Verus International Inc (VRUS)

[snozzberry]

This is to answer Tooltimegrunt and everyone else, as well. TTG, you asked yesterday what would be the consequences of a late filing and I responded that I would have to do me research last night, but I had read about consequences, so here is what I found.

This is a good place to start, but if you'll look at post 136662, there is a link to the terms of the financing deal from January. According to paragraph (m), if there is a late filing without a "cure" which is 5 days from yesterdays deadline, then the investor can execute pretty much any recovery or remedy outlined in the terms.

There are a number of things that the investor could do, and none of them will be good. The investor, whomever it is, could in writing, make an exception to the terms, but I don't know that any of the shareholders would know this without a copy of the written exception being posted as a tweet or some other form of public forum.

So in short, our team has until some time Tuesday before the loan from January is in default. If that were to happen, the shite would potentially hit the fan in a manner that we shareholder at VRUS have never seen.