Business
Greene Concepts Fortifies Financial Positioning Through Major Debt Reduction Combined with Share Buyback in Alignment with the Company's Growth Strategy
Greene Concepts Fortifies Financial Positioning Through Major Debt Reduction Combined with Share Buyback in Alignment with the Company's Growth Strategy.
About this update from Greene Concepts, Inc.
[{"type":"text","content":"Greene Concepts Inc. (OTC Pink: INKW) is excited to report the company has completed a debt forgiveness agreement in the amount of $340,898 previously owed to one of our largest note holders. This reduces our notes payable by 56%. The debt holder, Greene Concepts' management and accountants have agreed to write-off and eliminate $340,898 of the third-party convertible notes from the company's finances as debts that are no longer due.Additionally, the Company is in the process of finalizing a substantial share buyback of its common stock. This common stock buyback will reduce the common share count by over 280 million shares. The company has taken powerful actions financially in a short time span by increasing its Assets, Cash, Inventory, and Sales.Greene Concepts 3rd and 4th Quarter Finance Comparisons3rd Quarter Report (Period Ending 4/30/2020)4th Quarter Annual Report (Period Ending 7/31/2020)Assets$3,377,752$4,837,830Cash$1,623$67,127Inventory$0$51,425Sales$0$51,885Lenny Greene, CEO of Greene Concepts notes, \"Today's announcement marks an important step forward in significantly strengthening Greene Concepts in terms of debt reduction which wipes out 56% of our debt (over $340,000 worth of payable debt) off our books. We would like to give a profound thanks to this Debt holder for their strong work and altruism in this action. This bold and forward-looking gesture better positions us for increased revenue generation, faster inventory turnaround times, increased gross and profit margins, a rise in working capital, employee additions and positive cash flows. It also allows us to increase our assets, our cash reserves, and our total sales. We will continue to focus on the things we can control with aggressive cost management and working capital reductions. This focus will allow us to reduce debt, achieve positive liquidity and balance sheet improvement.\"Mr. Greene continues, \"We are pleased to continue making strides in our ongoing efforts to strengthen our business, increase our flexibility and improve returns on capital. It is our intention to do whatever we can to continually reduce our debt and monitor our Key Performance Indicators for our financial condition to include our cash, accounts receivable and accounts payable. While we amplify our sales and reduce our debt, we also maintain an inventory of $51,425 of ...