Followers | 23 |
Posts | 1331 |
Boards Moderated | 1 |
Alias Born | 09/25/2018 |
Friday, August 09, 2019 9:05:57 PM
Board of Directors notes were repaid in January, 2019.
Les Goldman repaid in full during Q2.
Linda's 5+ million loan paid down to 1.4m
Cash 6.7m after Q2 total operating costs of 7.2m. Small raises in subsequent events. More to come?
Also found it interesting that Linda has deferred negotiations with herself on terms for her new warrants.
"The principal amount of the obligations related to short term convertible notes to Linda Powers were approximately $1.4 million as of June 30, 2019, which included contractual unpaid interest of $12,000. The Notes were entered into in February through April 2018 as 15-day demand notes, and were intended to be short-term bridge notes. However, the Notes remained unpaid and outstanding throughout 2018. On November 11, 2018, the Company and Ms. Powers agreed to further extend forbearance on the notes to a maturity of one year following the respective funding dates. In consideration of the continuing forbearance, the Company agreed to issue warrants representing 50% of the repayment amounts of the Notes for the loans from Ms. Powers. The warrants were anticipated to have an exercise price of $0.35 per share, and have an exercise period of 2 years. However, the Company has not yet finalized the key terms of this agreement. Therefore, the Company has not recorded the impact of this modification as of June 30, 2019."
Bet the final exercise price is well below the anticipated $0.35.
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