Armeau Brands Inc Just Filed Its Annual Report: NOTE 14: SUBSEQUENT ...

NOTE 14: SUBSEQUENT EVENTS

 

The Company has evaluated subsequent events through the date the financial statements were available to be issued.

 

On February 10, 2021, the Company terminated the lease on the distribution facility in Aurora, CO. Primarily as a result of the impact of the Covid-19 Pande mic, Veritas has entered into a Conditional Lease Termination Agreement with Majestic Commercenter Phase 9, a Delaware limited liability company ("Majestic"), in respect to the termination of its commercial lease in Aurora, Colorado ("Termination Agreement"). Pursuant to the terms of the Termination Agreement, Veritas made one payment of $125,000 on February 23, 2021. The final payment of $125,000 is due to Majestic on April 16, 2021, upon which both parties will be released from all further obligations to each other.

 

On February 11, 2021, the Company entered into a lease agreement for a 12,240 square foot product production and distribution facility in Pueblo, Colorado. The Pueblo, Colorado facility is leased from a non-affiliated party at a current monthly rental of $4,590. The monthly rental fee increases by 10% each year until the completion of the lease on February 28, 2024.

 

On February 22, 2021, the Company received a second loan in the amount of $803,994 under the Payroll Protection Program ("PPP Loan"). The loan accrues interest at a rate of 1% and has a maturity date of five years.

 

On March 22, 2021, the Company under the 2019 Private Offering, sold 200,000 units for a total of $100,000 less offering fees of $13,105 resulting in net proceeds of $86,895

 

On April 8, 2021, the Company entered into secured convertible promissory note in the amount of $124,000. The note is due on May 10, 2021. The note bears an interest rate of 8% and is secured by the assets of the Company.

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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Other recent filings from the company include the following:

Entry into a Material Definitive - Oct. 15, 2021
Unregistered Sale of Equity - Oct. 4, 2021
Cornelis F. Wit TTEE, Cornelis F. Wit Revocable Trust just provided an update on share ownership of Armeau Brands Inc - Sept. 29, 2021

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