Yep! $906,000 including accrued interest at 8%. There even screwing themselves with that rate!
In March 2018, the Company executed a Promissory Note with Delfin, which was amended and restated in May 2018 to $150,000, in November 2018 to $350,000, in June 2019 to $465,000, in November 2019 to $554,100, in August 2020 to $600,000, in February 2021 to $637,500, in June 2021 to $675,000, in October 2021 to $705,000, in January 2022 to $750,000 and then again in April 2022 to increase the principal amount to up to $791,000 to pay certain accrued expenses, accounts payable and to allow the Company to have working capital. Interest accrues on the unpaid principal balance at a rate of 8% per annum, calculated on a 365/66 day year, as applicable. The Promissory Note is due upon demand. It may be prepaid in whole or in any part at any time prior to demand.
Management anticipates continued funding from Delfin over the next twelve months as it determines the direction of the Company.
Funny how we always look at this section below. It has nothing to do with the bottle nose itself. Signing of offtakes or onshore construction would not appear here with $TGLO to state the obvious.
The Company’s management evaluated subsequent events through the time of the filing of this report on Form 10-Q. The Company’s management is not aware of any significant events that occurred subsequent to the balance sheet date but prior to the filing of this report that would have a material impact on its financial statements.
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