Odd Burger Corporation has delayed the filing of its annual financial reports due to a liquidity shortfall caused by a default on a CAD $1.5 million promissory note by third-party, Westmount Ventures. The delay has prompted the company to pursue cost-cutting measures, including transitioning to an asset-light manufacturing model by outsourcing production to third-party co-manufacturers. Odd Burger has also applied for a Management Cease Trade Order (MCTO) to restrict trading in company securities by its CEO and CFO until the financial documents are submitted.

In addition to asset sales and cost reduction, Odd Burger is exploring further liquidity options, including potential sales of equipment and underperforming company-owned restaurants. Legal proceedings have been initiated against Westmount Ventures in connection with the default. Despite the financial setbacks, the company stated it is not undergoing insolvency proceedings and has not reported any additional undisclosed material changes in its business operations.