Read the Annual Report Last pages Hopefully they get financing and no negative impact
Note 14 – Subsequent Events
The Company follows the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent events. The Company has evaluated events that occurred subsequent to December 31, 2021 and through the date the financial statements were issued.
In December 2021, GHG was unable to fulfill some of its financial obligations under the February 5, 2021 “Definitive Agreement” as executed by and between GHG, WSRC and Prescient Strategies Group (PSG). These financial obligations included approximately $85,770.97 in creditor and vendor payments. On February 1, 2022, another payment of $2,842,269 was due from GHG to restructure existing debt, and facilitate development at the HAIZ project, again, per the February 5, 2021, “Definitive Agreement” between the Parties. Due to unavoidable delays in completing GHG’s fiscal year-end September 30, 2021 audit, a previously approved (January 24, 2022) non-brokered Private Placement was stalled until February 8, 2022 which has thus impacted previously negotiated agreements for February 1, 2022 payments to secured and unsecured creditors and vendors.
On February 8, 2022 GHG made the following public announcement:GLOBAL HEMP GROUP ANNOUNCES NON-BROKERED PRIVATE PLACEMENT AND ENGAGEMENT OF CONSULTANTS TO ASSIST IN THE LAUNCH OF A SECURITIZED TOKEN INITITATIVE TO FUND ITS GREEN COMMUNITY
Vancouver, BC -- (February 8, 2022) -- GLOBAL HEMP GROUP INC. (“GHG” or the “Company”) (CSE: GHG / OTCQB: GBHPF / FRANKFURT: GHG) announces that the Company intends to complete a non-brokered private placement, as detailed below, and has engaged consultants to assist in the launch of a Securitized Token to fund the development of its Green Community/Hemp Agro-Industrial Zone project in Hayden, Colorado...
In GHG’s December 31, 2021 Management Discussion and Analysis (MD&A) ‘Subsequent Events’ section, and in its First Fiscal Quarter ending December 31, 2021 Financial Statements, ‘Subsequent Events” section (both filed February 28, 2022), GHG stated that: “A payment of $416.667 was due on December 15, 2021. Management is working with the Vendor to complete this payment, which will be made from the proceeds of the funding initiatives announced on February 8, 2021.” WSRC has since renegotiated and restructured the payment terms of this this Note and Deed of Trust with the previous owner and note holder “Vendor” of this commercial property without disrupting the Company’s ownership, use, or associated development opportunity per its original intent.
Also in GHG’s December 31, 2021 Management Discussion and Analysis (MD&A) ‘Subsequent Events’ section, and in its First Fiscal Quarter ending December 31, 2021 Financial Statements, ‘Subsequent Events” section (both filed February 28, 2022) GHG stated that: “The Company has experienced some delays in its payment obligations under the Definitive Agreement executed with Western Sierra Resources and Prescient Solutions Group. The Company is working diligently with its Partners to restructure the agreement which will clarify the relationship of the parties and restructure certain payment terms. Details of this new agreement have not been completely finalized but discussions are proceeding and will be announced as soon as the agreement is executed. Global Hemp Group’s private placement financing will bring the Company's obligations current while the proposed tokenized funding initiative will be the main catalyst to ensure long term financing of the HAIZ project while maintaining shareholder dilution going forward at a minimum.”
WSRC has, in response to these delays, renegotiated past due creditor obligations by providing capital to help mitigate past due payments and reduce principal balances on its indebtedness. WSRC also, on March 3, 2022, provided a revised “Definitive JV Agreement” to GHG which, when executed, would re-align the Companies under a restructured payment schedule to better accommodate GHG’s capital formation plan going forward. This revised Definitive JV Agreement is subject to final attorney review and is currently scheduled for execution by the Parties no later than April 12, 2022. WSRC, by necessity, and in addition to GHG’s non- brokered Private Placement, has since December 2021, implemented its own capital formation strategies to fund the above referenced projects and fully retire its debt obligations using WSRC stock and assets to obtain both equity and debt (bond) financing.
With conditional, but substantive executed agreements in place as of this filing, the Company expects a successful result from these implemented strategies to meet all of its near-term capital requirements.
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