Note 11 – Subsequent Events
From July 1, 2016 through August 15, 2016, the Company issued a total of 164,669 shares of common stock to the holder of the secured convertible note payable in the form of interest payments aggregating $2,697. See Note 2 – Secured Convertible Note Payable.
The Company has not resolved the contingency related to the expired letters of credit for its Nicaraguan Concessions (See Note 9). The Company continues to negotiate the renewal of the letters of credit with the Nicaraguan Government and its lenders; however, there can be no assurance that the Company will be successful in that regard.
On December 27, 2013 the Company borrowed $1,050,000 under an unsecured credit facility with a private, third-party lender which facility has an outstanding principal balance of $1,000,000. The facility is represented by a promissory note (the “Note”) that matured in April 2016, and is currently in technical default. The Company is seeking an extension of the maturity date, however, there can be no assurance that it will be able to obtain an extension or what the final terms will be if the lender agrees to such extension.
The above information was disclosed in a filing to the SEC. To see the filing, click here.
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