Bantek Inc (BANT)

[Drugdoctor]

Here's the NEW PAYMENT SCHEDULE... there-will-be-NO-CONVERSION-to-shares if these payments are made!

So the company starts with $65,000/month payments and they increase gradually over a 2 year period, then a balloon payment is due for the balance...

So for the next year, the company only needs to pay about 1.1 million dollars on this note!

This gives the company 2 years to grow the company, with reasonable payments, then they would probably refinance all or part of the balloon payment...

Here is the stated reason for the refinancing...

As previously disclosed in the Company’s 10-K for the period ending September 30, 2017, in April 13, 2017, the Company received a default notice from TCA and was given a 10-day period to cure the default. The note became convertible and the interest rate increased to 25% (default rate) upon expiration of the default cure period, as the default was not cured. From March 2017 through October 2018, the Company did not make the required monthly contracted payments. We have been in discussions with TCA and TCA agreed informally to work with us to achieve our business plan as long as we are continuing to make progress in that regard.