Posted On: 08/14/2014 5:01:53 PM
Post# of 43066
Item 5. Other Information
4kids
Quote:
On August 13, 2014, the Company issued an unsecured promissory note in favor of Richard Heddle, the Company’s President, Chief Executive Officer and Chairman of the Company’s board of directors to memorialize various loans by Mr. Heddle to the Company in June and August 2014 totaling $203,000. The proceeds of these loans were used for working capital purposes. The promissory note bears interest at the rate of 4% per annum. All principal and interest on the promissory note is due and payable in full by the Company on demand. The foregoing summary of the promissory note does not purport to be complete and is qualified in its entirety by reference to the actual promissory note, a copy of which is attached to this Quarterly Report as Exhibit 10.1.
4kids
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