TheDirectory.com Inc (SEEK)

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According to SEC 2015 filings 287,500 dollars debt left because of hello branded city guide acquisition:

Note 9 - Asset Acquisition and Financial Reporting



On October 1, 2013, the Company agreed to acquire selected assets from two privately held companies; Let’s See What Sticks, LLC a Kentucky Corporation and CMS Domains, LLC a Nevada Corporation for a total purchase price of $2,150,000. The Company also closed a $5 million credit facility with an institutional investor whereby the Company raised a total of $1.3 million to be used to close the asset purchase. The Company paid the seller $1 million at closing. The seller issued to the Company a promissory note in the amount of $1,150,000 payable over 24 month from the closing date. The Company agreed to make monthly payments in the amount of $45,000 for the first 12 months post-closing then an additional 12 monthly payments of $30,000 beginning on November 1, 2014. Additionally, the Company agreed to make a balloon payment in the amount of $250,000 prior to October 1, 2014. As of the period ended May 31, 2015, the Company owed Let’s See What sticks and CMS Domains, LLC a total of $287,500 of the $1,150,000 promissory note.


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