What do they actually own? Both assets have share structures of their own and they are fully leveraged for debt and in doubt. Two failed locations failed and were financed with the toxic debt that they struggle with now.
All that they have at the moment is the receivables funding that is unsustainable. They have made several new receivables sales agreements since the last filing. These ponzi like schemes work as long as new money is found to service the old. Now lenders like Leonite are calling in their notes. This narrative and share structure renders their ability to attract new funding for equity or to sell new shares useless. Those who trade in the OTC are here to flip or just lose their money. If you can't flip it, you don't buy it.
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.
The Company made weekly cash payment of $5,000 totaling $140,000 on the May 31, 2022 funding and settled the remaining $100,000 liability out of the proceeds of the December 13, 2022 funding, thereby terminating the funding agreement.
September 26, 2022 Funding
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.
The Company made weekly cash payments of $6,458 totaling $83,958 on the September 26, 2022 funding. The balance outstanding at December 31, 2022 was $226,042, less unamortized discount of $48,254.
December 13, 2022 Funding
On December 13, 2022, the Company, through its 75% held subsidiary, Evernia Health Center, LLC entered into a Receivables Sale Agreement with Itria Ventures LLC (“Itria”), whereby $305,000 of the Receivables of Evernia were sold to Itria, for gross proceeds of $250,000. The Company also incurred fees of $2,500, resulting in net proceeds of $247,500. The Company is obliged to pay 6.08% of the receivables until the amount of $305,000 is paid in full, with periodic repayments of $6,354 per week. The guarantor of the funding is a minority shareholder in ATHI.
The Company made weekly cash payments of $6,354 totaling $6,354 on the December 13, 2022 funding. The balance outstanding at December 31, 2022 was $293,646, less unamortized discount of $54,703.
23. Subsequent events
Receivables Funding
On January 19, 2023, the Company received funding from an agreement entered into on December 14, 2022 through its 75% held subsidiary, Evernia Health Center, LLC entered into a Receivables Sale Agreement with Bizfund.com (“Bizfund)”), whereby $132,000 of the Receivables of Evernia were sold to Bizfund, for gross proceeds of $100,000. The Company is obliged to pay 15.0% of the receivables until the amount of $132,000 is paid in full, with periodic repayments of $2,750 per week. The guarantor of the funding is a minority shareholder in ATHI.
On February 14, 2022, the Company, through its 75% held subsidiary, Evernia Health Center, LLC entered into a Receivables Sale Agreement with Fox Business Funding (“Fox”), whereby $118,800 of the Receivables of Evernia were sold to Fox, for gross proceeds of $90,000. The Company is obliged to pay 8.0% of the receivables until the amount of $118,800 is paid in full, with periodic repayments of $2,970 per week. The guarantor of the funding is a minority shareholder in ATHI.
...The obligations of the Borrower under this Note are secured pursuant to the terms of the security and pledge agreement (The "Security and Pledge Agreement" and collectively the Purchase Agreement, the "Related Documents"...
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