It took $20m from lender Lyceum Partners last year, with the option of adding another $20m.

The loan was funded through Lyceum agreeing to purchase up to 150m JES shares at an agreed discount to the fair market value (FMV).

JES was to repurchase them at a later date within three years at an agreed discount

But it has received email notification from Lyceum's lawyer alleging a default by failing to make a "maintenance fee" payment.

"The