Coda Octopus Group Inc (CODA)

[multivalue]

As reported in https://www.otciq.com/otciq/ajax/showFinancialReportById.pdf?id=98770

Page 61

On February 21, 2008 the Company issued a convertible secured
debenture with a face value of $12M (“Secured Debenture”). The
Secured Debenture matures on February 21, 2015 at 130% of its
face value. The Secured Debenture attracts interest of 8.5%, a
minimum of $250,000 due before November 1 each year (as
amended) starting in 2012. During the term the Secured
Debenture is convertible into shares of our common stock, at the
option of the Debenture holder, at a conversion price of $1.05. We
may also force the conversion of these Notes into our common
stock after two years in the event that we obtain a listing on a
national exchange and our stock price closes on 40 consecutive
trading days at or above $2.50 between the second and third
anniversaries of this agreement; $2.90 between the third and
fourth anniversaries of this agreement; and $3.50 after the fourth
anniversary of this agreement or where the daily volume weighted
average price of our stock as quoted on OTCBB or any other US
National Exchange on which our securities are then listed has, for
at least 40 consecutive trading days closed at the agreed price.
Balance includes principal, accrued interest and accrued terminal
conversion balance. $ 15,110,786
The Company has a 7 year unsecured loan note for £100,000 due
April 30, 2014; interest rate of 12% annually; repayable at maturity
or convertible into common stock at $1.00 per share if the share
price reaches $3. 161,052
Total loans and notes payable
Less: current portion
15,271,838
(250,000)
Total Long-Term Loans and Notes Payable $ 15,021,838
Principal maturities as of October 31, 2012 are as follows:
Years Ending October 31,
2013 $ 250,000
2014 411,052
2015 14,610,786
Thereafter -
Totals $ 15,271,838