Replies to post #1059 on InterCore Inc.(fka ICOR)

[mvnalmn2]

You'll have to read the 10Qs and posts for full story.

[debu801]

Here's a place to start for you in answering your questions. Put a paid promo last week of Sept. in there and you can understand a bit better why this stock is where it is. I worry about the matured convertible debt as of 9/30/12. You can decide for yourself on whether now is a good buy time or not. GLTU


15


The notes payable described above were classified as current liabilities as of June 30, 2012 and December 31, 2011.

a) Convertible note payable

On December 8, 2010, the Company issued the convertible note payable in connection with the acquisition of rights to a royalty stream related to the sales of the Myself pelvic muscle trainer

This note accrues interest at the rate of 10% per annum and such interest is payable monthly. The principal amount is due in five equal installments at the end of each quarter through June 30, 2012 and matured on that date. Principal and accrued interest is convertible into common stock at the rate of $0.167 per share at any time at the option of the holder. The Company has the option at any time to pay principal and accrued interest with common stock in lieu of cash at the rate of $0.111 per common share.

On March 31, 2011, the Company elected to pay principal of $333,333 and accrued interest of $60,821 through the issuance of 3,547,386 shares of common stock at the rate of $0.111 per share as permitted under the terms of the note.

As of June 30, 2012, the Company is not in compliance with the terms of this note due to non-payment of principle and interest. However, the note holder has not issued the Company a formal notice of default.

b) Note payable due to a related party

On various dates from December 16, 2010 through June 30, 2012, the Company entered into a series of short term notes with the Rockland Group, the Company's majority shareholder and an entity controlled by one of the Company's Directors in the aggregate principal amount of $481,297. During that period, principal and interest due for all these notes were consolidated into one note which accrues interest at the rate of 15% per annum and matures on September 30, 2012.