Carcetti Capital Corp V.CART.H

Debt and cash reconcilation

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On February 2, 2022, the Company completed the sale of its 35% interest in KUB Holdings and received cash proceeds of $2,600 and settled the balance in debt owing to KUB-Gas.

The effective date of the transaction is November 15, 2021. The debt was settled through the repayment of the debt to KUB-Gas and simultaneous issue of dividends to the Company, net of withholding taxes.

In Q4/21 KUB Gas received $7.93 million US in Dividends.

Of this amount, it paid  KUB Holdings $5.89 million US, which along with $2.1 million US in KUB Holdings equity held by Kub Gas as in Q4/21 .totaling $8.0 million US which extinguished the $8.0 million in Debt oweing to Kub Holdings.

So, in Q1/22, as part of the Sale of Kub Holdings amounting to $10.6 million US, KUB Paid, $8.0 million  to extinsguish the KUB Hodings loan and the other $2.6 million US was given to Kub as cash .

In addition..as posted earlier today, the remaining $2.17 million US of the $7.93 US dividend, has been listed as a receivable for Q2/22.

Having reconciled these credits and debits, including paying the $949,000 shareholder loan in Q1/22, I can see no errors in my computation that Kub entered january 2022 with about $12.5 million CAD and little if any debt.