In response to me asking about what the debt is at, I received this private message, who is this guy and why haven't I heard this debt/share payoff before?
All_in4dnax
I think he answered some of the debt questions in previous PR's. Part of the reason for the additional dilution was to pay off the debt with stock.
We are are now seeing that sell off from vendors and others that owed debt. My understanding from conversations with Adrian was he was finding new debt and obligations almost on a daily bases and the situation was very grave.
The goal was to get through the mess created by previous owners and find the true bottom of the company. There was not much that could be done until all the rocks were turned over and all the companies past obligations were satisfied.
While I have not talked with Adrian in awhile, it appears he accomplished the first goal of finding the bottom and has reached agreements with those holding debt. These vendors are now able to sell their shares and get paid back.
In his defense it's hard to start production runs of product until you have the warehouse buildout plans approved and permitted by the city. Without an occupancy permit no one or nothing is getting in that warehouse.
It's clear that the debt has been settled, funds have been raised to front the money for the lease, salaries, drawings, permitting, and a large first production run with backup product to have sustainability.
This is a process and the fact this company had one leg in the grave and the other one up to its thigh, is really an amazing turnaround.
It's easy to criticize when you are not the one looking at the long list of improbable obstructions. Sometimes it's better to be quiet and solve the problem then announce it to the World.
I believe we now have a solid foundation to build on and the warehouse is its first step. As long as we keep building and the foundation stays strong, I don't care what's located next to the warehouse.
