Wednesday, November 09, 2016 10:27:49 AM
10/18/16 - AMBS issued two 0% convertible promissory notes to each bank in the principal amount of $500K each. These Notes will be converted on 4/18/17 using the fixed price per share of $0.025 per share.
11/1/16 - AMBS issued a 12% Senior Secured Convertible Note to two institutional investors - Dominick Membership, LLC and Xpress Group International Limited - in the amount of $250,000. The Secured Note is convertible at any time into either (i) AMBS common stock at a fixed conversion price of $0.0125 per share or (ii) common shares of AVDX owned by AMBS at a conversion price of $0.16 per share. The Secured Note is secured by 5.5 million shares of AVDX common stock owned by AMBS. AMBS also entered into the First Amendment To Intercreditor And Subordination Agreement pursuant to which the new investors agreed to be junior to the existing senior investors.
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