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Replies to post #68055 on Intellicell Biosciences Inc (fka SVFC)
05/22/14 11:24 AM
2) Part of our debt held by promissory note holders has been assumed by Redwood Management, LLC.
Steven Victor Convertible Promissory Note
On October 1, 2013, the Company issued a $1,000,000 convertible promissory note to Steven Victor to memorialize $585,794 of accrued salary and $414,206 of personal loans due to Steven Victor. The convertible promissory note is payable on demand and bears an annual 12% simple interest rate. The convertible promissory note is convertible into shares of the Company’s common stock, par value, $0.001 per share (the “Common Stock”) at a price equal to the average five trading day closing bid price during the five days immediately prior to the conversion date multiplied by two.
On October 11, 2013, the Company was advised that the convertible promissory note was assigned to Redwood Management, LLC.
Anna Rhodes Convertible Promissory Note
On October 1, 2013, the Company issued a $389,711 convertible promissory note to Anna Rhodes to memorialize $229,464 of accrued salary and $160,247 of personal loans due to Anna Rhodes. The convertible promissory note is payable on demand and bears an annual 12% simple interest rate. The convertible promissory note is convertible into shares of the Company’s common stock, par value, $0.001 per share (the “Common Stock”) at a price equal to the average five trading day closing bid price during the five days immediately prior to the conversion date multiplied by two.
On October 11, 2013, the Company was advised that the convertible promissory note was assigned to Redwood Management, LLC.
1) Holders of some of our promissory notes which are now in default could, if they were to successfully enforce those notes in a law suit, levy on our assets and have them sold to satisfy our obligations on the notes.
2) Part of our debt held by promissory note holders has been assumed by Redwood Management, LLC. However, our bridge notes and our convertible promissory notes held by some of our promissory note holders are in default, and we are not in a position to repay them. We intend to use the proceeds of a future offering to pay off such notes. Holders of those notes could if they choose to sue on those notes, and if they were successful in their lawsuits they could levy on our assets and have those assets sold to satisfy the amounts we owe them.
