TSXV:AXE - Post Discussion
Acceleware Ltd
> THREAT: $ 875,000 LOAN PAYABLE + $ 69,010 INTEREST PAYABLE
Post by
ztransforms173 on Mar 21, 2024 10:44pm
THREAT: $ 875,000 LOAN PAYABLE + $ 69,010 INTEREST PAYABLE
Note 7 from 2023 AAFS: 7. Notes payable
During the year ended December 31, 2023, the Company issued promissory notes totaling $875,000 bearing interest at a weighted average annual effective interest rate of 20%. Repayment terms are 180 days from the date of the promissory note and range from February 11, 2024 to June 3, 2024. Amounts outstanding as at December 31, 2023 includes interest payable of $69,010 (December 31, 2022 – $nil). On December 3, 2022, the Company signed a promissory note payable for $678,774, bearing interest at 9.45% per annum and secured with a general security agreement over the Company’s assets. The principal and interest were completely repaid during the year ended December 31, 2023.
*** - the GOOD NEWS for shareholders is that the
$ 678,774 PROMISSORY NOTE (@ 9.45% INTEREST) with the GENERAL SECURITY AGREEMENT has BEEN REPAID and LIQUIDATED
- the WORRYING NEWS for shareholders is that the
$ 875,000 PROMISSORY NOTE (@ 20.00% INTEREST ) is STILL OUTSTANDING with a HIGH INTEREST RATE though it has NO GENERAL SECURITY AGREEMENT over the company's assets ATTACHED TO IT
z173
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