Note payable to a bank in monthly installments of approximately $2,491 inclusive of interest at 39.00% per annum. $75,000 The above obligation is personally guaranteed by an officer of the Company.
$30,000 a year ($150,000) in interest payments plus a $64,000 balloon after 5 years. Borrow $75,000, pay back $214,000 (out of shareholders hip pockets)?
At least it gives investors an idea of how conventional lenders view ECOS's business prospects?
I guess they had to do something to keep the lights on during the dump?
Maybe some news will turn this around soon?
Please help save the earth. It's our only source of chocolate.
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