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Re: ssc post# 5704

Monday, 05/15/2017 7:33:26 PM

Monday, May 15, 2017 7:33:26 PM

Post# of 9558
You're living in the past, look to the future and try to get your hands on some Imagion shares..or just keep posting the same old numbing song over and over and over again.

On February 2, 2017, Imagion repaid a total of $2 million of debt to three lenders and the remaining balance of $500,000 was renegotiated and replaced with three new convertible promissory notes. The notes bear interest at 8% per annum with default interest at 10% per annum. The notes are due in February 2019 with a balloon payment of principal and accrued interest. In addition, at the close of the initial public offering (“IPO”) the note will automatically convert into shares of common stock at the conversion price equal to the price per share paid by investors in the IPO and any accrued interest will be paid in cash.

During the three months ended March 31, 2017, Imagion raised a total of approximately $4,662,000 from investors and sold a total of 64,471,412 shares of common stock. Following this sale of stock, Manhattan Scientifics owned a controlling interest of approximately 50.1% of Imagion’s issued and outstanding common stock. Beginning January 1, 2017, the Company is fully consolidating the operations of Imagion into the Company’s condensed consolidated financial statements. The loss attributed to the Company’s noncontrolling interest in Imagion is reflected as a component of non-operating income (losses). During the three months ended March 31, 2017 and 2016, the net loss attributable to its noncontrolling interest in Imagion was $471,000.