This post is bullshit. Banks do and will lend to AMFE.
Per FILING:
Note 4 – Bank Indebtedness
AMFIL Technologies, Inc.
Note to Financial Statements
For the years ended March 31, 2018 and 2017
The bank loans are secured by a general security agreement on Snakes & Lattes Inc and Snakes & Lattes College Inc. The specific loans have the following terms:
Royal Bank of Canada has a Line of Credit authorized for $200,000 CAD dollars payment is due on demand at an interest rate of prime plus 3%. As at March 31, 2018 the balance outstanding was $200,000 CAD. As at June 30, 2017 the balance outstanding was $146,769 CAD.
Royal Bank of Canada has a term loan that is co-signed by the Government of Canada under the Small Business Financing loan program at an effective interest rate of 5.7% that is variable based on prime plus 3%. As at March 31, 2018 year end there is a balance remaining of $382,338 USD dollars. As at March 31, 2017 there was a balance of 166,999 CDN outstanding.
The Business Development Bank of Canada has a term loan with an authorized amount of $62,500 with an effective interest rate of 7.30%, with monthly payments on principal of $1,300 CAD dollars, as at year end there is a balance remaining of $39,000 CAD dollars. As at March 31, 2017 there was no balance outstanding.
The Business Development Bank of Canada has a term loan with an authorized amount of $187,500 with an effective interest rate of 12.10%, with monthly payments on principal of $3,125 CAD dollars, as at March 31, 2018 year end there is a balance remaining of $131,250 CAD dollars. As at March 31, 2017 there was no balance outstanding.
The Evolocity Financial Group has a term loan with an authorized amount of $100,000 with a flat interest rate of 14.134%, with daily blended payments of $475.79 CAD dollars, as at March 31, 2018 there is a balance remaining of $114,644 USD dollars. As at March 31, 2017 there was no balance outstanding.
Lending Loop has a term loan with an authorized amount of $120,000 CAD dollars with an effective interest rate of 10.33%, with monthly blended payments of $2,594 CAD dollars, as at March 31, 2018 there is a balance remaining of 108,320 CAD dollars. As at March 31, 2017 there was a balance of 33,360 CAD outstanding.
Thinking Capital Inc. has a term loan with an authorized amount of $285,000 CDN dollars with a flat rate of interest amounting to 22.19% of the authorized amount, with monthly payments based on 17% of credit card transactions processed, and as at year end there is a balance remaining of $153,267 USD dollars. As at March 31, 2017 there was no balance outstanding.
The following table summarizes total bank indebtedness as of June 30, 2017: Description
Royal Bank of Canada Line of Credit $
CLE Leased Equipment
Royal Bank of Canada Term Loan
Business Development Bank of Canada Term Loan
(aggregate)
Evolocity Financial Group
Lending Loop Term Loan
Thinking Capital
Total $
As of June 30, 2017
151,132 45,228 382,338 134,056
114,644 115,293 153,267
1,095,958
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