RE:RE:Think about that really hard for a minute tamaracktop wrote: tamaracktop wrote: Instead of collecting $110,000 in interest, Pascali got $1,438,530 for 5 years of rent up front.
I wonder if a single board member dissented.
Not one poster here has addressed this somewhat disturbing chain of events.
Can anybody here think of any possible reason that he'd demand 5 years of rent in advance, in a deal subsequently ratified by "the board of directors"?
I can think of a few, not the least of which is that no matter what happens, the company has already paid his rent and municipal taxes up to and including December 31'st, 2025.
He's covered for another two years, less two days.
No matter what.
Hi Tamaracktop,
I didn't see that the rent was prepaid 5 years in advance. I saw that the rent was still a liability with balance due
From the last quarterly:
"In June 2023, the terms and conditions of the lease agreement between the Company and the trust were modified, to adjust the base rent and duration. As a result, the ROU asset increased by $67,745, the lease liability increased by $48,023, and a reduction of expense of $19,722 was recorded in the statement of comprehensive loss.
A balance due to the controlling shareholder and CEO of the Company amounted to $462,913 at June 30, 2023 ($254,097 at December 31, 2022) and is included in accounts payable and accrued liabilities. "
Was this amended or categorized elsewhere?