Item 3. Legal Proceedings
ITEM 3. LEGAL PROCEEDINGS
From time to time, the Company may become subject to various legal proceedings that are incidental to the ordinary conduct of its business. Although the Company cannot accurately predict the amount of any liability that may ultimately arise with respect to any of these matters, it makes provision for potential liabilities when it deems them probable and reasonably estimable. These provisions are based on current information and legal advice and may be adjusted from time to time according to developments.
The following three parties have filed claims against Hammer Fiber Optics Investments Ltd and are not secured:
Cross River Fiber
$
273,220.00
Calvi Electric
$
9209.69
Horizon Blue Cross
$
17,308.58
The following party have filed claims against Open Data Centers, LLC and this agreement was secured by a security deposit. No other security was provided:
15 Corporate Place South, LLC
$
1,621,529.28
During the period the company settled several claims against the company, including the following:
Crown Castle Fiber FKA Lightower
$
1,544,621
Zayo Group, LLC
$
2,561,370
Foley Incorporated
$
5,703.69
Ventnor Loan, LLC
$
22,937.65
The company settled the matter with Crown Castle Fiber FKA Lightower for a one-time payment of $65,000. The company settled the matter with Zayo Group on behalf of Open Data Centers, LLC and Hammer Fiber Optics Investments Ltd for a one-time payment of $90,000. The company settled the matter with Foley Incorporated on behalf of Open Data Centers, LLC for a one-time payment of $2,000. The company settled the matter with Ventor Loan on behalf of Hammer Fiber Optics Investments Ltd for a one-time payment of $2,000.
The company resolved the claims of Iron Mountain Data Centers, LLC and Bank of America against Hammer Fiber Investments Ltd. In the opinion of the Company, Iron Mountain failed to meet its obligations under the agreement and the Company is now pursuing the matter against Iron Mountain Data Centers, LLC.
1stPoint Communications has settled its matter with Shannon Walchuk for $160,000 and the payments have been made in full and the matter is closed.
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ITEM 4. MINE SAFETY DISCLOSURES
We do not engage in mining operations and accordingly have no information to disclose concerning mine safety.
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PART II
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.