RE:RE:RE:RE:RE:RE:K2 Principle Fund owns 20 million COQ sharesStop comming back with this 1200%.... it was totally sarcastic, and followed by a big LooL
I doubt they will trow the towel... they can still borrow money... they say:
Under the First Amendment, the cash interest rate on Senior Secured Notes remains unchanged. In addition to the cash interest, from and after March 14, 2016 until June 30, 2016, an 8.0% interest shall be paid in kind (“PIK Interest”). All PIK Interest will be capitalized and compounded by increasing the outstanding principal amount of the Senior Secured Notes. The accrued PIK interest was $214,222 for the three months ended March 31, 2016.
Principal payments will start on the 10th business day following the end of each calendar month occurring on or after July 31, 2016. The principal payments will be based upon excess cash generated after lender-approved operating and capital expenditures. At March 31, 2016, the Company expects to make principal payments of $3,112,000 within the next twelve months. Accordingly, this has been included in the current portion of loans payable in the Company’s consolidated balance sheet.
Under the First Amendment, the Company’s general and administrative costs are not allowed to exceed stipulated limits for the fiscal quarter ending March 31, 2016 and each fiscal quarter thereafter.
At March 31, 2016, the Company was in compliance with all required covenants.
Capital expenditures totaled $136,775 in Q1 2016 and $1,644,164 in Q1 2015. Capital expenditures in Q1 2016 primarily reflect costs associated with the High Island A494 #B-4 sidetrack. (result of this well could be out at any moment or in the Q2 report. IMHO)