Nate kicked scammer Park to the curb. Nate may be a scumbag but he called out Park and his lies. This one will get shut down eventually due to ongoing lies.
Subsequently, on November 16, 2023, the Company was notified that an extra $450,000 was required to execute the signed contracts. This amount was explained as necessary to address cash flow shortages, raising doubts about the feasibility of the contracts without the additional funds. This marked the first disclosure of JP Energy's dependency on financial resources beyond bank-issued letters of credit. The Company views this as a material misrepresentation of JP Energy's financial capabilities, influencing decisions that might not have otherwise been made.
In discussions regarding the $450,000, the Company was requested to assist by providing half of the amount, minus the $100,000 already provided, and transferring portions of existing convertible notes to JP Energy's advisors to aid in raising additional capital. Crucially, the need for $450,000 was not disclosed to the Company before the initial $100,000 was sent to JP Energy on November 14, 2023. The Company declined these demands, having already initiated the pursuit of its own commodities contracts.
Furthermore, the Company recently uncovered that JP Energy's commodities contracts are brokered transactions negotiated and executed by a third-party broker company on behalf of JP Energy, contradicting the earlier explanation provided regarding the origin of these contracts.
Subsequent conversations with JP Energy have proven unproductive, and we no longer foresee the successful completion of the acquisition. As a result, regrettably, on December 6, 2023, the Company has decided to formally request the return of the $100,000 previously sent to JP Energy. JP Energy has not responded to the request.
The information in this Current Report on Form 8-K with respect to Item 8.01 is being furnished pursuant to Item 8.01 of Form 8-K and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act. This current report on Form 8-K will not be deemed an admission as to the materiality of any information contained herein.
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