Coretec Group Inc (CRTG)

[Clonefan]

Way to go Victor! Just drive the interest rate up to 22% on the promissory notes. I had heard about payday loans being a rip off, but now it seems "May Day" loans are almost as bad if not worse!


Under the terms of the 5% Promissory Note, the company is required to maintain a reserve of authorized and unissued common stock equal to three times the number of common shares necessary to convert the total outstanding balance of the 5% Note (the “Share Reserve”). On July 28, 2015 the Company informed Typenex that there were insufficient common stock available to maintain the Share Reserve and therefore an event of default occurred. In the event the Company does not comply with the Share Reserve, a 15% default interest rate is applied to the outstanding principle of the note and the note begins to accrue interest at 22%. Accordingly, $13,781 of default interest was added to the note and the note began accruing interest at 22%.