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Pastimes : Plastics to Oil - Pyrolysis and Secret Catalysts and Alterna -- Ignore unavailable to you. Want to Upgrade?

To: SteveF who wrote (6596)	4/22/2011 8:46:08 AM
From: dreaminbig	Read Replies (2) \| Respond to of 53574

Pak-It and Javaco both have notes secured by their assets. Are they both encumbered and unable to sell products? The notes are only against a small portion of either company. How does that work? Is it like a tax lien that has to be paid prior to selling a house? "On December 1, 2010 the Company entered into a secured short-term loan agreement with an existing shareholder. The loan was used for working capital purposes and bears interest at an annual rate of 6%. The entire principal of the loan together with all accrued interest is due and payable on December 1, 2011. The loan is secured against the receivables and assets of Pak-It. $100,781" "The notes payable are secured by Javaco’s inventory, a subsidiary of the Company, bears interest at an annual rate of 6% and are due on December 31, 2011. As at December 31, 2010, the Company was in compliance with the covenant associated with this notes payable." Notes payable: $112,500