Monday, February 15, 2021 9:31:47 PM
I am researching whether the convertible Debenture becomes null and void once the lien is paid off. Seeing as how the name was transferred back to them, see patents that I posted for you and your buddy idiotspenny, they might no longer be under a lien. Too busy right now to finish researching, maybe you can look into it, if you don't care to, maybe someone else can.
Here is your Convertible D I heard you speak of...
The Company issued a convertible Debenture to the University (see Note 1) in exchange for the Patents assigned to the Company, in the amount of Canadian $1,500,000, or US $1,491,923 on December 16, 2010, the date of the Debenture. On April 24, 2017 the Company issued a replacement secured term Debenture in the same C$1,500,000 amount as the original Debenture. The interest rate is the Bank of Canada Prime overnight rate plus 1% per annum. The Debenture has an initial required payment of Canadian $42,000 due on April 24, 2018 for reimbursement to the University of its research and development costs. Interest-only maintenance payments are due annually starting after April 24, 2018. Payment of the principal begins on the earlier of (a) three years following two consecutive quarters of positive earnings before interest, taxes, depreciation and amortization, (b) six years from April 24, 2017, or (c) in the event the Company fails to raise defined capital amounts or secure defined contract amounts by April 24 in the years 2018, 2019, and 2020. The Company has raised funds in excess of the amount required by April 24, 2018 . The principal repayment amounts will be due quarterly over a six year period in the amount of Canadian Dollars $62,500. The Debenture is secured by the Patents assigned by the University to the Company by an Assignment Agreement on December 16, 2010. The Company has pledged the Patents, and granted a lien on them pursuant to an Escrow Agreement dated April 24, 2017, between the Company and the University.
DarkPulse Technologies Inc.
Consolidated Financial Statements
For the Years Ended December 31, 2017 and 2016
The above information is from Note 3. This is courtesy of their CPA's audit... Read for yourself...
[url][/url][tag]https://www.sec.gov/Archives/edgar/data/866439/000168316818003493/darkpulse_8ka1-ex9902.htm
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