It'll be a miracle if they haven't filed for bankruptcy protection by the end of this year, if not sooner. I'd be asking a lot of questions on the conference call. Taken from the CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended December 31, 2020 and 2019
Millions of convertible debentures with Unlimited number of common shares without par value authorized?? and acceleration clauses attached, millions of stock options, warrants, secured loans with many coming due in 2021.
Cash on hand reduced by over 60% year over year- where's the money Mike?? December 31, 2019 cdn $1,175,586 as of December 31, 2020 cdn $439,538
The Company’s continuing operations are dependent upon its ability to raise capital and generate cash flows from operations. At December 31, 2020, the Company had an accumulated deficit of $15,950,090 and the Company had historically incurred losses. Although the Company achieved profitability in the latter part of2020, it has yet to demonstrate that it can maintain profitability on a sustained basis.
On May 29, 2019, the Company issued CDN$3,000,000 convertible debentures (the “Debentures”) and7,732,357 transferable common share purchase warrants (the “Debenture Warrants”) with the following terms:- the Debentures mature on May 29, 2021 (the “Maturity date”), and the principal amount of the Debentures, together with accrued and any unpaid interest, will be payable on the Maturity Date.
The Company reversed the previous years unrealized fair value adjustment of $575,145 and recognized a realized loss of $758,584 on the disposition in the consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2020.
This is crazy so party while you can until reality sets in, probably eod or tomorrow.
