Way to go John Fife!
From the 10-K:
"During the first quarter of 2014 the Company executed a debt settlement agreement with Tonaquint related to the note and warrant described in Note 13. In summary, the Company and Tonaquint agreed to settle the warrant for $98,000 and the note and all related interest for $144,000 all to paid by April 18, 2014."
I presume they are referring to this note:
"On July 16, 2013 Competitive Technologies, Inc. (the “Company”) entered into a securities purchase agreement (the “Agreement”) with Tonaquint, Inc. (“Tonaquint”). Pursuant to the agreement, Tonaquint will acquire a $112,500 convertible promissory note in consideration for $100,000. The note is convertible at a conversion price of $0.30 per share."
So let me get this straight. About nine MONTHS ago, CTTC paid $12,500 to get a $100,000 loan -- is that about right? And tomorrow they will presumably pay $144,000 to close out the loan?
In other words, they spent $44,000 PLUS $12,500 or a grand total of $56,500 in order to get use of $100,000 for nine MONTHS? What does that work out to -- something like a 75% per annum interest rate??????
I guess John Fife deserves a round of applause for so successfully giving CTTC shareholders a royal BFing!
