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With $160M In Debt, iAnthus 'Working Diligently' To File Financial Statements

June 13, 2020 9:00 am
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With $160M In Debt, iAnthus 'Working Diligently' To File Financial Statements

Multistate cannabis operator iAnthus (OTC:ITHUF) (CSE:IAN) may suffer a stock trading suspension due to its delayed financial reports.

The New York-based company expects to default on interest payments. It's "working diligently to file the Required Filings as soon as feasible."

Like other companies, iAnthus delayed filing its 2019 audited financial statements, citing the coronavirus pandemic. The company had an extension period from March 23, 2020 to June 1, 2020.

A recently extended filing deadline was granted for June 15.

Interest Payments Obligations: The total amount of the company's debt obligations hovers $160 million, including $100 million of 13% of senior secured convertible bonds and $60 million of 8% of unsecured convertible bonds in addition to $1.6 million in other debt obligations.

The company stated that it "does not expect to be in a position to make interest payments on the Secured Debentures or Unsecured Debentures due on June 30, 2020."

Loans seem to be presenting some issues in this company as a few weeks ago its co-founder and former-CEO resigned to its charge because he was found to had "misused iAnthus' resources to his benefits" entering into two interest-free undisclosed loans agreements with the managing member of iAnthus secure lender, Gotham Green Partners.

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