4 each ) 8% senior convertible promissory notes in aggregate amount of $1,342,391.17 due twelve months from the date of the Convertible Notes’ issuance.
On October 24, 2014, the Company made a prepayment (the “Prepayment”) to Magna to be applied against the Convertible Notes.
[a total of $75,000] go to the bottom of this post to see the out come.
Additionally, the Agreement provides for the issuance of a new 8% senior convertible promissory note was by the Company to Magna for a purchase price of $38,870.69
in the event that the Trading Price of the Company’s common stock falls below $0.01, the number of shares of Common Stock issuable upon the conversion of the portion of this Note with respect to which the determination of this proviso is being made, would result in beneficial ownership by the Holder and its affiliates of more than 9.99% of the outstanding shares of Common Stock.
For purposes of the proviso to the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Regulations 13D-G thereunder, except as otherwise provided in clause (1) of such proviso, the number of shares of Common Stock to be issued upon each conversion of this Note shall be determined by dividing the Conversion Amount (as defined below) by the applicable Conversion Price then in effect on the date specified in the notice of conversion, in the form attached hereto as Exhibit A (the “Notice of Conversion”), delivered to the Borrower by the Holder in accordance with Section 1.4 below; provided that the Notice of Conversion is submitted by facsimile (or by other means resulting in, or reasonably expected to result in, notice)
Conversion Price. Calculation of Conversion Price. The conversion price in effect on any Conversion Date shall be equal to a 30% discount from the lowest trading price in the five (5) Trading Days prior to conversion, subject to adjustment herein (the “Conversion Price”).
The Borrower is required at all times to have authorized and reserved 30,000,000 Common Shares (the “Reserved Amount”) for such full conversion of the Note
Note may be converted by the Holder in whole or in part beginning one hundred and eighty (180) days from the Issue Date
Note which is not paid when due shall bear interest at the rate of twenty one percent (21%) simple interest per annum from the due date thereof until the same is paid (“Default Interest”). Interest shall commence accruing on the Issue Date, shall be computed on the basis of a 365-day year
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Yes hide in plain sight.
What I see, Dror paid $75K less $17K for interest and penalization
75K - 17K = $58K and minis the new note of $38K = $20K paid on the balance owing.
It look like Dror borrowed another $38K so he could pay the Interest on the old notes.
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