From the 10-Q
looks like the TCA saga is almost over
1). TCA GLOBAL MASTER FUND – The previously disclosed balance due to TCA Global from Company, was the subject of a Florida Courts judgement issued during Q3, 2015.
The Company noted that the court filings from the attorneys for TCA contained several demonstrably erroneous statements, including the wrong balances and misstatements that TCA had been unable to secure payment via “debt conversion” transactions (which had been occurring regularly throughout the prior year). Rather than spend significant legal fees to rebut and contest the statement errors, Company decided instead to pay off the proper balance, in order to enjoy the benefits of the release of the UCC Security Interest and the return of the 10-million “collateral” shares of Company’s stock that were issued to TCA back in May of 2013. In December, 2015, counsel for Company filed a motion with the Washington County (Arkansas) courts, where TCA had filed a notification of foreign judgment. The Company’s pleading demonstrated that Company had fully paid off the TCA note and balance, and exceeded the total payments by $28,439. In demonstrating that the matter had been fully paid, Company utilized TCA’s auditor’s statement, and applied the maximum legal interest rate, less payments made by (or on behalf) of Hannover House, Inc. Subsequent to the close of the March 31, 2016 Quarterly reporting period, counsel for Company negotiated a settlement agreement that both parties have since accepted. Under the settlement agreement, TCA will waive the claims of additional monies due, and file the applicable “satisfaction of judgment” documentation with both the Arkansas and Florida courts. In return, Company will waive its claims for damages for usurious interest, and Company will not contest the prior issuance of 10-million shares of restricted stock to TCA as collateral (and ultimately as “compensation”) for the Investment Advisory Services described in the loan agreement
