Pacific Leaf is the financier from the start. They were to get a percentage of are profits from the LV site. Now we will get all the profits. It looks like we only owe them 750,000 now not the 1.5 mil. ( we paid 750,000 of the 1mil and got a loan for 500,000).
Tell me if I’m wrong but that’s how it looks to me.
Subsequent to June 30, 2018, the Company entered into the Amendment and Termination Agreement with Pacific Leaf. Pursuant to that agreement, the Pacific Leaf Royalty Agreement was terminated in its entirety and the Company is to pay $1 million of the $1.5 million balance due to Pacific Leaf on or before August 31, 2018. Contemporaneously with the Amendment and Termination Agreement, the Company issued a Promissory Note for the remaining $0.5 million due to Pacific Leaf. The Promissory Note accrues interest at a rate of 6% per annum and matures on November 30, 2018. In consideration for deferring the payment of the amounts due to Pacific Leaf, the Company issued 100,000 shares of its common stock to Pacific Leaf on July 31, 2018. On August 7, 2018, the Company made a payment of $750,000 to Pacific Leaf in partial satisfaction of the $1 million balance due on or before August 31, 2018.
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