Legal Proceedings
−Removed: May 28, 2019, William Singer, our former President and a former Director, filed suit against the Company and our wholly owned
−Removed: subsidiary, Street Smart Outdoor Corp., in Superior Court of New Jersey, Monmouth County, Law Division.
−Removed: Singer alleges breach
−Removed: of contract and has demanded $450,000.00 in lost wages.
+Added: May 28, 2019, William Singer, our former President and a former Director, filed suit against the Company and our wholly owned subsidiary,
+Added: Street Smart Outdoor Corp., in Superior Court of New Jersey, Monmouth County, Law Division.
+Added: Singer alleges breach of contract and
+Added: has demanded $450,000.00 in lost wages.
The matter is currently pending in Superior Court.
+Added: The Company has reached a settlement with
+Added: Singer in the amount of $47,500 to be paid over a period of 3 months, which have been paid.
November 14, 2019 suit was filed against the Company by shareholders James J.
−Removed: and Justin Derkack requesting that the
−Removed: Company reverse the underlying transactions related to the MedRecycler-RI, Inc.
−Removed: project such that 100% of the revenues and profits
−Removed: generated from the project remain with the Company.
+Added: and Justin Derkack requesting that the Company
+Added: reverse the underlying transactions related to the MedRecycler-RI, Inc.
+Added: project such that 100% of the revenues and profits generated
+Added: from the project remain with the Company.
The matter has been settled.
−Removed: time to time the Company is a party to various legal or administrative proceedings arising in the ordinary course of our
−Removed: While any litigation contains an element of uncertainty, we have no reason to believe that the outcome of such
−Removed: proceedings will have a material adverse effect on the financial condition or results of operations of the
−Removed: the Company is not involved in any other pending or threatened material litigation or other material legal proceedings, nor have
−Removed: we been made aware of any pending or threatened regulatory audits.
+Added: August 3, 2021, MedRecycler-RI, Inc.
+Added: received a demand letter related to moneys owed for the property leased in West Warwick, Rhode Island.
+Added: The Company is a guarantor to the lease.
+Added: The Lease has since been discharged and terminated.
+Added: time to time the Company is a party to various legal or administrative proceedings arising in the ordinary course of our business.
+Added: any litigation contains an element of uncertainty, we have no reason to believe that the outcome of such proceedings will have a material
+Added: adverse effect on the financial condition or results of operations of the Company.
is no material bankruptcy, receivership, or similar proceeding with respect to the Company or any of its significant subsidiaries.
−Removed: However, given the Company’s insolvency, there is a high risk that the Company may be forced to file for bankruptcy if the
−Removed: Company is unable to meet its capital requirements in 2021.
+Added: given the Company’s insolvency, there is a high risk that the Company may be forced to file for bankruptcy if the Company is unable
+Added: to meet its capital requirements in 2021.
are no administrative or judicial proceedings arising from any federal, state, or local provisions that have been enacted or adopted
regulating the discharge of materials into the environment or primary for the purpose of protecting the environment.
−Removed: addition, no proceeding or action described in this Item 3 were terminated in the past 12 months.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.