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Wednesday, May 18, 2022 2:09:05 PM

Re: tigerpac post# 42712

Post# of 43095
They likely won't get that 4.2% rate again. Leonite also received $700K in class "A" preferred shares in exchange for debt in Cranberry Cove which holds the Canadian property in 2020. This will add to the difficulty for refinancing. The talked about purchasing the ARIA property in the Q3 2021 press release using some scheme called a 'off balance sheet structure' which hasn't materialized. They also said that they planned to apply this same structure to refinance the Canadian property.

Debt restructuring 8K December 2020

Leonite Capital LLC

On July 12, 2020, the company entered into a debt extinguishment agreement with Leonite whereby the following occurred:

1. The total amount outstanding under the note, including principal and interest was reduced to $150,000

2. $700,000 of the note was converted into Series A Redeemable Preferred shares in the Company’s subsidiary, Cranberry Cove Holdings, accruing dividends at 10% per annum.

Ethema Releases Third Quarter Results
November 22, 2021 19:08 ET | Source: Ethema Health Corporation

The Company has also made the decision to move forward with the purchase of the property at 950 Evernia Street, West Palm Beach, Florida. The purchase will be an off-balance sheet structure whereby the Company will be the General Partner in a limited partnership which will use debt and equity from Limited partners as the structure to own the property. .

...Ethema also plans to implement the same structure for its Canadian property which will also improve the Balance sheet...
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