Yes, Pervasip clearly borrowed more money from both Asher and Factor Fund between the first $2M loan in February and the $665K one. The dates of those Promissory Notes are mentionned in the debenture contract exhibit.
1. Those certain 8% Convertible Promissory Notes issued by PERVASIP CORP. (the “ Company ”) to ASHER ENTERPRISES, INC. (“ Asher ”), on November 29, 2012 and March 12, 2013 (the “ Asher Notes ”), copies of which are attached hereto, which Asher assigned to 112359 FACTOR FUND, LLC (“ Buyer ”) pursuant to that certain Assignment Agreement by and among the Company, Asher and Buyer dated May 29, 2013 (“ Assignment Agreement ”), and in exchange for a cash payment equal to the principal, interest and redemption amounts due from the Company to Asher under the Asher Notes as of June 4, 2013, or $99,360.00, which amount was paid by Buyer to Asher on June 4, 2013, plus an additional $9,936.00 in costs and expenses; and,
2. Those certain Convertible Debentures issued by the Company to Buyer on April 16, 2013, and May 1, 2013, numbered PVSP – 59FF 003 and PVSP – 59FF 004 (the “ Buyer Notes ”), and with an aggregate balance of principal, accrued interest and fees due of $94,307.95 as of June 5, 2013.
-------------- So, Pervasip had just borrowed $2M in February, and then was borrowing more with Promissory Notes in March, April and May. Then Factor Fund bumped up the price and rolled all those promissory notes in a tidy $665K Convertible Debenture, convertible at a 40% discount of course.
As per the first CD agreement, Pervasip had to get the go-ahead from Factor Fund for any further borrowing. Obviously Factor Fund had no problem with PVSP borrowing a few $50K debentures from Asher, and then paying off the 135% penalty to Asher, a few bucks between friends, all charged to PVSP's account and recouped by selling dilutive shares.
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