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Message: Bridge Loan Window Closed and now we have more dilution
This was posted by Elis on the other board regarding the bridge: Under the terms of the agreement $150K was delivered at closing---the lender had discretion to fund the next $150K---beyond that the remaining $200K was by mutual agreement: http://www.sec.gov/Archives/edgar/data/1172178/000108503713000113/ex10-1.htm Quote: The Principal Sum is $555,000 (five hundred fifty five thousand) plus accrued and unpaid interest and any other fees. The Consideration is $500,000 (five hundred thousand) payable by wire (there exists a $55,000 original issue discount (the “OID”)). The Lender shall pay $150,000 of Consideration upon closing of this Note. The Lender may pay additional Consideration to the Borrower in such amounts and at such dates as Lender may choose in its sole discretion, up to an additional $150,000 above the initial $150,000. Thereafter, the Lender may pay additional Consideration to the Borrower only by mutual agreement up to a total Consideration of $500,000. that said the company filed a Form D for the whole enchilada so my guess is they tapped it all: http://www.sec.gov/Archives/edgar/data/1172178/000108503713000127/xslFormDX01/primary_doc.xml and the window for interest free repayment has come and gone at least on the 1st consideration--most likely on the entire package...
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