InvestorsHub Logo
Followers 158
Posts 10549
Boards Moderated 2
Alias Born 10/14/2001

Re: None

Friday, 05/24/2019 7:54:49 PM

Friday, May 24, 2019 7:54:49 PM

Post# of 114794
>>>) Oriel Rechtman, the CEO of the Company, has loaned funds to the Company. These loans are as follows:

1/. $250,000 for the purchase of California Recycles, Inc. The amount outstanding as of December 31, 2018 is $101,169. Interest of prime plus 2% per annum will be charged annually. Minimum monthly payments of $8980.10 include interest.

2/. $50,000 to acquire the customers of Evolve, a company that was in the cloud computing business in June 2018. This loan is a short-term loan that will be repaid when the Company has the funds to do so. Interest of 5% per annum will be charged commencing on July 1, 2018. The balance due on this loan is $8,485 as of December 31, 2018.

3/. $30,000 to acquire a new truck for the business. This loan is another short-term loan that will be repaid when the Company has the funds to do so. Interest of 5% per annum will be charged commencing on October 1, 2018. This loan has been fully repaid

4/. In September 2018 Oriel Rechtman loaned the Company $270,781. This amount was used to repay the outstanding SBA loan. This new loan will be repaid over a 48 month period including interest at 7.5% per annum. The monthly payments are $6,643.64 commencing on November 1, 2018. As of December 31, 2018 the amount outstanding is $254,281

5/. In April 2019 the company contracted to purchase new computer equipment for its new cloud storage facility. This equipment will be purchased with cash of $10,000 and financing of $35,000 provided by Mr. Rechtman for a short term repayment.
Join InvestorsHub

Join the InvestorsHub Community

Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.