I don't think the need for some bridge financing itself is so much the issue. It is certainly not unusual.
What is unusual is the terms of the financing he signed up for. That $1.35 million is VERY EXPENSIVE money that would put a Payday Lender to shame.
Why could he not do better?...did ANY other higher quality source see too much risk in lending nFusz money?
Its is hard fathom that on one hand he has to go and essentially borrow money at an effective annual cost of 114%...yet in the same breath is still confident he can reach agreement with AGP on an underwritten offering?
Perhaps he will address that question...
And while it is interesting that he is holding up the S-1/A to disclose the audited financials of Sound Concepts (and that isn't a bad thing from a disclosure perspective), he doesn't have to. He would have 75 days from the close of the transaction to file the audited fins for SC along with the proforma financials. Perhaps it is a delay he is using to deal with other issues.
But most importantly, if he is in the mood to give updates, he needs to address the elephant in the room...
...how does he expect the share price to get to $4 to allow the uplisting to occur??
Unless he is willing to address that question directly, he can talk all day and night about "uplisting"...but it isn't going to happen.