MESO NUMISMATICS INC
For the period ended Mar 31, 2024. Filed May 20, 2024.
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Mar 31, 2024 · Filed May 20, 2024
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Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities
The current portion of notes payable on the Company’s Condensed Consolidated Balance Sheets above contains, at March 31, 2024, certain promissory notes on which the Company was in arrears on payments of principal as follows:
| ◾ | On December 7, 2020, the Company entered into a secured promissory note in the amount of $2,872,797. Pursuant to the terms of the note, the note bears fifteen (15%) interest, unsecured and is due on November 23, 2023. As of March 31, 2024, the Company accrued $1,731,198 in interest expense. The note is currently in default. |
| ◾ | On December 9, 2020, the Company entered into an unsecured promissory note in the amount of $110,000. Pursuant to the terms of the note, the note bears fifteen (15%) interest, unsecured and is due on December 9, 2023. As of March 31, 2024, the Company accrued $66,160 in interest expense. The note is currently in default |
| ◾ | On January 6, 2021, the Company entered into an unsecured promissory note in the amount of $1,000,000. Pursuant to the terms of the note, the note bears fifteen (15%) interest, unsecured and is due on January 6, 2022. As of March 31, 2024, the Company accrued $601,480 in interest expense. The note is currently in default |
| ◾ | On November 17, 2020, the Company entered into an unsecured promissory note in the amount of $400,000. Pursuant to the terms of the note, the investor shall receive the right to a perpetual 7.75% (payment percentage) of the revenues of Global Stem Cell Group. As of March 31, 2024, the Company accrued $455,871 in interest expense. The note is currently in default due to the non-payment of interest. |
| ◾ | On December 30, 2021, the Company entered into an unsecured promissory note in the amount of $7,958. Pursuant to the terms of the note, the note bears twelve (12%) interest, unsecured and is due on July 30, 2023. As of March 31, 2024, the Company accrued $2,145 in interest expense. The note is currently in default. |
| ◾ | On December 30, 2021, the Company entered into an unsecured promissory note in the amount of $111,470. Pursuant to the terms of the note, the note bears twelve (12%) interest, unsecured and is due on July 30, 2023. As of March 31, 2024, the Company accrued $30,052 in interest expense. The note is currently in default. |
At March 31, 2024 and December 31, 2023, the Company had insufficient cash on hand to repay these notes. None of these notes have been paid, and management has indicated that no demand for payment for any of these notes has been received by the Company as of the date of this report. If we are unable to generate sufficient revenues and/or additional financing to service this debt, there is a risk the lenders will call the notes, secure our assets, as to those applicable secured notes, and demand payment. If this happens, we could go out of business.
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