AppTech Payments Corp (APCX)

[Thirsty Tiger]

Hate to admit it but....

by: ballyhooo
15 Dec 2004, 10:48 AM EST
Msg. 410 of 421
(This msg. is a reply to 408 by michele_corleone.)
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thirsty_tigers figures are a little off! Read the filings for yourself! The $500k note only has $75k balance!

On February 20, 2004, the Company executed a promissory note with Cornell in the face amount of $500,000. The note reflected an interest rate of 12%. There were debt issue costs related to this promissory note of $50,746, which were capitalized as a debt issue cost asset on the balance sheet. The debt issue cost is being amortized over the life of the debt which had a 171 day term. The note is currently in default. The default rate of interest is 24%, however, the lender has waived this provision and retained an interest rate of 12% on the outstanding principal balance. The debt issue costs were fully amortized as of September 26, 2004. Debt issue cost expense for the three and nine months ended September 26, 2004 were $12,761 and $50,746, respectively. *The remaining balance at September 26, 2004 was $75,000*. $425,000 of the promissory note has been repaid through an escrow agent holding with 4,461,795 shares of common stock under the terms of the Equity Line of Credit.



My answer: I was wrong.