RE:RE:RE:RE:RE:RE:RE:RE:Shares for DebtOh dear god, seriously read the PR again. I am quoting, bolding and underlining so you will see the difference.
Accounting, audit and legal fees
Amounts past due of $321,755
Accruals and 3 month working needs of $363,450
$685,205
Regulatory and late filing fees
Amounts past due of $74,101
Accruals and 3 month working needs of $35,000
$109,101
Payroll
Amounts past due of $526,369(1)
Accruals and 3 month working needs of $120,000
$646,369
Payroll CRA source deductions
Amounts past due of $800,000
There is over $1.7 million that is past due and owing. That my friend is a debt. They can be given a wind up order based on the payroll and CRA source deductions alone. It's actually really bad that the CRA source deductions are $800k because that means they have not paid their employees CRA contributions for some time despite having been deducting them from their staffs wages. They've clearly been in arrears for a long time as the amount of $800k far surpasses the amount of back wages Fobi owes to its employees.
The only way this PP gets approved by the securities commission is an LOI to use the funds to clear those debts. They aren't expenses, they were expenses but they are past due and in some cases significantly which makes them debts!