Between us and the chart, who has been correct for a couple of years? Who was spot on when it came to the deal for the Canadian property. Looks like Shawn followed the script I laid out July 1st for that deal. If only he had listened when I was calling for a reverse split and offering at the beginning of 2022 after they dumped 1.5 billion shares for 2021 taking this into the trips. Instead he piles on more debt than he had resulting in Leonite calling in their senior secured notes pushing Shawn to avert bankruptcy with this deal. Great deal for Leonite and the original owners of the property.
An example of a potential press release promo spin item could be the retirement of roughly $4.2 million in debt. That would be the handing over of the Cranberry Cove Holdings business which holds the Canadian property and retiring the $3.5 million mortgage that matured July 2022, and the $700K in series "A" preferred shares that Leonite holds in Cranberry Cove.
The current tenant of the Canadian property has an option to purchase around CDN$7 million ($5.3 million). If that valuation is good maybe they can unload the $400 in Ethema series "B" preferred shares held by Leonite as well. These shares were mentioned in the last filing as part of current negotiations. So maybe they could claim $4.6 million and expenses in debt reduction.
The bad news is that the Canadian property has always been their best performing asset. Select chart below to enlarge.
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