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Tuesday, November 17, 2020 8:47:33 AM
PCTL got.
$31.5K Note retired, which would've converted into "X" amount of shares anyway.
Issued 31.5M shares immediately.
Received $400K Note + (later) $300K Note; both on quasi-traditional terms.
RB Capital got.
Paid to buy $31.5K Note from 3rd Party.
Received 31.5M shares @ cash equivalent of $787,500 ($0.025 per share).
Lent $400K Note + $300K Note later; both on traditional terms.
Cash poor companies don't get sweetheart deals but, relatively speaking, this wasn't a horrible one.
For reference, Note 5(i), they paid ~3x the amount owed with a 60/40 mix of equity and cash. This Note PCTL paid no cash, paid all equity, and received a traditional loan.
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