Sack Lunch Productions Inc. lowered its debt through a series of transactions designed to simplify operations and cut administrative costs.
The company said March 19 that it sold a partially vacant property in January for $880,000. The company used the proceeds to eliminate $688,040 in debt, as well as provide short-term working capital.
Sack Lunch recently sold its interest of 90% plus interest in Green Endeavors Inc., the parent company of its Landis Salons operations. The sale was consummated to further streamline operations, as well as to eliminate more than $1 million worth of liabilities that have historically been consolidated on Sack Lunch's balance sheet.
The shares in Green Endeavors were sold for $100,000 in the form of a cash payment to a secured creditor. Green Endeavors showed recurring losses and a negative net worth. A series of transactions are expected to occur that will eliminate what were intercompany balances.
Further, Sack Lunch recently commenced a Regulation A+ offering to offer series E convertible preferred stock to the public. The offering will be for up to 2.4 million shares of series E convertible preferred shares with potential proceeds of more than $10 million.
Sack Lunch Productions is an entertainment company that operates and franchises action-oriented events in the U.S. and internationally.