So Trava, is getting a 49% stake in the net cash each month, I guess that would be sales minus cost of goods sold? Trava will cover the mortgage of $19070 per month. The balloon payment payable by Notis on August 1 2018 will equal $2,980,255. That's for the loan secured by the farm, there's another unsecured loan with similar terms for $830,000, I'm not sure if that's part of this deal. Either way Notis needs to find someone to loan them nearly $3 million next year.
"The MS Agreement has a 36-month term with two consecutive 12-month unilateral options exercisable in the sole discretion of Trava. Pursuant to the provisions of the MS Agreement, Trava shall collect all revenue generated by the Pueblo Farm operations. Further, Trava is to satisfy all of our Pueblo Farm-related past due expenses and, subject to certain limitations, to pay all current and future operational expenses of the Pueblo Farm operations. Finally, commencing October 2017, Trava is obligated to make the monthly mortgage payments on the Pueblo Farm, although we remain responsible for any and all “balloon payments” due under the mortgage. On a cumulative calendar monthly cash-on-cash basis, Trava is obligated to tender to us or, at our option, to either or both of our subsidiaries, an amount equivalent to 51% of the net cash for each such calendar month. Such monthly payments are on the 10th calendar day following the end of a calendar month for which such tender is required."
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