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LOAN RECEIVABLE
6 Months Ended
Sep. 30, 2024
LOAN RECEIVABLE  
LOAN RECEIVABLE

NOTE 11 – LOAN RECEIVABLE

 

On June 26, 2024, Phytanix Bio agreed to loan CBRG $1,590,995.12, pursuant to an unsecured non-interest-bearing promissory note (the “Bridge Financing Note”). The maturity date of the Bridge Financing Note is the later of (x) June 29, 2025 and (y) the consummation of the CBRG’s initial business combination. The Bridge Financing Note may not be repaid with funds from the trust account that CBRG established for the benefit of its public holders. The proceeds from the Bridge Financing Note are being used (i) to pay off certain working capital loans issued by CBRG to Fulton AC I LLC, (ii) to pay for certain fees and expenses incurred in connection with the transactions contemplated in the Bridge Financing Note and CBRG’s initial business combination and (iii) for other general corporate purposes. During the six month ended September 30, 2024, the Company lent $1,063,235 of the Bridge Financing Note to CBRG. As of September 30, 2024, loan receivable amounted to $1,063,235.