Next few weeks could be rough for TRTC shareholders IMHO Best of Luck
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"12% Senior Convertible Promissory Note Due August 22, 2018
This 12% Senior Convertible Promissory Note due on August 22, 2018 in the principal amount of $3,000,000 "
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On August 12, 2016, the Company issued a demand promissory note in favor of Dominion Capital LLC ("Dominion") in the amount of $1,000,000. The principal and interest under the demand note is due and payable on demand, but in no case later than August 12, 2018.
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Issuances of Warrants:
On August 12, 2016, the Company issued warrants in favor of Dominion to acquire up to 500,000 shares common stock at $0.44 per share. The warrants have a four-year term. Dominion has the right to cashless exercise of the warrants if at the time of exercise there is no effective registration statement for the underlying common stock. The warrants were issued as consideration for the Company's default of a $500,000 note dated December 14, 2015. The default was as a result of the Company not having sufficient shares of common stock to issue to Dominion upon its conversion of the note.
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