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Sysorex Inc. (SYSX)

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Last Post: 5/23/2022 11:51:45 AM - Followers: 245 - Board type: Free - Posts Today: 227

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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  • 3M
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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
SYSX News: Annual Report (10-k) 04/14/2022 05:23:36 AM
#12123  Sticky Note Broken down into its most basic form it doogdilinger 05/20/22 10:34:03 AM
#11551  Sticky Note This link is proof that the deal will tomj1 05/19/22 09:26:11 AM
#8620  Sticky Note OSTENDO and SYSOREX INC COMBINE FORCES cjstocksup 05/12/22 12:43:39 PM
#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
#12893   SYSX Back to .07, Lets see .08 today. bawanyh 05/23/22 11:57:15 AM
#12892   I hear ya, just say'n LoveItInBishop 05/23/22 11:56:08 AM
#12891   Learn what it means to have a maxed doogdilinger 05/23/22 11:55:55 AM
#12890   let's go break out 0.08 Today. konshe 05/23/22 11:55:52 AM
#12889   Big boys prep'n the engines on a sunshine doogdilinger 05/23/22 11:55:07 AM
#12888   Yip, SYSX is going to print more shares! crowin 05/23/22 11:54:58 AM
#12887   Boom let's go JMMatthews 05/23/22 11:54:11 AM
#12886   A break of .07 is incoming, then PokerStar 05/23/22 11:54:08 AM
#12885   Hate to break it to ya skichic but doogdilinger 05/23/22 11:52:57 AM
#12884   Beautiful 0.07 weee!!! WHIP THE HORSE 05/23/22 11:52:26 AM
#12883   I think that it will now steadily be BeamMeUpScotty 05/23/22 11:52:03 AM
#12882   We really don't want gaps as they always tomj1 05/23/22 11:51:45 AM
#12881   I call out every liar on these boards....just PokerStar 05/23/22 11:49:15 AM
#12880   $SYSX chart https://www.stockscores.com/chart.asp?TickerSymbol=SYSX&TimeRan Thugmuffin 05/23/22 11:47:17 AM
#12879   this gaps tomorrow on anticipation alone LoveItInBishop 05/23/22 11:47:10 AM
#12878   Before news out, gap up to 11 cents, konshe 05/23/22 11:46:10 AM
#12877   0.07 break approaching MG123 05/23/22 11:45:21 AM
#12876   You bet! Keep on fighting my friend! doogdilinger 05/23/22 11:45:13 AM
#12875   lol BOOM PokerStar \m/ doogdilinger 05/23/22 11:44:44 AM
#12874   Hi Doog, thanks for the thoughts and prayers tomj1 05/23/22 11:44:41 AM
#12873   Things could get magical and legendary at any Babubd 05/23/22 11:44:33 AM
#12872   The price chasers will be here after lunch. Closerlook 05/23/22 11:44:09 AM
#12871   Always hilarious when sideline flippers are on the doogdilinger 05/23/22 11:43:58 AM
#12870   Eod buying should be crazy here!!! BIGMONEYPLAYA 05/23/22 11:43:35 AM
#12869   Let's get ready for the thunder & lightnin' doogdilinger 05/23/22 11:43:21 AM
#12868   Your last post said the bottom was going tomj1 05/23/22 11:43:01 AM
#12867   More like .11 cents kBletsgo30 05/23/22 11:42:09 AM
#12866   Watch this baby rock zig zag 05/23/22 11:41:22 AM
#12865   The shuttle is on the crawler now making tamitakos 05/23/22 11:40:36 AM
#12864   How big Tomorrow will gap up? $2-$3-$5? konshe 05/23/22 11:40:21 AM
#12863   No morning PR....back in again. I think m1ocha 05/23/22 11:38:35 AM
#12862   SYSX is gonna RUN Hard!! Fortunes will be Babubd 05/23/22 11:37:45 AM
#12860   The Purchase Price shall be comprised of the AbleBody77 05/23/22 11:34:52 AM
#12859   stupid little bot isn't gonna keep this down LoveItInBishop 05/23/22 11:33:46 AM
#12858   The beast wants to run. Are you sure downdraft 05/23/22 11:31:50 AM
#12857   Still gap at .076 moondogaz 05/23/22 11:31:35 AM
#12856   Ask clear to .074, shares are scarce MM'S tomj1 05/23/22 11:29:48 AM
#12855   yup, me too! LoveItInBishop 05/23/22 11:29:19 AM
#12854   WE'RE FLYING NOW zig zag 05/23/22 11:28:45 AM
#12853   walking it up LoveItInBishop 05/23/22 11:28:07 AM
#12852   Added more here. elks 05/23/22 11:28:02 AM
#12850   Wrong, they all have been bough by Bigger, WHIP THE HORSE 05/23/22 11:26:11 AM
#12849   No, everyone knows something. Everyone knows this Tiger Money 05/23/22 11:26:10 AM
#12848   fresh highs hopefully the deal closes on time i_like_bb_stock 05/23/22 11:25:44 AM
#12847   Buyers coming in fast...somebody knows something! Closerlook 05/23/22 11:24:47 AM
#12845   SYSX ASK IS SKINNY BIGMONEYPLAYA 05/23/22 11:20:23 AM
#12844   no possible dilution here, no tricks from MM MG123 05/23/22 11:19:19 AM
#12843   2 weeks ago they said “within 15 business skichic 05/23/22 11:19:02 AM
#12842   Going right over .10 very fast! todamoon 05/23/22 11:18:51 AM
#12841   Nooo! I was glued to my phone waiting BeamMeUpScotty 05/23/22 11:18:45 AM
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