Red, thanks for that info. It's actually very helpful to see this summarized. I was getting lost in reading the 10K which is 80 pages of small type, not including exhibits, lol. I don't know that I've EVER read a 10K in such excruciating detail.
The part I find particularly interesting is that only the 1/17 note has a maturity date, The other 2 are based are based upon notice from Visser. What does that mean to me? Well, to me, it means Visser wants to give them time to pay and isn't holding them to a fixed date because he is feeling pretty comfortable right now. No, I'm not being a pumper. In fact, Visser may even be wrong, but I don't think it's easy to be wrong when your stake is as large as his is and he's essentially on the inside. Final query, what were the terms of the 3/28/12 note that was for 350k? Anyone have that detail?
I re-read Note 20:
20. Subsequent Event
On January 17, 2012, February 27, 2012 and March 28, 2012, the Company issued an 8% unsecured, bridge promissory note to Visser Precision Cast, LLC (“Visser”) due upon demand in the amount of $200, $200 and $350, respectively. The promissory notes totaling $750 remain outstanding as of the filing date of this report.
I wonder if the terms of the 1/17 note were changed to a demand note, because that's what it seems to state
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