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Sunday, September 04, 2022 9:02:05 AM
A total of $435,000 in accrued interest expense, representing interest expense accrued during the life of the Mikah Note was due and owing as of the maturity date of the Note. Of the $435,000 accrued interest due at maturity, $238,451 of accrued interest was satisfied by offset against amounts due from Mikah pursuant to the development agreement between the Company and Mikah, dated December 3, 2018 (see Note 16). The balance of $196,549 of accrued interest expense owing in relation to the Mikah Note is recorded as a non-interest bearing, general liability of the Company.
In other words, Elite did work and spent a quarter million dollars to develop a drug, but all of the credit went to Mikah to pay the interest on trimipramine, with Elite still owing Mikah another $200K of development work, just in interest, just for trimipramine. Profits on that future drug will go to Mikah, because of the downstream effect of the trimipramine self-deal. Like I said, still counting...
PROVING “ENTIRE FAIRNESS” CAN BE A DIFFICULT TASK.
The burden of proving entire fairness of the transaction is often difficult when a transaction is scrutinized by the courts. A director must show the utmost good faith and the most scrupulous inherent fairness of the bargain. The “entire fairness” standard is considered very exacting and, therefore, is often outcome determinative.
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#FreeTacoForShareholders
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