Monday, October 19, 2015 2:36:13 PM
On October 21, 2014, the Company executed a Promissory Note with one of our shareholders and board members in the amount of $870,457. The note was partially taken out to finance operations and inventory purchases and was partly a combination of the renewal of other notes with the same lender. It was due on May 31, 2015, was non-convertible, had an interest rate of 10% per annum, was secured by accounts receivable, fixed assets, intellectual property and our net loss carry forward.
On January 1, 2015, accrued interest through December 31, 2014, was rolled into the principal balance per the terms and conditions of the Promissory Note. On January 1, 2015, the Promissory Note principal balance was $892,679. The balance was due in full on or before May 31, 2015, and was extended to September 30, 2015, under the terms and conditions of the original Promissory Note. On October 1, 2015, the Promissory Note executed on October 21, 2014 went into default. Additional Promissory Notes with this shareholder and board member totaling $600,000, plus accrued interest are due on October 22, 2015 and October 31, 2015. ------>The Company anticipates that it will not be able to pay the principal or interest at that time.
The lender has provided the Company with an extension of due dates for principle and accrued interest until November 30, 2015, for these Promissory Notes. The Company is continuing to pursue raising capital to pay these obligations
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