Note 22: Subsequent Events

Termination of Chief Operating Officer

On December 17, 2024, the Company terminated the employment of Joseph Ramalho, its Chief Operating Officer. 

Amendments to Convertible Debentures 

On December 27, 2024, the Company executed a Supplemental Indenture to amend that certain debenture indenture by and between the Company and Odyssey Trust Company, as Trustee, dated as of December 12, 2018, as supplemented March 31, 2021, as supplemented September 15, 2022, and as supplemented December 28, 2023 (collectively, the “Debenture Indenture”), in order to amended the terms of its outstanding $1,378,778 principal amount unsecured convertible debentures (the “December Debentures”) issued December 12, 2018 to provide the Company an option to redeem all outstanding December Debentures in cash at a redemption price equal to $600 per $1,000 principal amount of December Debentures; any accrued but unpaid interest through to and including the redemption date shall not be paid and shall be cancelled. See note 14.

Secured Promissory Notes

On January 7, 2025, the Company entered into four secured promissory notes in the aggregate amount of $1,000,000.  These notes bear interest at the rate of 12%, are payable in 24 equal monthly installments beginning January 31, 2025, and are due on December 31, 2026.  Three of these notes with an aggregate principal amount of $900,000 are payable to related parties.