Tuesday, February 11, 2020 11:50:56 AM
ARYC voluntarily gets into an agreement with Iconic because they need money to keep the business afloat.
The agreement was a convertible note, so Iconic was allowed to convert payment to shares. Then when Iconic wants payment, ARYC balks.
But what is really funny is that the whole reason that ARYC took the loan was because they owed a law firm (Morrison & Foerster, LLP) lots of money ($350,000), and they had sued them.
It seems that ARYC just moves from one law suit to the next.
Unbelievable.
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