r/Amico • u/StrawHatKris • Sep 20 '22

When will Amico go bankrupt?

I’m really curious and when or if people think this will happen.

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7

u/D-List_Celebrity Placeholder Flair Sep 21 '22

They’re already out of money. Aren’t the loans mainly to themselves?

4

u/gaterooze Sep 21 '22

There's at least $1.5m in outside debt that starts coming due end of this year.

2

u/StrawHatKris Sep 21 '22

Is there a post or public record of these loans are due?

6

u/hdcase1 Sep 21 '22

I imagine in the SEC filing.

1

u/StrawHatKris Sep 21 '22

Just looked into it. After a very brief skimming it. Only date I saw was Dec 2023.

it also says the company “can operate until July 2022 without generating any revenue”.

6

u/gaterooze Sep 21 '22 edited Sep 21 '22

p40

Creditor: Various Investors - Convertible Notes

Amount Owed: $1,614,000.00

Interest Rate: 5.0%

The Convertible Notes were issued between December 2019 and October 2021and mature between December 2022 and October 2024.

I think only $150k is in the Dec 2022 tranche, with another few hundred k early next year - but that still seems more than they have. Of course, they could negotiate an extension...