MESO NUMISMATICS INC

For the period ended Jun 30, 2024. Filed Aug 14, 2024.

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Jun 30, 2024 · Filed Aug 14, 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 June 30, 2024, certain promissory notes on which the Company was in arrears on payments of principal as follows:

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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 June 30, 2024, the Company accrued $1,893,409 in interest expense. The note is currently in default.

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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 June 30, 2024, the Company accrued $72,443 in interest expense. The note is currently in default

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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 June 30, 2024, the Company accrued $658,600 in interest expense. The note is currently in default

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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 June 30, 2024, the Company accrued $519,640 in interest expense. The note is currently in default due to the non-payment of interest.

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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 June 30, 2024, the Company accrued $2,383 in interest expense. The note is currently in default.

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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 June 30, 2024, the Company accrued $33,387 in interest expense. The note is currently in default.

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On June 22, 2021, the Company entered into an unsecured promissory note in the amount of $11,600,000. Pursuant to the terms of the note, the note bears twelve (12%) interest, unsecured and is due on July 30, 2024. As of June 30, 2024, the Company accrued $4,865,600 in interest expense. The note is currently in default.

At June 30, 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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