$PYCT reducing liabilities ... only millions more to go and billions of shares to go before anyone cares I would assume ... R/S already
PayChest Reduces Long Term Liabilities by $3,500,000
Nov 20, 2015
OTC Disclosure & News Service
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PayChest Reduces Long Term Liabilities by $3,500,000
HONG KONG, CHINA--(Marketwired - November 20, 2015) - Paychest, Inc. (OTC PINK: PYCT) wishes to announce that the Company has negotiated a 70% reduction in a key note payable reducing the amount due from $5,000,000 to $1,500,000; a reduction of $3,500,000.
The note payable for acquiring the worldwide license and rights to Flushaway Intellectual Property (IP), know how and support is reduced effective September 30, 2015 and is reflected in the filings of the Company's 3rd Quarter Financials.
The reduction follows a renegotiation driven by PayChest having incurred cost and delay in implementing the Flushaway IP. New production processes and production technology required a much longer implementation period than was originally indicated and while the Licensor, Cardiff Bay Holdings, does not accept any liability they agreed to a reduction in costs to "facilitate product commercialization" of Mibella®.
Over the Quarter ended September 30, 2015 the Company reduced liabilities by $4,683,699 made up of $1,070,699 of current liabilities and $113,000 of interest, both of which were converted to equity, and now the further reduction of $3,500,000.
The reduction in liabilities together with the $500,000 Loan financing places the Company in a good financial position as the Company heads towards commercial production.
