PCT Ltd (PCTL)

[dade]

@PCTL_ Ponzi Scheme barely keeping the lights on

On October 4, 2022, the Company entered into a convertible promissory note with a non-related party for $50,000. The note is due on October 4, 2024 and bears interest on the unpaid principal balance at a rate of 7% per annum. The Note may be converted by the Lender at any time after 180 days of the date of issuance into shares of Company's common stock at a conversion price equal to $0.05 per share.

On November 7, 2022, the Company entered into a promissory note with a non-related party for $250,000. The note is due on January 30, 2023 and bears interest on the unpaid principal balance at a rate of 8% per annum. The Note is repayable by four bi-monthly payments of $67,500 on the 15th and 30th of every month beginning on December 15, 2022. The Note is secured by 75,000,000 shares of restricted common stock, which will not be issued until ten days after the due date of the loan has passed and payment has not been received by the lender. If the Company fails to make a payment due within ten days after the due date, a late payment fee of 10% of the principal amount due or $25,000 is applicable.