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oqvist, Sordel replied to a thread you are subscribed to at Head-Fi.org .
Buy "OSSIC X" or not?
Sordel
The new offering has forced Ossic into a level of transparency that must be very uncomfortable for them:
Risks of Borrowing. We have outstanding convertible notes in the amount of $2,551,254.78, which convert automatically into preferred stock upon the completion of a preferred financing in the minimum amount of $1,000,000. If we are unable to raise $1,000,000 in this Offering, those notes will become due and payable in August 2018. We also have outstanding secured loans in the amount of $500,000 owed to Silicon Valley Bank, which are secured by our assets. A default on such loan could result in the foreclosure on our assets. In addition, we have issued Subordinated Promissory Notes in the aggregate principal amount of $455,000 that accrue interest at 5% per annum and are due and payable on the earlier of (i) August 24, 2018, (ii) a change in control, or (iii) the closing of a financing transaction in the aggregate gross amount of at least $5,000,000.
These numbers are not pretty, and what is worse the key date is August, which leads me to suspect that the delivery of product is being consciously delayed so that stocks can count as an asset should the company become insolvent. The obvious way to raise money right now is to issue the product and start recouping from sales; the fact that they still don't have a retail date is kind of ominous at this point.
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Börjar bli bråttom få ut produkten verkar det som
