Thoughts on this , all these agreements seems to be in default?
On November 8, 2021, the Company executed a merchant cash advance agreement with Consistent Funding. Under the agreement, the Company sold an aggregate of $145,000 in future receivables for a purchase amount of $100,000. The aggregate principal amount is payable in daily instalments totaling $656 until such time that the obligation is fully satisfied. As of August 31, 2022 the total outstanding principal on these future receivable sale and purchase agreements was $73,044, including $20,487 of accrued interest, and $96,361 as of November 30, 2021. As of August 31, 2022 the agreement is in default.
On December 10, 2021, the Company executed a merchant cash advance agreement with Consistent Funding. Under the agreement, the Company sold an aggregate of $116,000 in future receivables for a purchase amount of $80,000. The aggregate principal amount is payable in daily instalments totaling $967 until such time that the obligation is fully satisfied. As of August 31, 2022, the total outstanding principal on these future receivable sales and purchase agreement was $40,149, including $9,864 of accrued interest. As of August 31, 2022 the agreement is in default.
On January 26, 2022, the Company executed a merchant cash advance agreement with Gem Funding. Under the agreement, the Company sold an aggregate of $100,100 in future receivables for a purchase amount of $70,000. The aggregate principal amount is payable in daily instalments totaling $596 until such time that the obligation is fully satisfied. As of August 31, 2022, the total outstanding principal on these future receivable sales and purchase agreement was $71,260 including $19,648 of accrued interest and fees. As of August 31, 2022 the agreement is in default.
On April 7, 2022, the Company executed a merchant cash advance agreement with Gem Funding. Under the agreement, the Company sold an aggregate of $41,700 in future receivables for a purchase amount of $30,000. The aggregate principal amount is payable in daily instalments totaling $348 until such time that the obligation is fully satisfied. As of August 31, 2022, the total outstanding principal on these future receivable sales and purchase agreement was $5,324 including $121 of accrued interest. As of August 31, 2022 the agreement is in default.
On March 4, 2022, the Company executed a merchant cash advance agreement with E Advance Services, LLC. Under the agreement, the Company sold an aggregate of $88,200 in future receivables for a purchase amount of $60,000. The aggregate principal amount is payable in daily instalments totaling $767 until such time that the obligation is fully satisfied. As of August 31, 2022, the total outstanding principal on these future receivable sales and purchase agreement was $46,138 including $8,471 of accrued interest. As of August 31, 2022 the agreement is in default.
