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Monday, August 22, 2022 7:15:36 AM
We know that they are not paying debt with cash because the are still borrowing in Q2 and now we have notes that are now in default for the first time. The June Leonite note has a fixed conversion price, however that will reset to the lowest level of any subsequent "dilutive issuance". Will they issue any new shares and see that $745K reset, or go ahead and split this stock. They need to get back to selling shares as soon as possible in my opinion. Cash flow isn't going to get it done.
For the fiscal year ended: December 31, 2020
https://sec.report/Document/0001721868-21-000220/
On June 1, 2020, the Company issued 100,000,000 shares to Ethan Leon, the son of our CEO in settlement of $25,000 of advances made to the Company by Eileen Greene and assigned to Ethan Leon,"
For the quarterly period ended June 30, 2022
https://sec.report/Document/0001903596-22-000529/
15. Third party loans
On April 12, 2019, Eileen Greene, a related party assigned CDN$1,000,000 of the amount owed by the Company to her, to a third party. The loan bears interest at 12% per annum which the Company agreed to pay.
During the current period the Company repaid CDN$100,000 (approximately $78,977)
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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