MC Endeavors Inc (MSMY)

[ITYS]

soooooo, maybe a tad tough for a conventional bank loan as they already have them !...this is snippit of pubco debt

KINDA why I didn't understand HWY Mazurek chose MSMY !

Accounts payable and accrued liabilities (-30,247)
Lease liability (-150,084)
Loans payable - current (-118,595)
Loan payable - non-current (-93,773)
Total liabilities assumed (-392,699)

Eclipse liabilities
Personal LOC – 0% interest and $1,500 weekly payments $ 15,000
Kabbage LOC – 1-year loan and 16.5% interest $88,133
Merchant Advance Loan $7,962
First Home Bank SBA – 6.5% interest and due on March 10, 2027 $91,773


NOTE 11. COMMITMENT On December 15, 2018, the Company entered into a rental agreement for the corporate office. Monthly rent is $1,700. The term of the lease is month to month. Our office lease meets the definition of a short-term lease because the lease term is 12 months or less. Consequently, consistent with Company’s accounting policy election, the Company does not recognize the right-of-use asset and the lease liability arising from this lease. During the nine months ended September 30, 2019, the Company incurred rent expense of $8,500.

In April 2016, the Eclipse entered into a rental agreement from April 2016 through May 2020 with a monthly payment of $17,061. The Company recorded ROU asset and lease liability of $133,711 as of September 30, 2019.