Cyclo Therapeutics Inc (CYTH)

[dark knight]

Additional details.

We owed $571,227 and $412,952, at December 31, 2013 and 2012, respectively, on a mortgage note payable, collateralized by land and a
building we acquired in September 2010. We refinanced our mortgage in July 2013. Monthly payments of $3,506, including principal and
interest at 3.99%, are due, with a final balloon payment of approximately $350,000 due in July 2023. The note is secured by a mortgage on our
Alachua property. The note has a prepayment penalty that starts at 5% within the first year and decreases 1% annually thereafter. There is no
prepayment penalty if the loan is repaid with cash on hand. The loan has a covenant requiring our ratio of EBITDA to interest expense and prior
period current maturities of long-term debt to not be less than 1.3.
We owed $280,548 and $300,716 at December 31, 2013 and 2012, respectively, under an equipment loan related to the installation of the pulse
dryer and related building renovations. We refinanced our equipment note in July 2013, in conjunction with our mortgage refinancing. Monthly
payments of $4,051, including principal and interest at 3.99%, are due beginning August 2013 through and including July 2020. The note is
collateralized by all of our equipment. The mortgage on our High Springs property was released in connection with the refinancing. There is a
prepayment penalty of 2% of the outstanding balance if we refinance the loan with another financial institution within five years. There is no
prepayment penalty if the loan is repaid with cash on hand.