Yes, correct these 2020 medi-ri expenses went away

Yes, correct these 2020 medi-ri expenses went away

In lieu of a lot shares. That's the easiest way to get rid of debt/expense and make the shareholders pay the tab again and again. Did we see some of this on Tuesday, June 7th? Nice 10 mil of shares somebody "bought"?

https://www.marketscreener.com/quote/stock/SU...-31855159/

Quote:

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On November 12, 2020, a convertible senior secured promissory note for $500,000 was executed that will convert into ten percent (10%) of MedRecycler RI, Inc's common stock upon MedRecycler RI, Inc. receiving its operating permit. MedRecycler RI, Inc. is currently drafting agreements under the term sheet for a stock purchase agreement for $1,500,000 upon receiving its operating permits for an additional twenty percent (20%) percent of common stock of MedRecycler-RI, Inc.

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Nov 2022 10-Q

Quote:

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"In order to prevent a default of the bridge financing for the Rhode Island Project, the MedRecycler-RI, Inc. has issued a first position secured convertible loan to Pyro SS, LLC in the amount of $500,000, carrying a 6% interest rate, which shall convert into 11,000 shares upon the issuance of an operating permit by the state of Rhode Island sufficient to commence operations of the Rhode Island Project. In the event of a conversion, the economic interest to be received by the Company will be reduced from 51% to approximately 46%. The convertible note shall be secured by all such securities previously secured under the Indenture of Trust, as amended. In the event of default on the convertible loan, Pyro SS, LLC shall have a first position on liquidation of the security interests. Further under a Term Sheet that MedReycler-RI, Inc entered into with Pyro SS, LLC. MedRecycler RI, Inc. is currently drafting agreements under the term sheet for a stock purchase agreement for $1,500,000 upon receiving its operating permits for an additional twenty percent (20%) percent of common stock of MedRecycler-RI, Inc."

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Quote:

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Pyro SS, LLC shall have a first position on liquidation of the security interests. Further under a Term Sheet that MedReycler-RI, Inc entered into with Pyro SS, LLC. MedRecycler RI, Inc. is currently drafting agreements under the term sheet for a stock purchase agreement for $1,500,000 upon receiving its operating permits for an additional twenty percent (20%) percent of common stock of MedRecycler-RI, Inc."

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Wonder if Pyro SS LLC ever got the equipment? That Pyro SS LLC company? Who owns that company?

imho

cheers