OTCPK:ALSYY - Post by User
Comment by
tour2beston Jul 12, 2020 9:56pm
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Post# 31258600
RE:Who do u believe
RE:Who do u believe From audited statements:
(there is more in 2019 May MIC)
RELATED PARTY TRANSACTIONS During the year ended December 31, 2019, the Company entered into the following transactions with related parties:
- The Company entered into a Shared Services Agreement (“SSA”) with Blitz NV (“Blitz”), a company related to
- the CEO. In connection with the SSA, the Company paid Blitz $381,742 for reimbursement of salaries.
- The Company paid licensing fees of $92,862 to a Company owned by the CEO.
- The Company made lease payments of $197,136 to a company owned the CEO.
- The Company incurred a $211,994 loss on disposal of assets to a company owned the CEO as part of the termination its lease (note 14).
- The Company entered into a promissory note payable of $19,650,000 (US$15,000,000) with an entity whose principal shareholder is a former director of the Company. The Company repaid the note, and accrued interest of $400,560 (US$300,000) during the year.
- The Company reimbursed a total of $1,323,738 in Ignite business expenses incurred by the CEO.
- The Company incurred a total of $325,016 in marketing fees from a company owned the CEO.
- The Company incurred travel expenses of $360,259 from a company owned by the CEO.
- At December 31, 2019, the Company had a promissory note to a related company in the amount of $4,126,937, which includes $230,537 in interest payable (note 19).
During the year ended December 31, 2018, the Company entered into the following transaction with related parties:
- The Company entered into a secured promissory note with a company controlled by the CEO for the purchase of a property, which Ignite US subsequently leased over a two-year lease term. The note had a principal balance of US$8,514,340 with an annual interest rate of 5% per annum that was due on demand. The note was settled with a stock repurchase transaction in November 2018. In conjunction with preparation of the RTO Transaction (note 7), it was determined by management that it was beneficial to terminate the lease effective April 30, 2019. (house was purchased by CEO for $8.5 million (includes hockey rink, baseball diamond and if 45,000+ sq.ft.) Company paid $10 million for shares that CEO subscribed for at < $0.50 per share and paid $4 per share to CEO) a few months later.