Sequiam Biometrics (fka SQUM)

[analystslie]

Dramatic Reduction in Interest Expense!


During 2007 we recognized a loss on extinguishment of debt of $1,364,216 that resulted from a modification of an interest rate included in our loan agreement with Biometrics Investors, LLC., our primary lender.



Interest Expense

Interest expense was $311,870 in 2007 and $846,927 in 2006, a decrease of $535,057 or 63%. The decrease was due to a decrease in the non-cash charge that resulted from the accretion of the debt discount related to the fair value of warrants for common stock issued in connection with the various loan agreements and mandatorily redeemable cumulative convertible preferred stock.