iTeknik Holding Corporation (ITKH)

[benosufan]

They are trying to find out the value of Big Rhino assets.
Basically they need to figure out the value and liquidate those assets. The shell should be sold IMO. Still a lot of potential here

iTeknik Holding Corporation
Loan Origination: December 2016
Loan Principal: $5,698,064
Loan Interest: $3,642,686
Fees w/ Interest: $5,102
Total Outstanding: $8,760,852
Status: Transferred to GJB for Legal Action

The Master Fund and iTeknik entered into a Securities Purchase Agreement and a Senior Secured, Convertible, Redeemable Debenture for $5 million effective December 20, 2016. As a result of existing defaults and other disputes between the parties, litigation was commenced on April 4, 2017. On June 21, 2019, the parties entered into a settlement agreement for $4 million.
iTeknik has not made any payments to the Master Fund under the terms of the settlement agreement. During the reporting period, DSI discovered that TCA appears to have purchased all the property of iTeknik Holding Corporation and Big Rhino Corporation via a credit bid at an auction in March 2020. The nature of the underlying assets appear to be furniture, accounts receivable, and intellectual property. At the present point in time it is unclear what the current ability to monetize these assets may be. DSI and the Receiver’s counsel are currently reviewing prospects for maximizing value, including the value of the property securing the loan.