Nate's Food Company (NHMD)

[surfkast]

Don't you know Wade has forgiven the notes? I read it here! Such a nice guy to give away probably $800,000 plus by now!

Or are all the number fictitious as the first two suddenly appeared in the November 30, 2015 filing?




Note payable to WB Partners

During the period ended February 29, 2016, the amount the Company borrowed and repaid to WB Partners (Joseph Wade) is nil. The total amount owed was $60,532 as at February 29, 2016. The loan is at 0% interest and is to be repaid by December 31, 2015 and is currently in default. .



Note payable to SouthCorp Capital

On October 20, 2015, the Company issued a Promissory Note to SouthCorp Capital, for $200,000, due October 20, 2017 for a payment for purchase of equipment of $177,712 and financing cost of $22,288 related to the purchase of the equipment. The Note carries an annual interest rate of 8%. As of February 29, 2016, the Company owes $207,009, of which $6,114 is accrued interest. The deferred financing cost is being amortized over the life of the note using the effective interest method resulting in $4,025 of interest expense for the nine months ended February 29, 2016.

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11118021


The Company has agreed to acquire a rotary piston filling can line. The new line will be capable of producing between 8,000,000 and 10,000,000 cans per year and will be installed at the Company’s factory in Fairfield, California within the next 10-12 weeks. The Company has begun moving its production from its Los Angeles co-packer to its factory line in Fairfield. The Company expected the transition to take 12 months but on January 31, 2015, the Company agreed to compete the process in the next 3-4 months. The benefits of moving production from Los Angeles to Fairfield include control over the production line and equipment, a 300% increase in production space, additional storage for raw materials, reduction in freight expenses and an increase in the quality control of the product. The line cost approximately $400,000 and is being financed by WB Partners.

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=10445514