ITOX has defaulted on a $500,000 promissory note issued in 2018 and another $50,000 note issued in 2019.
As a result of ITOX’s failure (inability?) to pay the notes (which had already been extended last year), ITOX has incurred (by the terms of the loan agreements) a 20 percent penalty. ITOX indebtedness to the holder of these two notes is now $660,000.
There are other conditions (penalties) as a result of the default. Read the filing.
ITOX’ indebtedness of $660,000 for the default on the two promissory notes is the equivalent of approximately 265,000,000 shares at today’s closing price
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