BOLLINGER INNOVATIONS, INC.
For the period ended Mar 31, 2025. Filed May 20, 2025.
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Mar 31, 2025 · Filed May 20, 2025
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Item 3. Defaults Upon Senior Securities
The Senior convertible notes that remained unconverted on April 15, 2025 (in amount of approximately $35.1 million) and relevant accumulated interest (in amount of approximately $0.8 million) were in cross-default due to the non-payment of portion of the loan that matured. Starting from that date, the interest rate increased from 15% to 20%. As of the date these financial statements were available to be issued, none of the investors demanded immediate payment of the notes and outstanding interest in cash.
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