Wednesday, May 18, 2022 9:26:16 AM
It looks to me like the statement of cash flows and the associated note in the Q3 filing that the CEO was paid for accumulated fees owed. They used the word 'reversed' and it showed up as a debit in the statement of cash flows. Q1 of 2022 the nearly same amount shows up as credit on the statement of cash flows with no explanation and the CEO is once again awed over $300K.
Looks to me like Q3 2021 was sandbagged a little and the appearance of $259K certainly would help Q1 2022 EBITDA. Would it not? Actual net earnings for the period was less than that.
For the quarterly period ended September 30, 2021
https://sec.report/Document/0001721868-21-000835/
Statement of cash flow entry;
...'Repayment of related party notes (269,238 )'...
18. Related party transactions
Shawn E. Leon
As of September 30, 2021 and December 31, 2020 the Company had a payable to Shawn Leon of $121,797 and $322,744, respectively. Mr. Leon is a director and CEO of the Company. The balances payable are non-interest bearing and has no fixed repayment terms.
Management fees from prior periods due to Mr. Leon amounting to $259,175, related to Mr. Leon and reflected as a payable to Mr. Leon were reversed during the current period
For the quarterly period ended March 31, 2022
https://sec.report/Document/0001903596-22-000301/
Statement of cash flow entry;
...'Proceeds from related party notes 259,228'...
16. Related party transactions
Shawn E. Leon
As of March 31, 2022 and December 31, 2021 the Company had a payable to Shawn Leon of $341,379 and $106,100, respectively. Mr. Leon is a director and CEO of the Company. The balances payable are non-interest bearing and has no fixed repayment terms.
Due to the current financial position of the Group, Mr. Leon forfeited the management fees due to him for the three months ended March 31, 2022 and the year ended December 31, 2021.
Everything that I post is just my informed opinion and is simply an invitation to debate. Trade on your own due diligence please..
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