INTERESTING: $ 340,000 Of The PROMISSORY NOTES (@ 20.00%) ARE HELD BY OFFICERS & DIRECTORS of the company !
Note 20.d of the 2023 AAFS: (d) For the year ended December 31, 2023, the Company issued promissory notes totaling $340,000 bearing interest at an annual effective rate of 20% repayable within six months of issuance to officers and directors of the Company in the normal course of operations. In the opinion of management, these transactions represent fair value. The promissory notes, including accrued interest, are included in other current liabilities on the statement of financial position.
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- so $340,000 of the $ 875,000 PROMISSORY NOTES are HELD BY COMPANY INSIDERS
- this is GOOD NEWS as the FINANCIAL THREAT against the company shareholders is REDUCED
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