It's $1.7 million in cash owed per the "agreements" Schadel claims to have made with all of the late note holders. He said back in November that he had 12 months to pay off the agreements in order to prevent conversions. Mind you, the notes were already late and as of now he has paid off maybe a total of $150,000....maybe.
Every note that is not paid off in cash after 12 months reverts back to the original agreements and I'm sure that will include accrued interest and fees with merciless conversions at 60% market value.
Mind you, these are SEVERELY LATE notes- not "renegotiated".
In addition to the cash agreements, Schadel also owes $15,000 per month for $1 million in late 2013 payroll taxes, over $30,000 per month (in daily payments) for a loan he got in Q3 that I believe matures in April, plus whatever he must pay to cover an additional $1 million in payroll taxes payable that has accrued since 2013.
All with a sharp reduction in the number of branches and revenue that is collapsing.
Yeah...
And as for that 6 branch sale everyone keeps going on about- it's not going to happen. TSGL has to have a succesful IPO first in order to raise the funds and before that even happens the shell company is doing a 1:50 reverse split. Smoke and mirrors.
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