It may not be too late, but the company just obtained a new credit facility where they can borrow up to $2 million. This can be increased to $4 million if the company desires. The rub is this...from the 8k:
On December 21, 2017, Long Blockchain Corp. (formerly Long Island Iced Tea Corp.) (the “Company”) announced that it was shifting its primary corporate focus towards the exploration of and investment in opportunities that leverage the benefits of blockchain technology. In connection with this announcement, the Company entered into a Loan and Option Agreement (the “Facility”) with Court Cavendish Ltd. (the “Lender”), an investor focused on expanding its technology portfolio. Pursuant to the terms of the Facility, the Lender has agreed to make available to the Company a borrowing facility of an aggregate of $2,000,000, with the option to increase this amount to $4,000,000 (the “Extension Amount”) with the consent of the Lender. The Company made an initial drawdown on the date of the Facility in the amount of $750,000 and has the ability to request an additional drawdown of $750,000 on January 18, 2018 and a further additional drawdown of $500,000 on February 15, 2018. All amounts owed under the Facility will be secured by all of the assets of the Company subject to certain security interests previously granted by the Company to another third party.
The Company paid a $100,000 facility fee to the Lender upon execution of the Facility and will be required to pay the Lender an additional fee of 5% of any amounts borrowed under the Extension Amount. The Company also issued to the Lender three-year warrants to purchase 100,000 shares of Common Stock of the Company exercisable at $3.00 per share and agreed to issue to the Lender warrants to purchase an additional 50,000 shares on the same terms for each $1,000,000 drawn on the Extension Amount.
Interest on the outstanding amount under the Facility accrues monthly at the rate of 12.5% per annum and is payable quarterly in cash or common stock of the Company, at the Company’s option, at the lower of $3.00 per share or the closing price per share on the day prior to the date the interest payment is due. All principal and any accrued but unpaid interest will be due and payable on December 21, 2018 (“Maturity Date”) and is payable, at the Lender’s option, in cash or shares of common stock of the Company at the lower of (i) $3.00 per share and (ii) the closing price per share on the Maturity Date, but in no event at a price less than $2.00 per share. The Lender also has the option, exercisable at any time prior to the Maturity Date, to have any principal and interest then outstanding converted into shares of common stock of the Company at the lower of (i) $3.00 per share and (ii) the closing price per share on the date of the conversion, but in no event at a price less than $2.00 per share.
Notwithstanding the foregoing, in no event will the Company issue to the Lender (as payment of any principal or interest owed under the Facility or upon exercise of any warrants issued thereunder) a number of shares of common stock of the Company in excess of 19.99% of the outstanding common stock of the Company on the date of the Facility.
Pursuant to the Facility, the Lender has been given the right to appoint two members to the Company’s Board of Directors, which members are to be mutually agreed upon between the Company and the Lender.
Those are piss poor terms, and what it means is the lender will be able to sell 100k shares at $3.01 each and make money. then, next month, they'll get another 50k shares, and so on. the 19.99% figure above means that the company can issue to the lender warrants for roughly 2 million shares, and it'll be at prices down to $2 per share. Tbis is gonna go south in a hurry IMO
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