Deepverge PLC (AIM:DVRG) has confirmed that it currently owes supplier Microsaic approximately £1.4mln for which a settlement plan has been proposed.
Microsaic has continued to supply services to DeepVerge during 2023, and all amounts arising during the current financial year continue to be paid under normal 30-day terms.
Nigel Burton is a director of both companies, with any settlement to be treated as a related party transaction.
DeepVerge added its working capital position is still positive with payment plans, or payment phasings substantially agreed with all its creditors.