ECOSPHERE TECHNOLOGIES, INC. (OTCMKTS:ESPH) Files An 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
Item 2.03
Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a
Registrant.
On February 28, 2017, Brisben Water Solutions, LLC agreed to lend
$500,000 to Ecosphere Technologies, Inc., a Delaware corporation
(the Company) and its subsidiary Sea of Green Systems, Inc., a
Florida corporation (SOGS) in exchange for a promissory note (the
Note). The Company and SOGS will be jointly and severally liable
for the repayment of the Note. The loan evidenced by the Note may
be funded in tranches. As of the date of this report, $187,511
has been borrowed under the Note. Loan funds advanced under the
Note bear interest at 10% per annum from the date of funding. The
Note matures December 15, 2017. At any time prior to maturity,
amounts of principal and accrued interest under the Note will be
convertible into shares of common stock of SOGS.
The obligations under the Note are secured by a security
agreement between the parties which includes the collateral
granted under prior previously disclosed security agreements.
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits.
|
Exhibit No. |
Exhibit |
|
|
10.1 |
Promissory Note, dated as of February 28, 2017 |
|
|
10.2 |
Security Agreement, dated as of February 28, 2017 |
About ECOSPHERE TECHNOLOGIES, INC. (OTCMKTS:ESPH)
Ecosphere Technologies, Inc. is a technology development and intellectual property licensing company that develops solutions for global water, agriculture, energy and industrial markets. The Company has a portfolio of technologies, such as Ozonix, Ecos PowerCube and Ecos GrowCube. The Company’s Ozonix is a water treatment technology that offers customers a chemical-free alternative to water disinfection and recycling for a range of industries and applications ranging from the oil and natural gas industry and mining to agriculture and municipal wastewater treatment. The Company’s Ecos PowerCube is a mobile, solar-powered generator. The Company’s Ecos GrowCube is an automated hydroponic growing system for cultivating crops. Sea of Green Systems, Inc. is the subsidiary of the Company that monetizes its Ecos GrowCube technology and Ozonix product lines in the Precision-Agriculture markets. ECOSPHERE TECHNOLOGIES, INC. (OTCMKTS:ESPH) Recent Trading Information
ECOSPHERE TECHNOLOGIES, INC. (OTCMKTS:ESPH) closed its last trading session down -0.0014 at 0.0420 with shares trading hands.
