Do anyone can translate it to common readers friendly ? It is hard to understand all of those termininolgies. this is the main reason why it went down to .115 after R/S last few months ago. It looks good to buy this share before it go way up to dollarland.
DT2
AtheroNova Receives Notice of Debt Acceleration
IRVINE, Calif., Feb. 13, 2015 /PRNewswire/ -- AtheroNova Inc. (OTCQB: AHRO) today announced that it filed a Current Report on Form 8-K disclosing that on February 12, 2015 it received a notice of acceleration from Europa International, Inc., the holder of a 2.5% Senior Secured Convertible Note ("2.5% Note") issued by the Company in the principal amount of $427,500. The 2.5% Note was due and payable on November 12, 2014 and the holder was entitled to accelerate outstanding amounts under the 2.5% Note on November 26, 2014. While the Company attempted to negotiate an extension of the maturity date of the 2.5% Note, those negotiations were ultimately unsuccessful. The acceleration of the indebtedness under the 2.5% Note entitles the holder to receive 120% of the outstanding principal plus accrued and unpaid interest and other costs and expenses arising thereunder. The 2.5% Note also began to accrue interest at 12% per annum from November 26, 2014.
The event of default under the 2.5% Note constitutes an event of default under each of the Company's other outstanding 2.5% Senior Secured Convertible Notes with a principal balance outstanding of $753,667, of which $666,667 is also held by Europa, 6% Senior Secured Convertible Notes, with a principal balance outstanding of $1,866,500, and 8% Senior Secured Convertible Notes, with a principal balance outstanding of $500,000. As a consequence of such event of default, interest under the 6% Notes and the 8% Notes will accrue at 24% per annum and each holder of a 6% Note or an 8% Note may elect to accelerate the indebtedness under such note. Acceleration of the indebtedness under those notes will entitle the holders thereof to receive the greater of (1) 120% of the outstanding principal plus accrued and unpaid interest and (2) the product of the highest closing price for the 5 trading days immediately preceding acceleration of such notes multiplied by a fraction of the outstanding principal over the conversion price as of the date of determination, and other costs and expenses arising thereunder. On February 12, 2015, Europa elected to accelerate the indebtedness under the other 2.5% Senior Secured Convertible Notes, along with the 6% Notes and 8% Notes, held by Europa.
