I stumbled across an old IHUB post that shows a fi

I stumbled across an old IHUB post that shows a financing done by another company with a similar $ amount. In this case the loan was for $42,500 and they paid it off in cash just before the 6 month deadline. With prepayment penalties and interest it took $75,846,78 to pay it off in cash before the conversions started. To me even though they say part of it penalties it sure looks like it would be beyond the usuary laws.

cadillac48 Sunday, 09/01/13 09:06:29 AM
Re: None
Post # of 93516
Another beverage startup, Minerco Resources took out a 42.5k note with Asher.

As you can see, they prepaid a note from February 4, 2013 on August 1. No harm done to company as long as note paid off on time. This was early payoff with prepayment penalties paid.

Any idea why 42.5k is same amount of loan to drhc?

Over a billion shares outstanding on Minerco.
I saw this on the Minerco board on investorhub. Read it here.

The company is paying back its convertible debt early,

http://www.otcmarkets.com/edgar/GetFilingHtml...ID=9427321
8-K: Convertible Promissory Note dated February 4, 2013 with Asher Enterprises, Inc. in the principal amount of $42,500 (the “Note”), please be advised that Minerco Resources, Inc. (the “Company”) is exercising its right, on not
less than three (3) trading days prior written notice to you, to prepay the outstanding principal and accrued interest on the Note in full.

On August 1, 2013, the company prepaid the Note, including accrued interest and prepayment penalties, in the amount of $75,846.78 from cash on hand in the form of a bank wire transfer to Asher Enterprises, Inc.
All terms and descriptions have the meaning set forth in the Convertible Promissory Note, dated February 4, 2013, and are incorporated herein by reference.