Tauriga Sciences Inc (fka TAUG)

[loanranger]

This is unbelievable, if true.
"On December 18, 2019, the Company entered into a one year 8% $100,000 Convertible Note with Odyssey Capital, LLC (“Odyssey”) pursuant to the terms of a Securities Purchase Agreement (the “Odyssey Note”). The Odyssey Note has a maturity date of December 18, 2020 and carried a $5,000 original issue discount (such that $95,000 was funded to the Company at closing)."

"During the first 180 calendar days that the Odyssey Note is in effect, the Company may redeem the Odyssey Note by paying to Odyssey an amount as follows: (i) if the redemption is within the first 60 days of the issuance date, then for an amount equal to 125% of the unpaid principal amount of this Odyssey Note along with any interest that has accrued during that period, (ii) if the redemption is after the 61st day, but by the 120th day of the issuance date, then for an amount equal to 135% of the unpaid principal amount of this Odyssey Note along with any accrued interest, and (iii) if the redemption is after the 120th day, but less than the 180th day of the issuance date, then for an amount equal to 140% of the unpaid principal amount of this Note along with any accrued interest.
The Company may not redeem the Odyssey Note after the 180th day from entering into it."


Yesterday's press release says this:
"The Company repaid this Note by tendering a one-time cash payment to Odyssey. This cash payment aggregated the Note’s Principal Amount, OID, Accrued Interest, and Pre-Payment Premium(s)."
The PR does not provide the exact amount of the cash payment but the original principal amount of the note was $100,000. 140% of the principal amount ($140,000) and 8% interest for 6 months ($4,000) would be a total due of $144,000.


Did Seth Shaw really pay Odyssey Capital, LLC $144,000 in cash for the use of Odyssey's $95,000 for 6 months? That's what it looks like to me.

Don't you find that to be more than a little crazy? Why would anyone do that?