Pursuant to certain Notes issued pursuant to an Indenture of Trust dated Feb. 7, 2020 and disclosed via a Current Report on Form 8-K filed with the SEC on Feb. 11, 2019, and all such Amendments as disclosed on subsequent Current Reports on Form 8-K, Medrecycler-RI, Inc., a wholly owned subsidiary of Sun Pacific Holding Corp., was informed on July 29, 2020 that the Noteholder agreed to forbear from taking any remedial action for an Event of Default, absent additional Events of Default, for a period of 30 days from the date of the letter while the Company continues to raise funds.
About Sun Pacific
Headquartered in Manalapan NJ, Sun Pacific Holding Corp offers “Next Generation” solar panel and lighting products by working closely with design, engineering, integration and installation firms in order to deliver turnkey solar and other energy efficient solutions. It provides solar bus stops, solar trashcans and “street kiosks” that utilize advertising offerings that provide State and local municipalities with costs efficient solutions. The Company provides general, electrical, and plumbing contracting services to a range of both public and commercials customers in support of its goals of expanding its green energy market reach.
Sun Pacific reported a net loss of $1.78 million for the year ended Dec. 31, 2019, compared to a net loss of $1.77 million for the year ended Dec. 31, 2018. As of March 31, 2020, the Company had $8.87 million in total assets, $13.39 million in total liabilities, and a total stockholders’ deficit of $4.52 million.
Turner, Stone & Company, L.L.P., in Dallas, Texas, the Company’s auditor since 2017, issued a “going concern” qualification in its report dated May 20, 2020, citing that the Company has suffered recurring losses from operations since inception and has a significant working capital deficiency, both of which raise substantial doubt about its ability to continue as a going concern.