On August 15, 2022, the Company sold future receivables with a non-related party for $57,600, of which $17,600 was loan fees and original issue discount resulting in cash proceeds to the Company of $40,000. The advance is to be repaid through weekly payments of $2,215. In connection with the advance, the Company granted the lender a security interest and all past, present and future assets of the Company.
So PCT paid $17,600 to borrow $57,600. Thats already 30% paid in fees and oid
How bad of a mess does a company have to be to take on capital at 30%??? Then pay it right back $2,215/week!! Can only imagine the penalty if they miss a payment
This is just one of the instruments PCT has on their books
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