Letter Agreement dated September 19, 2023 between Santai and the Company regarding the $2 million additional funding

Contract Categories: Business Finance - Funding Agreements
EX-10.37 2 ex10-37.htm

 

Exhibit 10.37

 

Santai Global Asset Management Limited

11/F, Fuk Chiu Factory Building, 20 Bute Street

Mongkok, Kowloon, Hong Kong

 

September 19, 2023

 

JP Outfitters, Inc.

5345 Creek Road

Cincinnati, OH 45242

 

Re: Agreement of Financial Support

 

Dear Sir:

 

We are providing this letter in connection with the unaudited condensed consolidated financial statements of our wholly-owned subsidiary, JP Outfitters, Inc. and Subsidiary (the ‘‘Company’’) as of June 30, 2023 and for the six months period ended June 30, 2023 and 2022. In connection with the preparation of the Company’s unaudited condensed consolidated financial statements, management has observed that, as of the date of this letter, the Company has negative working capital, negative cash flows from operations and stockholder’s deficit.

 

As a consequence, should the Company require additional financial support to meet its financial obligations and investment requirements as they become due within twelve months from when the unaudited condensed consolidated financial statements are issued, we confirm that as the Company’s majority owner, we and other entities controlled by, or affiliated with us, will provide necessary additional financial support (via either debt or equity financing, or a combination thereof) up to $2,000,000 (subject to change based on liquidity requirements) to enable the Company to meet its financial obligations as they become due within twelve months from the date the financial statements are issued. We also confirm that we have the requisite capital available to us in order for us to support this commitment.

 

/s/ Choi William  
Choi William  
President/Chief Executive Officer  
Santai Global Asset Management Limited  
   
/s/ Arnold Cohen  
Arnold Cohen  
President  
JP Outfitters, Inc.