Sounds to me they been planning to do a pump and dump. Here says it all.
As part of the Company’s plan,
on October 17, 2022, the Company entered into a Settlement Agreement and Stipulation with Trillium
(“Settlement Agreement”), subject to court review and approval, whereby the Company agreed to issue shares
of common stock to Trillium pursuant to the Section 3 (a) 10 exemption at a discount of 35% to the market
price (versus a 50% discount that the Company was contractually obliged with the former Convertible
Noteholders). Full satisfaction of the Settlement Agreement would discharge the Company’s convertible
debenture liabilities for $8,486,342 of proceeds to the former CD holders, which represents a reduction of
approximately $5 million (or approximately 37% of the outstanding obligations) to the original CD holders. The
District Court of Maryland conducted a fairness hearing on October 25, 2022 and approved the Settlement
Agreement. Elimination of this debt is a top priority for the Company. In 2020 and 2021 alone, the accrued
interest on these CDs generated interest expense of $1.9 million. The Settlement Agreement temporarily caps
the CD obligations by staying further interest accrual, and if satisfied in full, the Settlement Agreement will
satisfy the obligations altogether. The Company plans to exercise with care the satisfaction of the CD
obligations, in gradual tranches over time.
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