Saddle Ranch Media Inc (SRMX)

[facts_matter14]

Oh no! $1.2 Million settlement has not even started to be paid out.....

From the Q2:

On August 18,2017 a Taiwan investor (Yung-Che Fang) filed a Complaint with the Superior Court of California, Orange County, naming Tri Cascade, SkyFidelity Inc and Saddle Ranch Media Inc. for breach of contract under the terms of certain Loans totaling $ 883,046 made to Tri Cascade, Inc between July 1,2013 and October 31,2016.

The default arises from the failure to repay such Loans when they became due. In addition, on November 19, 2018 the same investor filed a Judgement Lien in the same court against Saddle Ranch Media, Inc seeking to enforce the collection of such Loans amounts, including accrued but unpaid interest thereon, up to that date.

The Company has entered into settlement discussions with this investor directly and has secured an agreement in principle through which full settlement is expected to be achieved partly through the issuance of restricted common stock and partly through a cash installment repayment plan. This settlement agreement is expected to be executed by the end of 2020, upon which the Complaint’s claims will be settled and the Judgement Liens released.

Loans payable, including accrued interest $1,163,864

Can't make payments with ZERO REVENUE, unless more toxic loans are taken out.