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Snakes & Lattes Inc. Reduces Over $2 Million in Liabilities Through Favorable Debt Reduction & Announces Interactive Platform for Shareholders & Interested Participants of the Investment Community
Snakes & Lattes Inc. Reduces Over $2 Million in Liabilities Through Favorable Debt Reduction & Announces Interactive Platform for Shareholders & Interested Participants of the Investment Community.
About this update from Amfil Technologies Inc.
[{"type":"text","content":"\n TORONTO, ON, Aug. 09, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire - Snakes & Lattes Inc. (OTC: FUNN) is pleased to update shareholders on the fact that the Company has completed a large debt reduction and removal of liabilities from the balance sheet. This will ultimately be reflected on the FYE 2023 financial statement due September 28, 2023. ·        $2,037,050.80 has recently been removed from balance sheet liabilities on what management believes to be very favorable terms, therefore not only benefiting the Company itself, but by default also benefiting all the existing shareholders. ·        Company communication will also be revitalized going forward, not only through more frequent press but also through the new Interactive Platform that has recently launched. Debt Reduction Highlights ($USD):  $67,500.00 Purchase & Retirement of the existing convertible note dated October 23, 2019 to avoid any future potential conversion into common stock at the fixed value of .015 / share set by the note at the time. (Paid in Full) Approx. $401,628.78 RBC (Royal Bank of Canada) negotiated debt extinguishment which includes mutual release of any and all future obligations at a cost of $119,000.00. (Paid in Full) $404,456.00 Shareholder loan reduction in exchange for 500,000 preferred shares. $1,163,466.02 Convertible Note Liability reduction at a cumulative average of .0315 / share. Current Outstanding Common Share Count after the aforementioned reduction is 792,756,731, which is a running cumulative total starting in 1985 with no recapitalizations ever performed by the company in its 38-year history to date. $2,037,050.80 TOTAL LIABILITY REDUCTION  * Since February 2021, being over 2.5 years ago now, the Company had/has not issued any new convertible notes or similar debt instruments related to or attached in any way to common stock / shareholder equity. Preserving shareholder equity and value whenever and wherever possible has always been an important value and goal for management. Fixed price conversion rates as has always been done historically. The company never has and never will entertain toxic or trailing discount to market stock financing as unfortunately is seen all too often on our stock exchange. The majority of Company financing ...