As of the report date, the Company is in default on all of its short term notes payable to shareholders and non-shareholders. Management has not formulated a repayment plan, and no contingency plan has been established in the event that the lenders seek legal remedies. However, management believes that an amicable agreement will be reached with the noteholders and, therefore, continues to carry the effected notes as short and long term based on the cureent agreement for each note.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.