Urthecast Corp LFDEF

SADI 1.4 Million payment

[onxy10122012]

The payment was made pursuant to a waiver granted by SADI while the company continues to seek an alternative credit facility, as required to comply with certain covenants under the SADI

This to me means SADI has confidence that Urthecast will get the the funds they need or why would they give these guys more money!!! Sadi is not going to give money to a company that is going bankrupt!!! obviously they like the plan.

[onxy10122012]

The Company is required to maintain a $10,000 000 revolving credit facility as part of the SADI funding agreement. However, as described in Note 30(i), the Company is currently not in compliance with this requirement.  This may be what the waiver was granted for but I need to look into this further. Also I'm not sure exactly how much of the 17.6 Million they have

[onxy10122012]

i) Compliance with SADI Funding Agreement In connection with some of its financing requirements, the Company was required to reduce and subsequently terminate its existing revolving demand credit facility with RBC (Note 14(b)) after December 31, 2018 and therefore is no longer in compliance with the terms of the SADI funding agreement described in Note 11(b). While the Company has not

[onxy10122012]

So they fell out of compliance with SADI after closing the credit facility with RBC which they had to do as part of the 1st UrtheDaily financing agreement in 2018. As far as I know this is the first SADI money they have received since they fell out of compliance when they closed the LOC with RBC back in early 2018. Now SADI has waived that condition to give them 1.4 million in reimbursement

[urthedetective]

Its pretty rare to get information, let alone positive information, and i agree here No sense at lending them the 1.4 without backing them on the next wont be this cheap for much longer GLTA!

[onxy10122012]

To date, we have submitted claims totalling $8,028 for the reimbursement of eligible costs incurred between April 2016 and March 31, 2018 under the SADI funding agreement. At March 31, 2018, we recognized the grant portion of the eligible costs, amounting to $4,050, as a reduction of the capitalized OptiSAR development costs.  So if the grant money is not repayable ie 4050, there would

[onxy10122012]

Now I'm thinking the 4 million in grant money is in addition to the 8 million in claims they submitted. So the 8 million plus the 1.4 million they recently received from SADI = 9.4 million leaving them with 8.2 million in further eligible costs they could recover, still a substantial amount if they can satisfy SADI with compliance.