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Friday, February 24, 2023 11:33:15 AM
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.
As previously announced, the Company has been in discussions with its two convertible debenture (“CD”) holders and a third-party Trillium Partners LP (“Trillium”) to restructure and eventually eliminate convertible debt, plus accrued interest, that totaled $13,712,779 as of the period ended June 30, 2022. Ultimately, Trillium and the CD holders entered into an agreement to transfer this debt to Trillium. 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
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