Theralink Technologies Inc (THER)

[learningcurve2020]

The new CEO lady is doin a bang up job!

>>On February 29, 2024, the Debentures became due and payable and the Company failed to pay the principal amount of the Debentures. As a result, an Event of Default occurred under Section 8(a)(i) of the Debentures. Upon the occurrence of an Event of Default, pursuant to Section 8(b) of the Debentures, the outstanding principal amount of the Debenture, plus accrued but unpaid interest, liquidated damages and other amounts owing in respect thereof through February 29, 2024, became, at the election of the holders of the Debentures, immediately due and payable in cash at a mandatory default amount of the sum of (a) 130% of the outstanding principal amount of the Debentures, plus (b) 130% of accrued and unpaid interest hereon, and (c) 130% of all other amounts, costs, expenses and liquidated damages due in respect of this Debentures. After February 29, 2024, the interest rate on the Debentures shall accrue at an interest rate equal to the lesser of 16% per annum or the maximum rate permitted under applicable law until the amounts due under the Debentures are fully paid. The current balance due under the Debentures is approximately $20.1 million.