Better have my Money!Debenture noteholder: "Time's up! Give me my $2.8 million!"
RLV: "Uhhh....can we negotiate?"
Debenture holder: "Dude, you've already incurred almost $400,000 in penalties and late fees. Enough delays, I want my money!"
RLV: "Uhhh...we don't have ACTUAL money...but this escrow will be momey when we fuflill the order."
Debenture holder: "When's that happening?"
RLV: "Uhhhh...."
As at December 31, 2020, the Company had a total of outstanding notes of $2,388,213 and the company has accrued a total of $382,739 in extension fees and related costs. The notes have been extended on a month-to-month basis until June 1, 2021, when the notes have matured and become due.
The Company and the debenture holders have begun a period of negotiation and settlement of the notes within the context of several transactions previously disclosed to the debenture-holders, which are subject to subject non-disclosure and confidentiality between lender and borrower.