Wednesday, June 28, 2023 12:28:28 PM
The Company has outstanding loans and convertible notes payable aggregating $2.7 million at November 30, 2022 and doesn’t have sufficient cash on hand to satisfy such obligations. The preceding raise substantial doubt about the ability of the Company to continue as a going concern. However, the Company generated proceeds of $121,191 from financing activities during the three months ending November 30, 2022. The Company also has a non-binding Commitment Letter from an investor of $250,000 which also includes a right of first refusal on additional capital raise up to $3 million which will contribute to satisfying such obligations and fund any potential cash flow deficiencies from operations for the foreseeable future.
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