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Sysorex Inc. (SYSX)

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Last Post: 5/28/2022 3:20:08 PM - Followers: 268 - Board type: Free - Posts Today: 115

Defaulting on Loans, Possible Scandle:

Sysorex, Inc., a Nevada corporation (the “Company”), entered into a Promissory Judgment Note dated as of August 15, 2018 (the “Note”), with Tech Data Corporation (“Tech Data”), pursuant to which the Company promised to pay the principal sum of $6,849,423.42 to Tech Data. The Note provides that interest shall accrue on the balance of the Note at the rate of 18% per annum. Due to miscommunication with Tech Data, the Company inadvertently failed to pay, when due, some of the installment payments in the aggregate principal amount of $3,341,801.80, as set forth in the Note and has defaulted under the Note. 

On December 14, 2021, the Company became aware that a Confession of Judgment (the “Confession of Judgment”) had been entered against the Company in the Superior Court of the State of California, County of Santa Clara by Tech Data on September 24, 2021. The Confession of Judgement is entered for a total sum of $5,942,559.05, which is comprised of the principal sum of $3,341,801.80 and prejudgment interest in the sum of $2,600,757.25. 

Debenture Default 

The Company has sold to certain purchasers 12.5% Original Issue Discount Senior Secured Convertible Debentures (collectively, the “Debentures”) pursuant to the terms and conditions of those certain Securities Purchase Agreements entered into by the Company and certain investors. The Debentures provide that any monetary judgment filed against the Company for more than $50,000, and if such judgment remains unvacated for a period of 45 calendar days shall constitute an event of default. As a result, the Confession of Judgment could be deemed to be an event of default under the Debentures although the Company only became aware of the Confession of Judgment on December 14, 2021."

Q3: 65 million shares of dilution since March 

“Note 2 — Going Concern 

As of September 30, 2021, the Company had an approximate cash balance of $4.3 million, working capital deficit of approximately $10.6 million, and an accumulated deficit of approximately $28.1 million. The aforementioned factors raise substantial doubt about the Company’s ability to continue as a going concern for the next twelve months from the date of issuance of these financial statements.” 

“ Ressense LLC 

On August 4, 2021, the Company executed a six (6) month business advisory services agreement with Ressense LLC. The services to be provided include potential business activities including acquisition, merger and reverse merger opportunities. As compensation for the performance of services, the Company shall pay $25,000 per month. 

Style Hunter, Inc. 

On September 26, 2021, the Company acquired a 5% minority interest in Style Hunter, Inc. (“Hunt”). The Hunt issued 613,723 shares of its common stock: par value $0.0001 per share for $0.81470 per share for a total price of $500,000. The Company shall have a one-time option to purchase an additional $500,000 of the Common Stock (“Option”) on or before the 360-day anniversary of Closing Date as follows: (i) if the Buyer exercises its Option prior to the 90-day anniversary of Closing Date the per-share purchase price of the additional shares of Common Stock (the “Option Price”) shall be $0.81470 (a $10,000,000 Company valuation), (ii) if the Buyer exercises its Option after the 90-day anniversary of Closing Date, but prior to the 180-day anniversary of Closing Date, the Option Price will be $1.22200 (a $15,000,000 Company valuation), or (iii) if the Buyer exercises its option 
after the 180-day anniversary of Closing the Option Price will be $2.03670 (a $25,000,000 Company valuation). 

Note 15 — Subsequent Event 

On November 2, 2021, the Company entered into a Membership Interest Purchase Agreement with BWP Holdings LLC to purchase the remaining 50% interest in Up North Hosting LLC. The aggregate purchase price for the membership interest is $1.0 million in cash and 1 million shares of restricted common stock, $0.00001 par value of the Company. The restricted common stock was issued to an executive of BWP Holdings LLC who was hired by the Company on October 1, 2021, as the Company’s Chief Technology Officer (“CTO”). The Company issued the CTO a one-time sign-on bonus of One Hundred Thousand (100,000) shares of restricted common stock of the Company. The CTO will be entitled to additional shares of restricted common stock on two subsequent anniversary dates.”

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SYSX News: Quarterly Report (10-q) 05/23/2022 01:26:45 PM
SYSX News: Notification That Quarterly Report Will Be Submitted Late (nt 10-q) 05/17/2022 12:53:31 PM
SYSX News: Amended Statement of Beneficial Ownership (sc 13d/a) 05/09/2022 12:13:02 PM
SYSX News: Current Report Filing (8-k) 05/03/2022 12:59:23 PM
SYSX News: PURA Signals Bullish On Hemp Crypto Carbon Credit News 04/29/2022 08:21:52 AM
#13880  Sticky Note FULL EXPLANATION OF CONVERSION CRITERIA By GREAT GATSBY BeamMeUpScotty 05/25/22 02:01:36 AM
#13863  Sticky Note Excellent analysis by Microcap Daily: trademax42 05/24/22 10:01:57 PM
#11551  Sticky Note This link is proof that the deal will tomj1 05/19/22 09:26:11 AM
#5630  Sticky Note Funds and billionaires are invested here for a trademax42 05/07/22 08:05:45 PM
#2367  Sticky Note 68M deal closing by May 24, about 3 i_like_bb_stock 04/29/22 12:32:59 PM
#15480   Duly noted! $SYSX$ AbleBody77 05/28/22 03:20:08 PM
#15479   Affirmative! $SYSX$ AbleBody77 05/28/22 03:18:51 PM
#15478   Great eur06 05/28/22 03:18:43 PM
#15477   Great! eur06 05/28/22 03:16:14 PM
#15476   Fireworks on the way. elks 05/28/22 03:15:36 PM
#15474   Excellent post DayofReckoning 05/28/22 03:10:35 PM
#15473   Carjockey2 is famous now ?????? ArsenalFC 05/28/22 03:03:43 PM
#15471   “Dumping of shares”. Excellent post. Nice to jerrybrockman 05/28/22 02:59:30 PM
#15470   Bigger liked this tweet to confirm deal is Rip city 05/28/22 02:58:59 PM
#15469   The “news on the 24th” crew still DayofReckoning 05/28/22 02:58:51 PM
#15468   I'll probably be hung over and miss it zig zag 05/28/22 02:57:29 PM
#15467   Better be an 8k Tuesday morning. m1ocha 05/28/22 02:55:08 PM
#15466   Meanwhile........back at the beach zig zag 05/28/22 02:47:00 PM
#15465   The refundable deposit made by SYSX is only LaFortuna 05/28/22 02:45:26 PM
#15464   Yup. skichic 05/28/22 02:44:17 PM
#15463   Probably why I'm getting not getting my knickers Carjockey2 05/28/22 02:42:18 PM
#15462   Fact Check.... The date was updated in the 10Q, LaFortuna 05/28/22 02:40:21 PM
#15461   Read the terms of the 1.6 million so skichic 05/28/22 02:39:30 PM
#15460   Hmmmmm TimeFades 05/28/22 02:36:32 PM
#15459   Y’all know that it would be Tuesday when VeryImpressive 05/28/22 02:15:39 PM
#15457   Lol spot on. elks 05/28/22 02:13:51 PM
#15456   Take note of the may 3rd press release:The edro 05/28/22 02:07:16 PM
#15455   Pardon me, Pagosa, is it good or bad handMMJ 05/28/22 02:00:23 PM
#15454   Institutional = STRONG HANDS barnyarddog 05/28/22 01:56:18 PM
#15453   Michael Bigger - These $SYSX Notes are now mine barnyarddog 05/28/22 01:55:25 PM
#15452   Michael Bigger @biggercapital barnyarddog 05/28/22 01:51:27 PM
#15451   Mr. Bigger just tweeted something about Notes are pagosa 05/28/22 01:49:51 PM
#15450   SYSX ready to fly zig zag 05/28/22 01:45:48 PM
#15449   Yep lol TimeFades 05/28/22 01:36:02 PM
#15448   Got my bid for another half a milly TimeFades 05/28/22 01:30:58 PM
#15447   SYSX looks like an Ace zig zag 05/28/22 01:14:05 PM
#15446   Long weekend , enjoy it all TimeFades 05/28/22 12:55:49 PM
#15445   No problem........But due too high SYSX Burger demand........ zig zag 05/28/22 12:51:10 PM
#15443   how about some grilled onions on that SYSX burger! Earlofsandwich 05/28/22 12:21:52 PM
#15442   SYSX board beach party starting to heat up zig zag 05/28/22 12:16:33 PM
#15439   Sure AKATITUS 05/28/22 12:04:34 PM
#15434   Just watching the chart from 19 to yet. Horsts 05/28/22 11:56:03 AM
#15432   Why no update on 5/24? The deal is Midwestrader 05/28/22 11:51:30 AM
#15429   NASDAQ within a couple mos maybe? Sirpeter 05/28/22 11:44:53 AM
#15426   And yet they're still here.... AbleBody77 05/28/22 11:38:06 AM
#15425   I sold a crap play and bought more Sirpeter 05/28/22 11:24:17 AM
#15422   Here's what's on the SYSX table zig zag 05/28/22 11:17:24 AM
#15420   All who invest here will lose everything. I promise Horsts 05/28/22 11:16:02 AM
#15418   He he. elks 05/28/22 11:14:26 AM
#15416   $SYSX What's on the table for Sysorex in WHIP THE HORSE 05/28/22 11:06:12 AM
#15415   La Fortuna,great You are amazing dude.Didn't know that.Did edro 05/28/22 11:01:10 AM
#15414   This GEM reminds me of TSNP ran to magic1usa 05/28/22 10:46:10 AM
#15410   SYSX is QB. dozendogs 05/28/22 10:39:30 AM
#15408   Was not meant to be that. Just pointing makincash2 05/28/22 10:34:29 AM
#15407   Not me I sure haven't forgot Carjockey2 05/28/22 10:32:18 AM
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