Friday, May 16, 2014 5:37:27 AM
The question is, will MLCG put a million to the bottom line over the next fiscal year? Time will tell.
Happy Friday.
NOTE 6 – SUBSEQUENT EVENTS
On April 1, 2014 the Company entered into a note agreement whereby the Company is obligated to a note with a principal amount of $600,000 plus prepaid interest $60,000 and prepaid legal fees $5,000 for an aggregate amount of $665,000. Additional interest of 8% on the outstanding balance is also incurred. The note matures on April 1, 2015 and is convertible, at the note holder’s option, into common shares of the Company. The Company will receive principal from the note of $50,000 per month starting in April 2014 and for 11 months thereafter, for a total of $600,000. In addition, the Company has issued warrants to the note holder which vest in equal amounts, over the 12 month period. The note holder may purchase up to 11,083,333 shares of the Company’s common stock at $0.06 per share per warrant or convert the warrants to common stock on a formula as cashless warrants.
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