Thank you. I see they have a note in 2014 for $1,850,000 in which this is a majority of their debt. It appears with this acquisition they can now get a grip on their debt and light at the end of the tunnel.
Total Note Payable $2,033,283 $1,984,000
Promissory Note in the principal amount of $ 1,850,000 pursuant to the terms
of a securities purchase agreement dated of even date therewith.
The security derives from an original promissory note dated June 2, 2014.
The note accrues interest at the annual rate of eight percent ( 8%).
The balance of the note at December 31, 2016 is $ 1,984,000, Interest expense accrued in 2016 was $ 152,303.
Do you have any idea what the plans are for this debt? Can they convert it to common shares? My hope is they pay it off and no new dilution other than other convertible notes.
Despite this I am very optimistic about the future and laws currently enacted and those proposed in this emerging economy that will generate 10's of thousands of good paying jobs.
