Third Bench Inc (THBD)

[tigerpac]

The company defaulted on a couple of notes that put them in a deeper hole.

NOTE 13 – DEFAULT PROVISION ON CONVERTIBLE NOTES
The notes issued in July and September 2021 have step-up provisions which allow for the notes and accrued interest to be stepped up by 50% once these notes are in default. This occurred in the current period and as such, the face value of these notes and accrued interest was increased by approximately $460,000 and $100,000, respectively.