On June 18, 2019, the company entered into a Secured Creditor Asset Sale and Purchase Agreement with Mid Penn Bank (“Creditor”) and Yuengling’s Ice Cream (“Debtor”).
The Company agreed to purchase certain assets of Yuengling’s Ice Cream and to assume certain liabilities of Debtor.
The Company, for good and valuable consideration assumed the tangible and intangible assets that relates to and are directly derived from the assets purchased pursuant to the Secured Creditor Asset Sale and Purchase Agreement including, but not limited to the following:
(i) Accounts, Chattel Paper (including Tangible Chattel Paper and Electronic Chattel Paper), Deposit Accounts, Documents, Equipment, Fixtures, General Intangibles, Goods, Instruments, Inventory, Investment Property, Letter of Credit Rights, Payment Intangibles, supporting obligations, books and records, all rents, issues and profits of the business of selling ice cream and any other business Debtor is involved in: and
(ii) all other tangible and intangible personal property, whether now owned or hereafter acquired, including policies of insurance thereon and all insurance proceeds and unearned premium in connection therewith, together withal all accessions, additional to replacements for and substitutions of Collateral and all cash and non-cash proceeds and products thereof.
In addition, a 2015 Chevrolet Truck, it is intended that the Collateral shall include all assets of the Debtor including all operating contracts.
Collateral shall also include a certain account held at Mid Penn Bank including all interest and earnings thereon. The Company will assume the debt in the total amount of $1,889,012.
YIC Acquisition has assumed three loans.
The first loan was an SBA loan with a balance of $1,056,807 and annual interest of 7.5%. The loan has monthly payments and matures March 13, 2026.
The second loan is a line of credit with a balance of $814,297 and an annual interest rate of 6.5%. Payment on this line of credit are monthly.
The third loan is for a truck with a balance of $17,908 and annual interest of 4.95%. This loan has monthly payments and matures May 6, 2020.
The Company has an SBA loan with monthly payments that matures on March 13, 2026.
The balance due on this loan as of July 31, 2023 and October 31, 2022, is $589,092 and $595,092, respectively.
As of July 31, 2023, the interest rate on this loan has increased to 10.25% from its original 5.25%.
The Company has a line of credit requiring monthly payments.
On December 24, 2021, $106,201 from a CD was applied to the Line of Credit balance.
On April 5, 2023, a property pledged as collateral by David Yuengling was taken over by Mid Penn Bank. The property’s appraised value of $204,360 was applied to the principal of the Line of Credit and credited to paid in capital.
The balance due on this loan as of July 31, 2023 and October 31, 2022, is $539,675 (includes $50,236 of accrued interest) and $693,799, respectively.
As of July 31, 2023, the interest rate on this loan has increased to 9.5% from its original 4.25%.
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