Replies to post #22525 on Green Parts International Inc (fka GNPT)

[crossrip]

all $5M has been accounted for..$3.9M to knock out toxic debt/the remaining set aside for operating costs

i tend to believe a man that just had every corner of his/his co's financial history turned inside-out/upside-down by SBA audit

GNPT is as clean as a whistle...SBA audit certified

[broza561]

Toxic financing is toxic when you have a toxic firm doing it. (yesterday's trading had very little to do w/ any conversions out there). In our case yes we closed a huge loans, but SBA loans don't just give you authorizations to pay off any and all debts they are specifics and this was the first step to make our BS strong, my PR or 8K are not misleading,, For us we are trying to restructure debt and operations at a great time for us to accumulate other great operations that will be great for the company for the next 5-10 years,, our goal is a 5 year goal that our shareholders will see. i have shareholders invested in this at 15-20 cents, so you know my goals are for all shareholders, (I hope they took advantage and average down), but who knows,,,


That was an excerpt from his last email to me so apparently you just can't go spending this gov loan on anything

[ANIA77]

I would suggest you do DD on SBA loans

https://www.sba.gov/loanprograms

Use of 7(a) Loan Proceeds

If you are awarded a 7(a) loan, you can use the loan proceeds to help finance a large variety of business purposes. However, there are a few restrictions. For example, proceeds can’t be used to buy an asset to hold for its potential increased value or to reimburse an owner for the money they previously put into their business.

Basic uses for 7(a) loan proceeds include:

-To provide long-term working capital to use to pay operational expenses, accounts payable and/or to purchase inventory
-Short-term working capital needs, including seasonal financing, contract performance, construction financing and exporting
-Revolving funds based on the value of existing inventory and receivables, under special conditions
-To purchase equipment, machinery, furniture, fixtures, supplies or materials
-To purchase real estate, including land and buildings
-To construct a new building or renovate an existing building
-To establish a new business or assist in the acquisition, operation or expansion of an existing business
-To refinance existing business debt, under certain conditions

SBA loans cannot be used for these purposes:

-To refinance existing debt where the lender is in a position to sustain a loss and SBA would take over that loss through refinancing
-To affect a partial change of business ownership or a change that will not benefit the business
-To permit the reimbursement of funds owed to any owner, including any equity injection or injection of capital to continue the business until the SBA-backed loan is disbursed
-To repay delinquent state or federal withholding taxes or other funds that should be held in trust or escrow
-For a purpose that is not considered to be a sound business purpose as determined by SBA

[Jugas]

How many people qualify for a $5 million mortgage?

[ANIA77]

I would suggest you do DD on SBA

https://www.sba.gov/loanprograms

Use of 7(a) Loan Proceeds

If you are awarded a 7(a) loan, you can use the loan proceeds to help finance a large variety of business purposes. However, there are a few restrictions. For example, proceeds can’t be used to buy an asset to hold for its potential increased value or to reimburse an owner for the money they previously put into their business.

Basic uses for 7(a) loan proceeds include:

-To provide long-term working capital to use to pay operational expenses, accounts payable and/or to purchase inventory
-Short-term working capital needs, including seasonal financing, contract performance, construction financing and exporting
-Revolving funds based on the value of existing inventory and receivables, under special conditions
-To purchase equipment, machinery, furniture, fixtures, supplies or materials
-To purchase real estate, including land and buildings
-To construct a new building or renovate an existing building
-To establish a new business or assist in the acquisition, operation or expansion of an existing business
-To refinance existing business debt, under certain conditions

SBA loans cannot be used for these purposes:

-To refinance existing debt where the lender is in a position to sustain a loss and SBA would take over that loss through refinancing
-To affect a partial change of business ownership or a change that will not benefit the business
-To permit the reimbursement of funds owed to any owner, including any equity injection or injection of capital to continue the business until the SBA-backed loan is disbursed
-To repay delinquent state or federal withholding taxes or other funds that should be held in trust or escrow
-For a purpose that is not considered to be a sound business purpose as determined by SBA

[UndergroundTrader]

lol...ever had a mortgage John? You can't spend mortgage proceeds however you like...terrible analogy.