PCS EDVENTURES!.COM, INC. (OTCMKTS:PCSV) Files An 8-K Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
Item 2.04 Triggering Events That Accelerate or Increase a Direct
Financial Obligation or an Obligation under an Off-Balance Sheet
Arrangement.
On January 6, 2017, the Company executed a Promissory Note in the
amount of $80,025, with a lender. This Promissory Note was due on
February 20 2017, is non-convertible, has an interest rate of 20%
per annum, and is secured by the T4EDU Purchase Order 000000741.
On February 20, 2017, this note went into default. The Company
anticipates payment of this Promissory Note when funds are
received on the T4EDU Purchase Order 000000741.
On June 8, 2016, the Company executed a Promissory Note with a
lender who is the Companys Chairman, CEO and largest shareholder,
in the amount of $1,292,679. This Promissory Note is due July 15,
2018, is non-convertible, has an interest rate of 10% per annum,
and is secured by all tangible and intangible assets of the
company.
The payment terms required consecutive monthly installments in
the sum of $50,000 per month commencing January 15, 2017, and
continuing for 24 months, with the final principal and interest
balance due July 15, 2018. The Company did not make the January
15, 2017, February 15, 2017, or March 15, 2017, payments. The
Company anticipates that it will not be able to fund any
principle payments for the foreseeable future.
About PCS EDVENTURES!.COM, INC. (OTCMKTS:PCSV)
PCS Edventures!.com, Inc. (PCS) specializes in experiential, hands-on, K12 education and drone technology. PCS has experience and intellectual property (IP) that includes robotics software, hardware, product designs, and K12 content, as well as turn-key lab packages that teach topics of science, technology, engineering, and math (STEM). PCS educational solutions are implemented through the development, marketing and distribution of educational products and services that target the pre-kindergarten through university (PreK-12) market and are marketed through reseller channels, direct sales efforts, and through STEM Learning Centers called Edventures! Labs. The Company’s Thrust UAV drone division is building a distribution and reseller network for the sale of its retail drone products. It serves markets, such as Afterschool, K6, Technical Education, and Parents and Home Educators. It also offers PCS BrickLab system, PCS Academy of Engineering Lab and PCS Discover STEM Lab. PCS EDVENTURES!.COM, INC. (OTCMKTS:PCSV) Recent Trading Information
PCS EDVENTURES!.COM, INC. (OTCMKTS:PCSV) closed its last trading session down -0.0002 at 0.0450 with 5,074 shares trading hands.