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Q out, excerpt: "MALLC has been responsible for

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db7 Member Level  Wednesday, 01/14/15 03:11:53 PM
Re: db7 post# 74
Post # of 88 
Q out, excerpt: "MALLC has been responsible for substantially all of our funding since October 2005. During the period from October 2005 to November 30, 2014, MALLC loaned us an aggregate $411,500 (including $30,000 and $24,000 loaned to us on May 30, 2014 and October 14, 2014, respectively) under a series of promissory notes payable that mature 120 days from issuance. At November 30, 2014, approximately $387,500 face amount of such notes were beyond their maturity date and therefore due on demand. The notes bear interest at 12% per year increasing to 15% per year for periods beyond maturity. The Company intends to make a proposal to MALLC to convert all of the amounts outstanding to them (including overdue amounts) into common stock of the Company. "

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