Tuesday, December 20, 2016 2:40:43 PM
NOTE 5 – Long Term Debt In 2012, the company carried an outstanding long term debt balance in the form of four convertible promissory notes (the “Notes”) which as of June 30, 2013, totaled $2,479,957 in principal and accrued and unpaid interest and fees respectively. The Notes are held by an individual and two non-affiliated companies (collectively, the “Noteholders”) and carry certain conversion privileges for equity of the company’s common stock. The Noteholders may demand repayment by the Company of all principal and interest of the Notes through the date of its repayment request, plus interest, at any time upon thirty (30) days written notice to the Company after one (1) year.
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