Friday, May 16, 2014 4:24:18 PM
For those that didnt see the PR
NOTE 14
SUBSEQUENT EVENTS
Effective on April 25, 2014, the Company retired convertible debentures with an aggregate outstanding balance of $3,700,000, consisting of outstanding principal and interest of $3,609,206 and $90,794, respectively. The Company made a cash payment of $1,400,000 to retire the debentures.
The debt retirement is expected to reduce the Company’s annual interest charge by approximately $215,000 (6% interest per year on the $3,609,206 of principal being retired).
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