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Monday, August 04, 2008 7:26:03 PM
Since NEOM is on the hook for the entire amount but we only get that 'entire amount' less the fees which have been subtracted and YA keeps .... it would seem that this is what they're charging ... well ... US.
We/NEOM have to pay that back somehow , either in cash (plus a 10% premium) or by "us" buying a whole boatload more shares from Yorkville.
What does anyone think about the below?
"Within 90 days of the date hereof the Company and the Buyer shall work towards preparing an agreed upon reduced Budget that will fully fund the Company through December 31, 2009."
So, NEOM is going to get from Yorkville $8,650,000 minus the $750,000 in fees , leaving $7,900,000.
And YA wants NEOM to figure out how to make that last from basically 'now' until the end of 2009 , or 17 months.
Call it 16 months by assuming NEOM had enough money in the bank to get through August before this loan , but who knows.
So , that's $493,750 per month to run the whole show , pay YA whatever we're supposed to pay YA , pay all salaries (for how many people?) , pay the lease , utilities , benefits , everything ... and grow the business. Shoot , Iain gets 10% of that.
What has our burn rate been?
Is this $494K/mo higher or lower than our burn rate has been? Sounds lower. Personalizit posted after the 1Q08 10-Q came out and said "Our burn rate is 565,000 per month".
I hope it's enough to "accelerate implementation of NeoMedia's aggressive go-to-market plans" per the PR.
jonesie
Yorkville / Cornell Tracking Board #board-9964
"I can think of no more valuable commodity than information"
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