they just keep paying and paying and paying for the past...only way out is to rinse this dirty pig off with a bankruptcy
They have paid all this money, but have only seen 600K come off the principle of TCA, not to mention the two subsequent PAYDAY loans they took from PowerUp and Everest Business Funding. Paying back $1,000 a day collectively..how? with what cash? At the end of the day Jack, this buds for you!
BOB YATES FOR PRESIDENT...."Lets make bankruptcy sexy again"
b) On November 6, 2015, we entered into a Credit Agreement with TCA Global Credit Master Fund, LP (“TCA”). Under the terms of the Credit Agreement, TCA committed to lend up to $3,500,000 (the “Credit Facility”) pursuant to a senior secured revolving note (the “Note”). TCA has funded to date $1,750,000, $900,000 in fiscal 2015 and $850,000 in fiscal 2017. The Credit Facility is secured by a senior secured interest in all our assets. We are charged a 12% per annum rate of interest plus a 6% per annum administration fee on the daily loan balance outstanding. The Lender has the right, in the Event of Default, to convert any outstanding amounts under the Note into restricted shares of our common stock based on 85% of the weighted value average price of our common shares over the prior 5 trading days prior to conversion. However, the Lender may not convert any portion of the Note to the extent that after giving effect to the shares which would be received on conversion, the Lender would beneficially own more than 4.99% of our common stock. In connection with the Credit Facility and subsequent loans therein, we were obligated to pay a total of $500,000 in investment banking fees to TCA. As security for the initial fee of $150,000 we issued 3,000,000 common shares to TCA. These shares were sold for total proceeds of $119,550 leaving a total balance owing of $380,450. The original maturity of the Note was November 6, 2016. TCA has verbally agreed to extend the maturity date to a future date but as of November 14, 2017 we have not reached an agreement with TCA on this extension.
c) On February 22, 2017, we sold future receipts totaling $61,098 for proceeds of $44,500 pursuant to a Revenue Based Factoring Agreement dated February 20, 2017. We are required to repay $332 per business day for 184 business days. We have repaid a total of $51,128 to September 30, 2017. The principal owing as at September 30, 2017 of $9,970 is offset by unamortized deferred interest of $2,706.
d) On September 6, 2017, we entered into a Payment Rights Purchase and Sale Agreement with Everest Business Funding and sold future receipts of $126,900 for net proceeds of $90,000. We are required to repay $846 per business day for 150 business days. We have repaid a total of $69,372 to September 30, 2017. The principal owing as at September 30, 2017 of $57,528 is offset by unamortized deferred interest of $16,728.
