Notis Global Inc. (fka NGBL)

[penknee]

Two balloon payments are due August 1st. The first one should be slightly under $3 million, and the second a little over $650,000, that’s assuming there were no late payments or penalties, it’s been a while but I believe two of these guys ended up suing Notis at one point. There were also bonuses paid to the lender if certain revenue goals were met, but we have no idea if that ever occurred, the first goal was based on $10,000,000 in revenue, very unlikely that happened.

The first loan is secured by the farm, so if they don’t pay, they’ll be foreclosed on.

From the 10Q 10/21/2016:

“In connection with EWSD’s purchase of the Acquired Property, EWSD entered into a secured promissory note (the “Note”) with Southwest in the principal amount of $3,670,000 (Note 8). Interest on the outstanding principal balance of the Note shall accrue at the rate of five percent per annum. The Note shall be payable by EWSD in thirty-five payments of principal and interest, which shall be calculated based upon an amortization period of thirty years, commencing on September 1, 2015 and continuing thereafter on the first day of each calendar month through and including July 1, 2018; and one final balloon payment of all unpaid principal and accrued but unpaid interest on August 1, 2018. The Note is secured by a deed of trust, security agreement, assignment of rents and financing statement encumbering the Acquired Property.

 
EWSD also entered into an unsecured promissory note (the “Unsecured Note”) in the principal amount of $830,000 with the Seller (Note 8), in respect of payments previously made by Seller to Southwest in connection with acquiring the Farm. Interest on the outstanding principal balance of the Unsecured Note shall accrue at the rate of six percent per annum. The Unsecured Note shall be payable by EWSD in thirty-five payments of principal and interest, which shall be calculated based upon an amortization period of thirty years, commencing on September 1, 2015 and continuing thereafter on the first day of each calendar month through and including July 1, 2018; and one final balloon payment of all unpaid principal and accrued but unpaid interest on August 1, 2018.”

https://www.sec.gov/Archives/edgar/data/1547996/000161577416007714/s104312_10q.htm