HISP GOING CONCERN QUALIFICATION (READ) "Several
Post# of 84
Posted On: 01/22/2016 1:13:13 PM
HISP GOING CONCERN QUALIFICATION (READ)
"Several conditions and events cast substantial doubt about Hispanica International Delights of America (HISP) ability to continue as a going concern. The Company has incurred net losses of $277,435 and $142,354 for the six months ended November 30, 2015 and 2014, respectively, has limited revenues and requires additional financing in order to finance its business activities on an ongoing basis.
HISP future capital requirements will depend on numerous factors including, but not limited to, continued progress in finding business opportunities.
In September 2015, HISP completed a private financing transaction and issued its Secured Convertible Promissory Note ("Note"
in the principal amount of $87,500 to a private lender, including an original issue discount of $7,500 and reimbursed fees of $5,000.
The Note matures 23 months from the date of the Note. Under the terms of the Note, HISP can borrow from the lender a maximum of $225,000 in three tranches. In September 2015, HISP exercised its right to request the first tranche and received $75,000.
The Note grants the lender the right to convert the outstanding balance owed on the tranches into common stock of HISP at a conversion price of $3.00 per share. However, in the event HISP market capitalization falls below $20 million, the conversion price will equal the lower of $3.00 per share or the market price of HISP common stock as of the conversion date.
At November 30, 2015, we had cash on hand of $35,998, and an accumulated deficit of $691,777. "
For further information please refer to HISP recent 10Q filing.
JMO
"Several conditions and events cast substantial doubt about Hispanica International Delights of America (HISP) ability to continue as a going concern. The Company has incurred net losses of $277,435 and $142,354 for the six months ended November 30, 2015 and 2014, respectively, has limited revenues and requires additional financing in order to finance its business activities on an ongoing basis.
HISP future capital requirements will depend on numerous factors including, but not limited to, continued progress in finding business opportunities.
In September 2015, HISP completed a private financing transaction and issued its Secured Convertible Promissory Note ("Note"
in the principal amount of $87,500 to a private lender, including an original issue discount of $7,500 and reimbursed fees of $5,000. The Note matures 23 months from the date of the Note. Under the terms of the Note, HISP can borrow from the lender a maximum of $225,000 in three tranches. In September 2015, HISP exercised its right to request the first tranche and received $75,000.
The Note grants the lender the right to convert the outstanding balance owed on the tranches into common stock of HISP at a conversion price of $3.00 per share. However, in the event HISP market capitalization falls below $20 million, the conversion price will equal the lower of $3.00 per share or the market price of HISP common stock as of the conversion date.
At November 30, 2015, we had cash on hand of $35,998, and an accumulated deficit of $691,777. "
For further information please refer to HISP recent 10Q filing.
JMO
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