”) , today announced that the Company and Stephen J.J. Letwin have agreed to amend the Secured Grid Promissory Note with the intent of settling the Company’s outstanding unsecured creditor liabilities. On June 26, 2024, the Company implemented the Proposal.
permits repayments and additional drawdowns and bears an annual interest rate at 10%. The Secured Note had a borrowing limit of $450,000 and a maturity date of December 31, 2023. The Secured Note is not part of the Proposal. Funds advanced under the Secured Note were used to fund the proposal trustee fees, legal fees of the Proposal proceedings, the Company’s working capital requirements during Proposal proceedings and will be used after the Company exits from the Proposal proceedings.
The Company and the Chairman agree to further amend the Secured Note, effective December 31, 2024, to increase the borrowing limit by $300,000 to $950,000 and to extend the maturity date to December 31, 2025. The amendment is necessary to provide the Company with adequate working capital as it exits from the Proposal proceedings and to pursue opportunities to complete a transaction.
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