We have the following update, regarding the Power Up convertible note issued on February 21 that we had taken on as part of the company’s bridge financing for our investment in the Arenoso farming operation. We made a partial payment for one half of the note (plus interest and prepayment premium), in the amount of $62,000 on August 22, which leaves a balance of approximately $60,000 that will convert to shares of the company’s common stock. As we have stated in the past, it has always been our intention to pay the notes off in cash, rather than let them convert. However, with the harvest of our chili peppers started in effect only two weeks ago, the cash flow from the harvest is coming slightly later than first anticipated.
by ProGreen US | Aug 23, 2017