debt
confidence high
sentiment negative
materiality 0.50
GBT Technologies enters into $116,200 promissory note with 1800 Diagonal Lending at 12% interest
GBT Technologies Inc.
- Net proceeds of $103,750 after $12,450 original issue discount; total payback $130,144.
- Note bears 12% annual interest plus one-time 12% interest charge; ten monthly payments of $13,014.40.
- Conversion only upon default at 75% of lowest trading price with 10-day lookback.
- Issued to accredited investor under Section 4(a)(2); proceeds for general working capital.
- Maturity September 9, 2023; note is unsecured and non-convertible except in default.