MoneyOnMobile, Inc. (OTCMKTS:MOMT) Files An 8-K Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet ArrangementItem 2.04
Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangements.
On December 28, 2017, MoneyOnMobile, Inc. (the “Company”) executed a first amendment to settlement agreement and release (the "Amendment"), which was made effective December 15, 2017, to modify the repayment terms of its promissory note payable to the note holder, HALL MOM LLC, which promissory note was originally issued on March 1, 2017 and was amended and restated in its entirely by issuance of an Amended and Restated Promissory Note dated December 15, 2017. The original and outstanding principal amount of the Note is $2,000,000 and bears the Note bears interest at 15% per annum. In connection with the Amendment and to secure the note holder's interest, the Company made a cash payment of $50,000 as a restructuring fee and $850,000 as a payment towards principal. Additionally, the Company agreed to make monthly installment payments of $100,000 to be applied to the principal amount due under the Note beginning February 1, 2018. The remaining balance matures on October 31, 2018.
The foregoing description of the terms of the Amendment and Note does not purport to be complete and is subject to, and qualified in its entirety by reference to the Amendment and Note, which is filed herewith as Exhibit 99.1 and Exhibit 99.2, and is incorporated herein by reference.
Item 7.01Regulation FD Disclosure.
On or around January 3, 2017, the Company expects to issue a press release announcing the entry into the Amendment, the payment towards the Note referenced herein, and a payment against the outstanding principal of another outstanding promissory note.
The press release is expected to be released in substantially the form attached hereto as Exhibit 99.3.
In accordance with General Instruction B.2 of Form 8-K, the information and exhibit 99.3 attached hereto in this Section 7.01 shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing.
Item 9.01Financial Statements and Exhibits.
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Exhibit No. |
Description |
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99.1 |
First Amendment Agreement and Release |
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99.2 |
Amended and Restated Promissory Note |
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99.3 |
Press Release |
MoneyOnMobile, Inc. ExhibitEX-99.1 2 hallpromissorynoteamendment.htm EXHIBIT 99.1 FIRST AMENDMENT AGREEMENT AND RELEASE Exhibit Exhibit 99.1FIRST AMENDMENT TO SETTLEMENT AGREEMENT AND RELEASEThis First Amendment to the Settlement Agreement and Release (this “Amendment”) is made and entered into as of this 15th day of December,…To view the full exhibit click here
About MoneyOnMobile, Inc. (OTCMKTS:MOMT)
MoneyOnMobile, Inc., formerly Calpian, Inc., is an early-stage company. The Company operates through the MoneyOnMobile segment, which is a mobile wallet service used to pay for goods and services from a mobile phone and to make other financial transactions. MoneyOnMobile allows consumers, to deposit funds into their mobile wallet or to perform a financial transaction through its agent network of approximately 313,541 retail locations as of April 30, 2016. Consumers use their mobile phones to make certain routine payments for utilities or to transfer currency to other consumers using text-messaging and mobile application technology. MoneyOnMobile offers electronic wallet services (M-wallet), similar to carrying a prepaid debit card, however using the consumer’s mobile phone. MoneyOnMobile has a multi-lingual application. By using this application, customers, through its agent network, can pay for goods and services and send money anytime and anywhere.
