Progressive Care Inc (RXMD)

[stockforce]

“We have a substantial amount of debt of approximately $3.6 million, and approximately $1.9 million in principal will come due in 2022.

As of December 31, 2020, and June 30, 2021, we had cash balances of $2.1 million and $2.4 million, respectively. Over the last several years, we have been substantially dependent on funding our pharmacy acquisitions and operations through the private sale of debt securities. Of the $2.5 million as of June 30, 2021, in convertible debt, including accrued interest of $0.7 million, bearing interest at 10% per annum that we have issued and outstanding, approximately $1.8 million in principal will come due in 2022. While these debt securities are convertible into our shares of common stock at variable prices based on lowest closing trading prices prior to the conversion, there can be no assurance that the holders of such securities will agree to convert amounts due into common stock. If we are unable to meet these obligations or default on our obligations in any other way, even if we are otherwise generating positive earnings, we could lose substantially all of our business assets as well as being held liable for any deficiency in payment. The net result of such a failure would likely be the end of our business operations and a complete loss of your investment.”