Biostax Corp (BTAX)

[noreen]

JSMill, question for you:

Why do you think Noreen or Peter would agree to such ridiculous risky terms for a note when the other notes clearly indicate the company is able to get more fair terms on loans (for example RJ Dailey giving them 2% interest on $500,000 loan). The following note is now already paid off but can be found in the annual report...

Quote:
Promissory notes issued in December 2015. Lenders earn interest at a rate of 10% per month. Notes are repayable on March 9, 2016. $30,000 of principal and $49,000 of interest and penalties were converted to 987,500 shares of common stock in 2016. The Company was unable to repay the remaining note at maturity and the note is in default. The Company is obligated to pay late-payment penalties totaling $5,000 per day on the remaining obligation.

JSMill, why do you think Noreen/Peter would agree to such ridiculous terms?