Guard stated: "The lenders were paid 750,000 dollars for two consecutive months and then the company didn't pay another single payment.."
Yes, Radient made the payments from the loan principal hoping to get a quick S-3 approved by the SEC. Initially, the SEC accepted the S-3 and when I saw that, I sent an email to the corporations division clearly showing how Radient was not qualified to use the quick S-3 and needed to file the extensive and more closely examined S-1. The SEC then sent Radient a letter retracting the acceptance of the S-3. Radient never even filed the S-1, stopped making payments and let the notes go into default.
The 2011 lenders made the investment because Mac lied to them. He was claiming a new version of Onko Sure was being tested by the Mayo clinic, sales of Onko Sure were going to go through the roof in India and that Umesh Bhatia was going to take CIT into clinical trials. Those were all lies and that eventually led to the lawsuit being filed by the lenders.
Again you need to READ THE FILINGS.
I have never shorted nor intend to have any financial interest in this stock. I am not connected with anyone who trades, shorts or has financial interests in this stock. I only post facts and my opinions. I do not post on IHUB with different aliases.
