Look at this - they musst pay :
I think this are big News - the Credit is online
Here's the good news, conformation of the line of credit in the 10Q!
"NOTE 8 - COMMITMENTS AND CONTINGENCIES
Line of Credit
In April 2010, the Company secured a $10,000,000 line of credit (the “Line of Credit”) to facilitate its business model. The Company will be able to draw down on the line of credit after a form S-1 Registration Statement is filed and becomes effective.
During the six months ended April 30, 2011, the Company issued stock with a fair market value of $147,500 to partially satisfy its commitment fee obligation of $150,000 in connection with the Line of Credit. The agreement does not allow the provider of the Line of Credit to hold more than 9.9% of the company’s common stock outstanding at anytime. "
I do not know much at all about financing, but only having to pay 1.5% interest on a $10 million dollar line of credit seems great to me. Plus, the provider of the line is allowing them to issue COMMON STOCK to collaterize the loan! Someone believes in this company. They were drowing in debt from everything they have been doing and were overextending themselves, but to me this line of credit changes the game.
AI
