Correct, I am just speculating. No way in knowing what they needed this new note for. However, if they had the 3.7 million already at hand, would they really need to take out another note? In terms of accounts receivable, it takes 30 - 90 days to get paid after selling a product in a B2B sense, it could be that they need the money from the note just temporarily... Perhaps it's even to pay off the note that will mature on March 16th. Whatever the case, they need 100K, and it tells me that they aren't profitable just yet.
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