Yes He GONE! Nice deal by Steve and company. Well done! :-)
According to the Purchase Agreement (See Below)...
It looks like Bulova Technologies Group will BE paying the owners of Big Red Transport a total of $1,232,000 for the purchase... $504,000 ($6,000 per month for 83 months) plus $728,000.
Of which... 2.1 A closing amount of $504,000 principle payment without interest was agree upon in the form of a promissory note (cash deal, not convertible debt) providing for a cash payment to the Sellers of $6,000 per month for 83 months beginning on August 1, 2017.
And... 2.2 A payoff and discharge of a debt by the Sellers to Wells Fargo N.A. in the amount of $728,000.
So I am assuming the $6,000 per month payment will probably come out of the company's monthly cash flow operating expenses, and the payoff of the $728,000 prior owner's debt to Wells Fargo is the part that will be financed by People's Bank.
$1,232,000 purchase price for a business that will BE generating $12,000,000 in annual revenues is a really great deal! :-)
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