restructures MSI’s balance sheet. The company’s cash and cash equivalents at the end of the quarter stood at $2,922,551. Quarterly operating expenditure totaled $294,516, with $131,546 allocated to trading and operating expenses, and $162,970 to staff, administration, and corporate-related costs.
Furthermore, a loan arrangement from A.C.R. Equipment (HK) Ltd, another related party, totaling USD 650,000.00 (AUD 1,092,568 including interest payable) at 6% interest, was utilized for ongoing operations. MSI previously borrowed US$1,800,000 (A$3,546,975 including interest payable) from Super Link Company Ltd to facilitate the Verdicorp asset acquisition. Additionally, the company has a $696,000 non-interest bearing unsecured facility from ACR Equipment (HK) Ltd from prior periods. These financial activities suggest a strategic shift towards debt management and operational funding through related-party transactions.
