Receivables funding

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Receivables funding

13. Receivables funding

June 2, 2023 Funding

On June 2, 2023, the Company through its subsidiary, Evernia Health Center, LLC entered into a Receivables Sale Agreement with Bizfund.com (“Bizfund”), whereby $198,000 of the Receivables of Evernia were sold to Bizfund, for gross proceeds of $150,000, made up of a cash payment to the Company of $75,750 and the transfer of $74,250 of the January 19, 2023, outstanding principal to the June 2, 2023 funding agreement. The Company is obliged to pay 15.0% of the receivables until the amount of $198,000 is paid in full, with periodic repayments of $4,950 per week. The guarantor of the funding was the previous minority stockholder in ATHI.

The Company made weekly cash payments of $4,950 totaling $198,000 by March 12, 2024, thereby extinguishing the debt.

September 15, 2023 Funding 

On September 15, 2023, the Company, through its subsidiary, Evernia Health Center, LLC entered into a Receivables Sale Agreement with Itria Ventures LLC (“Itria”), whereby $320,000 of the Receivables of Evernia were sold to Itria, for gross proceeds of $250,000. The Company also incurred fees of $3,000, resulting in net proceeds of $247,500. The Company was obliged to pay $6,667 per week until the amount of $320,000 was paid in full. The guarantor of the funding was the previous minority stockholder in ATHI.

The Company made weekly cash payments of $6,667 totaling $320,000 by August 10, 2024, thereby extinguishing the debt.

May 30, 2024 Funding

On May 30, 2024, the Company, through its subsidiary, Evernia Health Center, LLC entered into a Receivables Sale Agreement with Fortunate Sons (“Fortunate”), whereby $375,000 of the Receivables of Evernia were sold to Fortunate for gross proceeds of $300,000. The Company also incurred fees of $5,000, resulting in net proceeds of $295,000. The Company is obliged to pay $10,750 per week commencing 4 weeks after the agreement was entered into until the amount of $375,000 is paid in full.

The proceeds of the receivables funding was used to acquire the assets of Boca Cove Detox. 

The Company has repaid $118,250 and the balance outstanding as of December 31, 2024 was $247,998, net of unamortized debt discount of $8,752.

August 30, 2024 Funding 

On August 30, 2024, the Company, through its subsidiary, Evernia Health Center, LLC entered into a Receivables Sale Agreement with Itria Ventures LLC (“Itria”), whereby $312,500 of the Receivables of Evernia were sold to Itria, for gross proceeds of $150,000. The Company also incurred fees of $2,000, resulting in net proceeds of $148,000. The Company is obliged to pay $4,808 per week until the amount of $187,500 is paid in full.

The Company made weekly cash payments of $8,013 totaling $136,218 and the balance outstanding as of December 31, 2024 was $153,877, net of unamortized debt discount of $22,405.

October 9, 2024 Funding 

On October 9, 2024, the Company, through its subsidiary, Evernia Health Center, LLC entered into a Receivables Sale Agreement with Itria Ventures LLC (“Itria”), whereby $187,500 of the Receivables of Evernia were sold to Itria, for gross proceeds of $150,000. The Company also incurred fees of $2,000, resulting in net proceeds of $148,000. The Company is obliged to pay $4,808 per week until the amount of $187,500 is paid in full.

The Company made weekly cash payments of $4,808 totaling $52,885 and the balance outstanding as of December 31, 2024 was $114,372, net of unamortized debt discount of $20,243.