Background: Appellants appealed against Respondent. The case involved a $147,520 (€100,000) advance characterized as a shareholder loan rather than an equity investment. The appellants challenged the trial judge's decision, claiming an error in considering circumstances beyond the advance's time.

Legal Issues:

• Characterization of Advance: Whether the $147,520 (€100,000) advance by Multiguide GmbH to Multiguide Technologies Inc. was a loan or an equity contribution.
• Evidence Consideration: The appellants argued the trial judge improperly considered subsequent financial statements and conduct to determine the advance's nature.
• Subsequent Conduct: The appellants claimed the judge overly relied on financial statements from 2014, 2015, and 2016, which labeled the advance as a loan.

Trial Judgment: The trial judge found the $147,520 (€100,000) advance to be a shareholder loan, supported by financial statements and subsequent conduct. The judge dismissed the appellants' argument that the advance was intended as an equity investment, citing a lack of professional advice and clarity at the time.

Appeal Judgment: The Court of Appeal upheld the trial judge's decision, stating the judge did not err in considering all relevant circumstances. The appeal was dismissed, confirming the classification of the $147,520 (€100,000) as a shareholder loan.

Costs and Award: The respondent, Multiguide GmbH, was entitled to the appeal's costs. The cross appeals were withdrawn, and the parties bore their own costs. The court upheld the trial judgment awarding Multiguide GmbH $147,520 (€100,000) against the appellants.