NovAccess Global (XSNX) has released an update to notify the public and investors about events prompting financial liability intensification.
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NovAccess Global Inc. is facing financial difficulties, having defaulted on a loan from 13 Paul Lending LLC due to a failure to file an annual report, risking a significant penalty or stock dilution. An attempt to alleviate the situation through a deal with Sumner Global LLC to purchase shares and provide a loan has been delayed and is uncertain. Despite securing funds from AJB Capital Investments, LLC to commence an audit, NovAccess lacks the funds for operations and debt repayment and cannot assure the resolution of its financial obligations.
For further insights into XSNX financials, check out TipRanks’ Financials page.
For a comprehensive understanding of the announcement, you can read the full document here.