Table of Contents
Convertible Secured Notes Payable
Idaho Copper Corp (GTVI) has reported $898,000 in convertible secured notes payable in the first quarter of 2023, according to its quarterly report. The notes were issued to individuals and entities including:
- Steven Rudofsky (Chairman and CEO)
- Feehan Partners LP (controlled by Robert Scannell, CFO and Director)
- Andrew Brodkey (COO and Director)
These convertible notes have varying maturity dates from January 23, 2023, to July 23, 2025, with conversion prices of $0.10 and associated warrant exercise prices at $0.15.
Financial Insights
This quarterly report provides financial insights into Idaho Copper Corp, a company involved in copper mining and exploration activities. The report includes details of various financial obligations such as:
- Reclamation bonds
- Convertible notes
- Bond liabilities
It also mentions related party transactions and tax considerations.
Convertible Notes
Convertible notes are a financing instrument that allows the noteholder to convert the debt into equity shares of the company. In the case of Idaho Copper Corp, the convertible notes offer the noteholders an opportunity to acquire common stock in the future. These notes have a total value of $898,000 and are secured by the company’s property. The maturity dates range from January 23, 2023, to July 23, 2025, and the conversion prices are set at $0.10.
Bond Liabilities
The quarterly report also discusses the company’s bond liabilities, which amount to $3,135,000 as of April 30, 2023. These bond liabilities have varying maturity dates, primarily in 2024 and 2025, representing future financial obligations for the company.
Related Party Transactions
The report highlights related party transactions involving individuals or entities closely associated with the company’s management. These transactions include the issuance of shares of common stock to officers of the company in exchange for accrued compensation. The report also provides information on the company’s compensation arrangements with its officers and the corresponding accrued amounts.
Income Tax Considerations
Regarding income taxes, the report states that the company has net operating loss carryforwards of $510,754 as of April 30, 2023. These carryforwards can be utilized to offset future taxable income and reduce the company’s tax liability.
Conclusion
Overall, the quarterly report offers a comprehensive overview of Idaho Copper Corp’s financial position and obligations. It covers convertible notes, bond liabilities, related party transactions, and income tax considerations, providing investors and stakeholders with a better understanding of the company’s financial health and prospects.
Note that we may hold securities mentioned in this article. All data is based on recent SEC filings. Even though we have implemented various manual and automatic fact-checking and data acquisition processes, some incorrect information may have slipped through (false positive). Let us know if you find any inconsistencies!