We are taking short term loans and paying 14 point
Post# of 154090
(Total Views: 682)
Posted On: 04/24/2021 12:55:59 AM
Re: nmbr1stckpckr #87724
We are taking short term loans and paying 14 points at closing. We are doing it over and over and over again. More than 8 times with Fife in the last three years.
We have never raised one dollar at $10, or anything close to that. The loans are repaid with stock at whatever the current price is when the repayment occurs.
All of the above are facts, clearly explained in the 10Qs.
If we decide to pay the loans off early because of all the wonderful revenue we are going to get, we pay a 15% prepayment penalty (that one is from memory, so feel free to double-check).
The $28.5 million loan we took in early April resulted in us getting 25 million in cash. (Hence the 14 points). It also requires us to make payments of $7.5 million per month in five consecutive months, starting in May. That is $37.5 million within six months of receiving $25 million. (That one is a fact. Don't waste your time looking it up.) Those payments will be applied to prior loans from the same lender. Historically, those payments have been paid in stock (at the then current price). But, that is at the lender's choice, not CYDYs. If the lender demands cash, and we don't have it, the loan is in default. Feel free to read the implications of one of these loans being declared in default.
By the way, our February and March payments of $7.5 million from an earlier note were both late. The lender gave us a few weeks forbearance. He didn't have to.
And, yes, onestepahead, I did pass a Finance 101 class. And a reading comprehension class.
This discussion would be more productive if people just didn't post absolutely ignorant crap. It would keep me from posting so many sarcastic, condescending and angry posts. I would get fewer thumbs down from JLang and private messages with foul language from several posters. Please stop with the ignorance.
We have never raised one dollar at $10, or anything close to that. The loans are repaid with stock at whatever the current price is when the repayment occurs.
All of the above are facts, clearly explained in the 10Qs.
If we decide to pay the loans off early because of all the wonderful revenue we are going to get, we pay a 15% prepayment penalty (that one is from memory, so feel free to double-check).
The $28.5 million loan we took in early April resulted in us getting 25 million in cash. (Hence the 14 points). It also requires us to make payments of $7.5 million per month in five consecutive months, starting in May. That is $37.5 million within six months of receiving $25 million. (That one is a fact. Don't waste your time looking it up.) Those payments will be applied to prior loans from the same lender. Historically, those payments have been paid in stock (at the then current price). But, that is at the lender's choice, not CYDYs. If the lender demands cash, and we don't have it, the loan is in default. Feel free to read the implications of one of these loans being declared in default.
By the way, our February and March payments of $7.5 million from an earlier note were both late. The lender gave us a few weeks forbearance. He didn't have to.
And, yes, onestepahead, I did pass a Finance 101 class. And a reading comprehension class.
This discussion would be more productive if people just didn't post absolutely ignorant crap. It would keep me from posting so many sarcastic, condescending and angry posts. I would get fewer thumbs down from JLang and private messages with foul language from several posters. Please stop with the ignorance.
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