Coda Octopus Group Inc (CODA)

[multivalue]

1c, I'm not sure what it is exactly you are pointing out? Are you just pointing out that more of the debt will have been paid down by the next fins?

Here are some quotes from page 35

Extension of Maturity Date from August 31, 2016 to November 1, 2017: The parties have agreed to extend the maturity date of the Senior Secured Convertible Debentures to November 1, 2017 in exchange for the covenants and undertakings of the Company set out below.

Reduction of the Principal Amount of Loan Outstanding: The Company has covenanted to repay $2,000,000 of the principal amount outstanding under the Senior Secured Convertible Debentures. This amount will be paid over 10 months, with the first payment due on March 31, 2016. Since this date we have reduced the principal amount outstanding by 800,000.

Covenant to return to SEC Reporting: The Company has also covenanted to undertake the necessary steps to return to SEC reporting no later than 12 months from March 1, 2016. The Company is currently preparing for this and expects to file an appropriate form of registration statement with the SEC in this current fourth quarter although no guarantees can be given that we will be successful.

Conversion of the portion representing the Terminal Conversion Premium into Common Stock: The Company and the Senior Secured Debenture Holder have also agreed to convert a part of the Company’s indebtedness under the Loan Note Instrument into the Company’s Common Stock. In this connection,
the Parties have agreed to convert the Terminal Conversion Premium outstanding at the date of the Agreement and being $3,558,136 into the Company’s Common Stock at a conversion price of $0.11. In fulfillment of this Agreement, the Company issued 32,346,682 shares of common stock on or around March 1, 2016.

Failure to comply with the terms of the Deed of Amendment constitutes an event of default that would result in, among other things, an acceleration of the Company’s obligations under the Senior Secured Convertible Debentures.

The Company is current in its obligations including covenants under the terms of the Senior Secured Convertible Debentures.
.
.
Notwithstanding, while the Company will make best endeavors to seek refinancing for the remainder of the Senior Secured Convertible Debentures, it cannot guarantee that its efforts will be successful in whole or in part.

FWIW - it's been my belief that the debt holder is closely tied to or an insider of the company so it is very unlikely that they will default or not work out some sort of restructuring. Just my opinion tho.