True North Energy Corp. (TNEN)

[starkd748]

How look at this ....It helps to read filings bro...Let me help on this Epic Fail POS


They lost a lawsuit bro.....


Loooooooooky loooooooook hahahahaha

Note 7 – Convertible Settlements Payable

On October 10, 2013, the Circuit Court of the Second Judicial Circuit in and for Leon County, Florida, approved a Settlement Agreement entered into between the Company and ASC Recap LLC (Recap) whereby we agreed to issue shares of common stock to Recap in consideration for a total of $1,124,000 of outstanding debts that were acquired by Recap from various creditors. The shares of common stock (Settlement Shares) were agreed to be issued in various tranches and from which 75% of the proceeds from the sale of which shares by Recap would be used to satisfy the outstanding debts until such time as the debts are satisfied.
The exact number of Settlement Shares to be issued pursuant to the Settlement Agreement is indeterminable, and Recap is precluded from owning more than 9.99% of the Company’s common stock

F-8

True North Energy Corporation & Subsidiaries
Notes to Consolidated Financial Statements
For the Three Months Ended July 31, 2019 and 2018 and Year Ended April 30, 2019 (unaudited)
in aggregate at any given time. Recap does not bear the risk of market loss. The difference between the amount of proceeds used to satisfy the outstanding debts and the fair value of the common stock shares issued will result in a gain or loss on debt settlement. During the year ended April 30, 2016, Recap assigned its rights under the Settlement Agreement to Tarpon Bay Partners (Tarpon). At April 30, 2019, the gross convertible settlements payable outstanding totaled $634,392.

https://backend.otcmarkets.com/otcapi/company/financial-report/230297/content