I have presented more factual numbers for this company than anyone. Since the offering creates a pool of unregistered shares primarily for the conversion of debt, the SEC may not qualify the offering. Time is not on their side. Looks to me like they don't want to comment on what is going on.
This is the second quarter that they borrowed against future receipts and we are more than half way into Q4 and they will likely need to continue to borrow. We are now looking at $137K per quarter to service just the new receivables funding. This appears to operate as a ponzi scheme now where new debt is constantly needed to satisfy existing debt payments since they are unable to covert shares.
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 the Receivables of Evernia were sold to Itria, for gross proceeds of $200,000. The Company also incurred fees of $4,500, resulting in net proceeds of $195,500. The Company is obliged to pay 6.5% of the receivables until the amount of $240,000 is paid in full, with periodic repayments of $5,000 per week. The guarantor of the funding is a minority shareholder in ATHI.
On September 26, 2022, the Company, through its 75% held subsidiary, Evernia Health Center, LLC entered into a Receivables Sale Agreement with Itria Ventures LLC (“Itria”), whereby $310,000 of the Receivables of Evernia were sold to Itria, for gross proceeds of $250,000. The Company also incurred fees of $5,500, resulting in net proceeds of $244,500. The Company is obliged to pay 7.41% of the receivables until the amount of $310,000 is paid in full, with periodic repayments of $6,458 per week. The guarantor of the funding is a minority shareholder in ATHI.
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