last post removed so let revisit transactionVoxtur Analytics Corp. has completed a sale of the promissory note executed by James E. Albertelli P.A. (JEAPA) for the benefit of the company, with an outstanding balance of $9,773,000 (U.S.) for cash proceeds of $7,818,400 (U.S.).
Translation Mr albertelli received 9.7 million of value thru JEPA , company growing weary of chasing payment not to mention effect on balance sheet sells at steep discount , in effect forgiving the CEO 2 million usd dollars in debt.....a net benefit to Mr. Albertelli!
Then Mr Albertelli to induce a third party to pay the note sells 39 million shares to that third party at a discount to market give or take 20 cents US , almost equivalent of a secondary ....with no disclosure..... all legal of course ...but does not change the true nature of the transaction , there will no doubt be tax consequences for Mr. Albertelli , me thinks more stock sales coming to cover.
Now with enhanced scrutiny on tech loans given SVB I sure hope the company is on side with bank covenants !!! The effect of the transaction will be to wipe 2 million of ebitda off the 2022 year , which as shareholders know is challenged at best.