"If the Registrant sells any equity securities following the issuance of the Note, the Registrant must use at least 7% of the net cash proceeds received by the Registrant for the sale of equity securities to make payments under the Note.
In connection with the Note, the Registrant granted the Lewis Group a security interest, which is subordinate to the security interest of another entity, in 104 devices manufactured by the Registrant."
Evidently Lewis et al isn't expecting CTTC to sell any devices since they aren't asking for 7% of the sales proceeds!
What's funny is the part about "manufactured by the Registrant." Well, since the registrant doesn't "manufacture" the "devices," I suppose one could argue that makes the "security interest" absolutely worthless.
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