More Debt at 15%Nordex announced today that it had entered into an unsecured, non-convertible loan agreement between the Company and Jograh Investments Limited ("Jograh") pursuant to which the Company has borrowed the principal amount of $850,000 (the "Loan"). The Company had previously obtained an unsecured loan from Jograh in the amount of $150,000 effective December 31, 2015, bringing the total current indebtedness to Jograh to $1,000,000. Interest on the outstanding principal balance accrues on these loans at a rate of 15%
Now Nordex is paying $60.000 a month loan payments. That sales team better get some big sales contracts to pay these bills. Tayllor can't keep borrowing money to pay the bills.