Mexus Gold US (MXSG)

[T-Hawk]

Mexus pays off loans and gives an update on its Santa Elena mine project
CABORCA, Mexico, December 16th, 2019 (GLOBE NEWSWIRE) — Mexus Gold US (OTCQB: MXSG) (“Mexus” or the “Company) confirmed that the company has satisfied two loan agreements which were coming due. The company met these obligations through the limited sale of gold and support of its shareholder base.

Looking through the 10-Q I'm not seeing what note was paid off according to the PR above.

This line here is one of the scariest ones in the financials.

At December 31, 2019, $467,215 of these notes were in default. There are no default provisions stated in these notes.

I wasn't expecting to see gold sales, but I was also not expecting to see the massive number of loans/notes taken out or that some loans were in default (How defaulting on loans isn't a significant event worthy of an 8-K is another issue). The number of loans/notes added during this 10-Q reporting period is disheartening.

Textbook example of what a toxic death spiral looks like.