The loan proceeds also resolved all pending creditor litigations and various short-term loan obligations were paid.
Use of Proceeds:
I) $1,021,257.49 in working capital (working capital can be only used for day to day operations expenses only).
a. $630,000 of the working capital portion will be in reserve for 12 months
b. $268,107 was used for closing cost items
II) $3,971,892.30 was used to refinance current debt, along with adding additional collateral for the new lender
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