Bridge loan
The bridge loan was supposed to be paid off 24-Dec-2015. There was never an 8K announcing its status even though numerous filings were made about it previously. Of course, the implication could be made that paying the loan off was a normal course of business that was not material. It would be a stretch but in a time where the company had good news, it would have been warmly received.
Now SRA shows up as an unsecured creditor in the BK filings for $588,000, the total amount due on the bridge loan. It appears it was not paid off as scheduled.
The default on a large loan is certainly a material event that required an 8K within days of the default. The company chose to not file anything about this material event. Instead, they went ahead with the reverse split and kept quiet.
This certainly makes it appear they knew in December that they would file for BK and decided they had nothing to lose by not doing the required SEC filing since they would all be gone with the BK declaration.
Notifying shareholders about a large loan default would certainly have tanked the stock price much earlier.
"Sometimes people don't want to hear the truth because they don't want their illusions destroyed." - Friedrich Nietzsche
"None so deaf as those that will not hear. None so blind as those that will not see." - Matthew Henry
