HITC no longer has any Converts, the last Convert was bought out and has 10% coupon. As of now there are no more converts...
On June 12, 2023, we issued a Promissory Note to Platinum Equity Advisors, LLC, a related party (the “Platinum Note”), in the principal amount of $372,069. The Platinum Note is unsecured and bears interest at 10% per annum. The principal amount of the note plus accrued interest of $18,604 is due in a single lump sum payment on December 12, 2023. We incurred no issuance cost on the transaction and the proceeds were used to retire our obligations under the AJB Note 2 (See “Note 8 - Notes Payable, Net”). At July 31, 2023, the principal balance of the Platinum Note remained $372,069 and accrued but unpaid interest was $5,064. The accrued interest is included in Accounts payable and accrued expenses, related party on our consolidated balance sheets. The amounts and terms of the related party transactions may not necessarily be indicative of the amounts and terms that would have been incurred had comparable transactions been entered into with independent third parties.
On June 12, 2023, we retired the AJB Note 2 in full with proceeds received from the issuance of a new promissory note to a related party (See “Note 7 - Notes Payable, Related Party”).
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