Impact Fusion International Inc (IFUS)

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But why did he not have money to pay the first installment?

Simple that should had never happened and all the responsibility rest with him, did he bet the farm? He spent all the money betting he would make money enough to payback?
If that was the case that was his biggest mistake, again he should have had a cushion for the first payments.
Simple, either he have no idea on how to manage money or he never intended to make the payment.
Word is he used part of the money to pay older debt, not to build business.