On November 11, 2018, the Company and Ms. Powers agreed to extend the notes to a maturity of one year following the respective funding dates. In consideration of the continuing forbearance, the Company will issue warrants representing 50% of the repayment amounts of the Notes. The warrants will have exercise price at $0.35 per share, and have an exercise period of 2 years. However, the Company has not finalized the terms of the warrant agreement.
LOL. The terms of this loan are beyond belief
$5.4M, payable on call
. 10% interest.
. Convert option at .23 for a share and 1/2 a warrant
. 7.7m .35 warrants issued to sign the deal
. 7.7m .35 warrants issued to "extend" 4 months, but now can be repriced
And LP can demand payment any day and get anther bunch of warrants.