It has been asserted that the note due on the 28th day of February this year is a 2.6 million dollar debt owed by TPTW to some line of credit,perhaps. I was referred by a poster on this board to reference a Note 7 in the most recent 10-Q.
NOTE 7 SAYS nothing of the kind.
NOTE 5,however, makes a specific reference to item 1 in a list of liabilities in the same document. It relates only to a $40,000 loan made to the company by third-party individuals who became TPTW shareholders by acquisition by TPTW of their company. This loan was a secured loan, not a convertible promissory note.it is this loan that is to be paid by Friday, if it has not already been paid.
The only figure of 2.6 million dollars is a fair value estimate of derivative liabilities near note 7. This estimate is also not related in any way to a convertible note.
So sayeth one Spock....no scanner needed.
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