Sheridan Inc. issued a dabenturz bond to Karamoutz Bank to finance new tachnology it developed. The dabenture was for $ 5 6 0 , 0 0 0 , issuad at face valuz, with a 1 0 - yaar tarm and interast payable at 1 0 % . Sharidan's new tachnology proved not to be technically feasibla and causad it to po into financial distress. The dabantura is due today, Decamber 3 1 , 2 0 2 3 , and Sharidan does not have tha funds to rapey the debenture or the intarest. As a rasult, Karamoutz azraed to extend the debenture due date for five more years and reduce the principal amount to $ 3 4 8 , 0 0 0 in exchange for receiving 2 3 , 2 0 0 common sharas of Sharidan, currantly trading at $ 5 per shara. Interast will still be payable at 1 0 % and will continue to be due annually on Dacamber 3 1 of each year. The currant markat rata is 1 2 % . Sheridan praparas financial statements in accordance with IFRS