AI
Thursday, November 23, 2023 2:38:09 PM
We are currently in default of secured debt, which is currently in default, and, if the lender forecloses, you may lose all of your investment and our business would fail.
On June 15, 2017, we issued a Secured Promissory Note, as addended, to King’s Aqua Farm, LLC in the principal amount of $5,600,000, which is currently in default. The note is secured by a deed of trust and security agreement dated June 15, 2017. The deed of trust contains a security agreement that covers the personal property located at 16455 FM 1847 Rio Hondo, TX 78583. In the event that the lender forecloses on the collateral secured by the loan, you could lose all of your investment and our business would fail.
https://capedge.com/filing/1990446/0001683168-23-005880/S1#k_011
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but for SHMP not paying rent, SHMP is insolvent…
As bad as GRPS looks, it could be worse
On June 15, 2017, we issued a Secured Promissory Note, as addended, to King’s Aqua Farm, LLC in the principal amount of $5,600,000, which is currently in default. The note is secured by a deed of trust and security agreement dated June 15, 2017. The deed of trust contains a security agreement that covers the personal property located at 16455 FM 1847 Rio Hondo, TX 78583. In the event that the lender forecloses on the collateral secured by the loan, you could lose all of your investment and our business would fail.
https://capedge.com/filing/1990446/0001683168-23-005880/S1#k_011
__________________________________________
but for SHMP not paying rent, SHMP is insolvent…
As bad as GRPS looks, it could be worse
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