West Coast Ventures Group Corp fka WCVC

[PennyHoper]

2019 news on Nixon's plan to eliminate convertible debt in 2020 (Sept. 4, 2019):
https://www.prnewswire.com/news-releases/west-coast-ventures-has-paid-off-1-4-million-of-convertible-debt-300911252.html

Since June 2018, the company has paid off - in cash - an aggregate amount of $1.4 million of convertible debt. The significant reduction in the company's debt burden has largely been made possible via to the successful launch of new Illegal Burger and Illegal Pizza locations and the Illegal Brands CBD products introduction, as well as strong organic sales growth, as demonstrated by the company's Q2 financial statements.

The company plans to continue to devote significant resources to paying off all convertible debt and has implemented a solid action plan designed to eliminate all convertible debt from its balance sheet by no later than Q2 2020. With WCVC's strong revenue growth, and the incredible success of Illegal Brands, the company believes this goal to be achievable.

In 1.25 years, Nixon paid down $1.4M of his convertible debt in cash, based on income from his restaurants.

Nixon's original plan was to pay off the rest of it (unspecified amount) in a year.

However, as we know, that little ol' COVID-19 pandemic hit which forced many restaurants to shut down eat-in dining:
https://en.wikipedia.org/wiki/Impact_of_the_COVID-19_pandemic_on_the_restaurant_industry_in_the_United_States

Many local and most state governments shut down restaurants and bars starting between March 15 and March 20.

Colorado was one of the states that implemented those forced shutdowns:
https://kfor.com/news/list-states-that-have-closed-restaurants-and-bars-to-dine-in-customers/

We can, of course, keep grousing about the present [as we should, as what else do we have for entertainment? ...], but, given that some restaurants never recovered and closed for good, and even now some restaurants are closing or may close because they were too weakened by the pandemic:
https://en.as.com/latest_news/fast-food-trends-in-2024-expect-more-restaurant-franchises-to-close-n/
https://www.mashed.com/1461378/chain-restaurants-might-lose-2024/

maybe Nixon should be given just a little credit for having managed to keep the majority of his restaurants open, and he even managed to open one new one (a second Kalaka Mexican Kitchen).

That Takiza Taco & Tequila Bar opening still seems to be in the works, held up by Denver's licensing red-tape. But maybe ... just maybe ... Nixon will 'get out of Denver' and find other locations that are more willing to have new restaurants open without the owners having to (ahem) 'bend over' for such a long time. [Sure, proper licensing and inspects are absolutely necessary; but to hold up a business for a year? That's an invitation to look somewhere else.]

[Also, if he does manage to find franchisees, hopefully they don't locate themselves in Tornado Alley, like that prospective one in Texas was in:
https://www.gurufocus.com/news/970271/texas-tornado-slows-first-illegal-burger-franchise-announcement

Too bad that guy seems to have given up.]