Something going on behind the scenes? $3.9 in defaulted series n notes probably ensures something is going on behind the scenes. When has this company been transparent and honest.
New for Q2 is the revelation of multiple notes are now in default. The Leonite June note is very expensive to cover the payment defaults on the Labrys notes. Borrowed $200K from Leonite in Q2 that was to be repaid in Q2 and wasn't. Borrowed another $240K against receivables in Q2. The narrative and share structure now makes the stock useless for the needs of the company. Without the ability to convert shares they must use new borrowing and current cash flow to get through each quarter which is unsustainable. According to the Q2 filing cash generated from operating activities for the first 6 months of 2022 was $246,940. Something must be going on behind the scenes or they are just waiting to hand over the company to Leonite in 6 months.
Between January 28, 2019 and June 11, 2020, the Company closed several tranches of Series N Convertible notes in which it raised $3,229,000 in principal...
The series N convertible notes matured and are in default. The Company is considering its options to settle these notes.
LXR Biotech
On April 12, 2019, the Company, entered into a secured Promissory Note in the aggregate principal amount of CDN$133,130. The Note had a maturity date of April 11, 2020...
This note has not been repaid, is in default and remains outstanding.
Ed Blasiak
On September 14, 2020, the Company entered into a Securities Purchase Agreement with Ed Blasiak (“Blasiak”), pursuant to which the Company issued a senior secured convertible promissory note in the aggregate principal amount of $55,000...
The note has matured and is in default, Ed Blasiak has not declared a default under the note and we are in communication with Mr. Blasiak on our ability to repay the note.
Leonite Capital, LLC
Secured Promissory Notes
On March 1, 2022, the Company entered into a secured Promissory Note in the aggregate principal amount of $124,000 for net proceeds of $100,000 after an original issue discount of $24,000. The Note had a maturity date of April 1, 2022. This note has not been repaid at the date of this report and no default has been declared.
On May 3, 2022, the Company, entered into a secured Promissory Note in the aggregate principal amount of $76,250 for net proceeds of $61,000 after an original issue discount of $15,250. The Note had a maturity date of June 17, 2022 and bears interest at the rate of zero percent per annum from the date on which the Note was issued until the same became due and payable.
We are in discussions with Leonite on the repayment of these notes.
14. Receivables Funding
On May 31, 2022 the Company, through its 75% held subsidiary, Evernia Health Center, LLC entered into a Receivables Sale Agreement with Itria Ventures LLC (“Itria”), whereby $240,000...
Liquidity and Capital Resources
Cash generated from operating activities was $246,940 and cash used in operating activities was $(383,358) for the six months ended June 30, 2022 and 2021, respectively,...
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