Pervasip Corp (PVSP)

[Arthur]

PVSP didn't really raise $12M from Laurus, the amount contains maybe $5 million of accumulated interest over the years. Some of the $500K loans were at 20% annual interest.

From G3 Connect, only $400K was obtained directly, another $600K was G3 Connect buying CDs issued to Net Capital, that money went straight to repay Laurus, except what NetCapital kept for itself.

With JDM, $600K was raised by floating 2 x $300K debentures, $100K was raised by JDM with a 10% discount, and another $100K was raised by PVSP itself (with convertible debt). Pervasip also had to pay a $260K fine for breaking the JDM deal.

I lost track how much PVSP raised to fund its various operating losses by issuing CDs.

In 2012, sales were $999K, operating loss was ($1.5M), $994,500 was was the proceeds from borrowings.


In 2014, PVSP say it has borrowed only $354.5K so far, none from Factor Fund.