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From their 10-K: "We owe $375,000 at a fixed interest charge of ten percent (10%) regardless of the time of repayment to four shareholders due March 31, 2014"
by jwheeler79 13y ago
From their 10-K: "We owe $375,000 at a fixed interest charge of ten percent (10%) regardless of the time of repayment to four shareholders due March 31, 2014"
That means they issued a 10% bond sale that four dumbshits, already holding common shares, bought into. A 10% bond!
When spain was on the verge of insolvency, they were issuing bonds at 7%
- ratsbane 13y agoThis is crazy. "fixed interest charge of ten percent (10%) regardless of the time of repayment" Does that mean, as it sounds, that the interest is $37,500 whether they pay it back in ten days or ten years? I realize it's due March 31, 2014, but if it's not paid by when it's due, no more interest accrues?
- pbhjpbhj 13y agoI don't know anything about the specifics here but if it helps interest that is fixed is fixed pro term. So "fixed interest mortgage rate of 5%" is actually 5% per annum. If they don't pay it back they continue to accrue a [presumably compounded] 10% charge.