Muscle Pharm Corporation (MSLPQ)

[Madcowelixir]

MusclePharm runs out of cash.

When are the 2020 10-Qs going to be released? Don't hold your breath with this Ponzi scheme fraud. Ryan disclosed in the 2019 filings recently that MSLP product sales have fallen dramatically in April 2020 and have continued to decline.

MusclePharm disclosed that they have already sold all its Accounts Receivable and owes $32m to Manufacturers of their product most of which is severely delinquent and being litigated in court as suppliers have sued Ryan for non-payment of invoices as of 12/31/2019

MSLP had to borrow another $3m just to keep the lights on and pay that $1m a month to Nutrablend per the lawsuit settlement.



Item 1.01 Entry into a Material Definitive Agreement.

Secured Revolving Promissory Note

On October 15, 2020, MusclePharm Corporation (the “Company”) entered into a secured revolving promissory note (the “Revolving Note”) with Ryan Drexler, the Chief Executive Officer, President and Chairman of the Board of Directors of the Company. Under the terms of the Revolving Note, the Company can borrow up to $3,000,000. The Revolving Note bears interest at the rate of 12% per annum.

The use of funds will be used for the purchase of whey protein and other general corporate purposes.

Both the outstanding principal, if any, and all accrued interest under the Revolving Note are due on March 31, 2021.



*****Ryan just sold his dads NY apartment to finance the $3m. Drexler family fire sale!