Yippy, Inc. (YIPI)

[BigBake1]

Apparently they havent been read because it is the first term.. lol

1. Maturity. Subject to Section 3 below, this Note will automatically mature and be
due and payable on May 16, 2011 (the “Maturity Date”).

Maybe a screen shot to help out:



This is not difficult, the date of maturity the note automatically becomes due, so Yippy pays them the cash due on that date. If they dont have the cash to pay the option is to pay in shares when the holder request the debt to be converted to shares. Yippy didnt have the cash, in fact the terms were deferred a period of time instead and negotiated yet again. The terms never went into default because there wasnt a default on the payment terms.

Eventually in October 2011, Yippy issued all 5 million shares to Visivimo, not like they had a choice in the matter as they were not going to get cash for the license. It isnt a default because the debt was paid in shares.

Those terms were never provided.