Protagenic Therapeutics Inc (PTIX)

[DiamondFire]

Soup: I believe they have already taken care of their 2nd payment which is due tomorrow:


ATRN - 8K just out

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8359552

$5,813,500 - $1,713,500 = $4,100,000 - $615k = $3,485,000 left

very positive news, near $2.3M gone ... and NOT issuing stock

Quote:
Item 8.01 Other Events

On May 31, 2011, the Company sold to investors Secured Convertible Promissory Notes (the “Notes”) in the original aggregate principal amount of $5,813,500. As of the close of business on January 26, 2012, an aggregate principal amount of approximately $4,100,000 remained outstanding on the Notes. The Company intends to use the net cash proceeds of $615,000 received from its January 23, 2012 sale of certain short codes, domain names, trademarks and databases used in the Company’s subscription businesses to Mkono Media Corp. to further reduce its obligations under the Notes.

and:

"We are required to repay the Notes in six equal monthly installments commencing on December 31, 2011 and ending on May 31, 2012, either in cash or in shares of our common stock."

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8278910

...so Soup they had to pay about a million each month, so thet would be $2 million as of tomorrow : but they have already raised and paid off about $2.3 million - so they are good until February 28th until next payment!