Shawn Leon took his shot to move the price in July when he was promoting that purchase, sale, leaseback, scheme as profit to retire defaulted debt. He wasn't previously paying on that debt but now as a result of that 20 year deal he will be paying monthly. We won't know the impact on cash flow until we see the next financials because the last two filings were littered with deal transactions that muddied the picture.
The 8K announced that they hired on a new accounting firm. I'm sure they discussed plans going forward which likely triggered the form 3 disclosing the series "A" shares owned by the Eileen Greene, CEO's wife. This ownership is already disclosed in the filings so for whatever reason they are covering their bases. Eileen Greene the CEO's wife acquired those 4 million series "A" shares for $40,000 and they are convertible into shares of the common at a rate of 10:1 which is why you see 40 million shares of the common listed in the form 3. As of September 30th Eileen Greene was owed $1,741,619 from what I was able to find.
The regulation "A" offering is more than a year now and was amended and requalified in November. That offering priced at $0.0012 has no chance without a split and they will likely revise the price for the offering higher afterwards. It doesn't make sense that anyone here has an expectation at this point that Shawn Leon will be promoting any new narrative for the benefit of current shareholders. He will need any future promotion to convince new retail money to risk buying the common to support those who subscribe to the offering. If those offering shares which will be immediately tradable can't not be flipped to retail no one will want them.
On April 12, 2019, Eileen Greene, a related party, assigned CDN$1,000,000 of the amount owed by the Company to her, to a third party. The loan bears interest at 12% per annum which the Company agreed to pay. This loan was assumed by the Company on the disposal of CCH to Leonite Capital as disclosed in note 4 above.
During April and May 2023, the Company made ad-hoc repayments of CDN$25,000 (approximately $25,970) on the third party loan. Between August 9 and August 10, 2023, the Company made principal repayment of CDN$450,000 ($335,290) As of September 30, 2023 the balance of principal and interest outstanding on third party loans was CDN$336,320 ($248,757).
14. Related party transactions (continued) Eileen Greene
As of September 30, 2023 and December 31, 2022, the Company owed Eileen Greene, the spouse of our CEO, Shawn Leon, $1,452,862 and $1,451,610, respectively. The amount owed to Ms. Greene is non-interest bearing and has no fixed repayment terms.
...it also increasingly utilized qualified Reg A offerings to acquire free-trading stock which they then dumped into the market without disclosure....
...This was a significant concern, as Reg A shares are immediately free-trading. That makes it much more attractive to many investors compared to restricted securities sold under Reg D exemptions, but it also is definitely more attractive to those looking to make a quick buck by breaking the law. This case demonstrates the SEC may not have been looking hard enough at the Reg A market for fraud, as certain financiers and funders have been scalping stock without disclosure in the filings....
...Section 17(b) of the Securities Act of 1933 requires anyone that is paid to promote a stock must disclose the amount of the payment and who paid them. This is probably the most violated SEC regulation, which is not a surprise as it is also the least enforced. Toxic funders routinely pay promoters to pump the stocks in which they are funding. ...
...To make money on their toxic convertible loan, these funders require volume to dump into. Lots of volume, because they have a lot of stock to sell. Thus the need for lots of promoters, most of whom are non-disclosing as telling the public they are getting paid to pump, and who paid them to do it, would scare even the most die-hard penny plunger away....
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