Details of who got repaid and who did not.
During the year ended August 31, 2022, an aggregate of $162,080 was advanced by the Company’s
CEO. The promissory note is repayable, in whole or in part, upon written notice provided by the
lender and bears interest at a rate of 9.95% compounded annually. An aggregate of $72,230 was
repaid to the party during the year ended August 31, 2022.
During the twelve months ended August 31, 2022, $1,000,000 was advanced to the company from
a party related to a member of the board. The loan bears interest at 15%, is secured by certain
inventory of the Company and is due in full on or before November 15, 2023. As disclosed in a
News Release dated Oct. 24, 2023 Lotus received a Notice of Claim on this loan for approximately
$1.15M. The Company expects to respond to the claim within three weeks and will attempt to
negotiate a suitable arrangement with the claimant and other creditors.
During the twelve months ended August 31, 2023, an aggregate of $230,445 was advanced by the
Company’s CEO. The promissory note is repayable, in whole or in part, upon written notice
provided by the lender and bears interest at a rate of 9.95% compounded annually. An aggregate of
$160,830 was repaid to the party during this period.
During the twelve months ended August 31, 2023, an aggregate of $120,000 was advanced from a
party related to the Company’s CEO. The promissory note is repayable, in whole or in part, upon
written notice provided by the lender and bears interest at a rate of 9.95% compounded annually.
An aggregate of $53,250 was repaid to the party during this period.