Wednesday, June 29, 2022 6:06:25 PM
There is a precedence for this. In October 2019, only a few months before closing the previous ARIA facility at 5400 East Avenue, West Palm Beach in January 2020, the company handed over the deed to Leonite for their property in Delray Beach to settle $1.4 million of debt.
The tenant lease renewed in February provided an option for the purchase of the property for $7 million Canadian which would be around $5.5 million U.S. So by the time the mortgage is satisfied, the Leonite $700K interest, potential expenses, it would pretty much be a wash. Maybe a little more to pay on some of the other Leonite debt. The bad part is that the cash flow from the lease has made this Ethema's best performing asset. Without it they really don't own much.
For the fiscal year ended: December 31, 2021
https://sec.report/Document/0001903596-22-000192/
14. Mortgage loans
Cranberry Cove Holdings, Ltd.
On July 19, 2017, CCH, a wholly owned subsidiary, closed on a loan agreement in the principal amount of CDN$5,500,000...
...The loan bears interest at the fixed rate of 4.2% with a 5-year primary term and a 25-year amortization. The Company has guaranteed the loan and the Company’s chief executive officer and controlling shareholder also has personally guaranteed the Loan.
b. Mortgage loans
The company has a mortgage loan as disclosed in note 14 above. The mortgage loan matures on July 19, 2022 and the Company currently owes $3,864,312.
Debt restructuring 8K December 2020
https://sec.report/Document/0001721868-20-000600/
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.
For the fiscal year ended: December 31, 2019
https://sec.report/Document/0001721868-20-000304/
11. Short-term Convertible Notes (continued)
Leonite Capital, LLC (continued)
On October 10, 2019, the Company transferred a warranty deed to the real property located at 810 Andrews Avenue, Delray Beach, Florida to Leonite Capital, LLC, in settlement of indebtedness of $1,398,514 and additional expenses related to the disposal of the property of $36,470. These expenses of $36,470 were provided for resulting in net proceeds recognized on the transfer of the property of $1,362,044...
For the fiscal year ended: December 31, 2021
https://sec.report/Document/0001903596-22-000192/
Muskoka Treatment Facility
The Muskoka Treatment Facility is located in Bala, Ontario, 3571 Highway 169. The property is 43 acres and contains approximately 48,000 square feet of buildings. The property is wholly owned by CCH and has been leased to CART for an initial term of five years, which ended on February 28, 2022. The tenant exercised its option to extend the lease term for an additional five years. The lease gives the tenant an option to extend for two additional five (5) year terms, an option to purchase the property at any time for a purchase price of CDN$7,000,000 in the first thirty six (36) months...
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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