RE:Fu ckersphat_cow wrote:
Any lawyers looking into this company?
North Bud to cease ops, enter debt settlement deals
2022-03-15 19:06 ET - News Release
Mr. Ryan Brown reports
NORTH BUD FARMS PROVIDES CORPORATE UPDATE
North Bud Farms Inc. has provided shareholders with a corporate update.
Management wishes to announce that after consultations with numerous legal and financial advisers the board of directors have determined that the company does not have the resources required to continue to attempt to rectify its listing deficiencies, primarily the filing of its 2019 annual audited financial statements. Over the past 18 months the company has exhausted all resources attempting to establish a mutually acceptable position related to the application of numerous accounting standards and their impact on the company's transactions to acquire United States-based assets that took place in November, 2019. The disposition of these assets in June, 2020, along with the lack of historical comparables and evolving nature of the interpretation of these regulations, has resulted in significant challenges and costs to the company and no identifiable path to completion has arisen.
"Interpreting and applying traditional accounting standards as it pertains to the acquisition of U.S.-based cannabis assets is a significant undertaking which has created numerous obstacles for many publicly traded companies, particularly those based in Canada," said chairman and interim chief executive officer Ryan Brown.
The inability to return to active trading status has put the company in default of multiple secured debt obligations.
Consequently, effective immediately, North Bud Farms will cease operations and enter into debt settlement agreements with holders of secured debt instruments collateralized by the assets of the companies subsidiaries. As previously disclosed, Mr. Brown is part of the secured debt holding group and has been financing the subsidiaries operations since July, 2020.