Wednesday, October 11, 2023 9:44:38 AM
They have avoided bankruptcy with this VERY expensive purchase, sale leaseback scheme that had to be personally backed by the CEO. The lost the Canadian property revenue. The original $3.2 million in series "N" notes is now more than $4 million and in default. There is more than $3.8 million owed to the Leons. This company borrows every quarter to limp along so how do these people ever get their money back? Two previously failed treatment center attempts with this one technically bankrupt and they talk more about growth through acquisition. Everyone has been fooled too many times on this one.
For the quarterly period ended June 30, 2023
https://www.otcmarkets.com/filing/html?id=16878947&guid=kvN-kHadOtVaJth
Series N convertible notes
Between January 28, 2019 and June 11, 2020, the Company closed several tranches of Series N Convertible notes in which it raised $3,229,000 in principal from accredited investors through the issuance to the investors of the Company’s Series N convertible notes,
The series N convertible notes matured and are in default. The Company is considering its options to settle these notes.
13. Third Party loans
On April 12, 2019, Eileen Greene, a related party, assigned CDN$1,000,000 of the amount owed by the Company to her, to a third party. The loan bears interest at 12% per annum which the Company agreed to pay
During April and May 2023, the Company made ad-hoc repayments of CDN$25,000 (approximately $25,970) on the third party loan. As of June 30, 2023 the balance of principal and interest outstanding on third party loans was CDN$779,005 ($588,372).
14. Related party transactions
Shawn E. Leon
As of June 30, 2023 and December 31, 2022, the Company had a payable to Shawn Leon of $365,126 and $411,611,...
Leon Developments, Ltd.
Leon Developments is owned by Shawn Leon, the Company’s CEO and director. As of June 30, 2023 and December 31, 2022, the Company owed Leon Developments, Ltd., $1,092,701 and $850,607, respectively.
The Company paid Leon Developments a management fee of CDN$250,000 (approximately $185,503) and $0 for the six months ended June 30, 2023 and 2022, respectively.
On June 30, 2023, the Company assumed the liability owing to Leon developments of CDN$1,974,012 (approximately $1,490,946) from its subsidiary, CCH, immediately prior to the disposal of CCH to a related party, Leonite Capital LLC.
Eileen Greene
As of June 30, 2023 and December 31, 2022, the Company owed Eileen Greene, the spouse of our CEO, Shawn Leon, $1,366,723 and $1,451,610, respectively. The amount owed to Ms. Greene is non-interest bearing and has no fixed repayment terms.
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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