Friday, November 18, 2022 12:57:44 PM
This is the second quarter that they borrowed against future receipts and we are more than half way into Q4 and they will likely need to continue to borrow. We are now looking at $137K per quarter to service just the new receivables funding. This appears to operate as a ponzi scheme now where new debt is constantly needed to satisfy existing debt payments since they are unable to covert shares.
For the quarterly period ended September 30, 2022
https://www.sec.gov/ix?doc=/Archives/edgar/data/0000792935/000190359622000804/sfsgrst10q111222.htm
14. Receivables Funding
On May 31, 2022 the Company, through its 75% held subsidiary, Evernia Health Center, LLC entered into a Receivables Sale Agreement with Itria Ventures LLC (“Itria”), whereby $240,000 the Receivables of Evernia were sold to Itria, for gross proceeds of $200,000. The Company also incurred fees of $4,500, resulting in net proceeds of $195,500. The Company is obliged to pay 6.5% of the receivables until the amount of $240,000 is paid in full, with periodic repayments of $5,000 per week. The guarantor of the funding is a minority shareholder in ATHI.
On September 26, 2022, the Company, through its 75% held subsidiary, Evernia Health Center, LLC entered into a Receivables Sale Agreement with Itria Ventures LLC (“Itria”), whereby $310,000 of the Receivables of Evernia were sold to Itria, for gross proceeds of $250,000. The Company also incurred fees of $5,500, resulting in net proceeds of $244,500. The Company is obliged to pay 7.41% of the receivables until the amount of $310,000 is paid in full, with periodic repayments of $6,458 per week. The guarantor of the funding is a minority shareholder in ATHI.
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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