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 June 8, 2016, the Company executed a Promissory Note in the
amount of $340,000 with a lender who is the Companys Chairman,
CEO and largest shareholder. The note was a combination of the
renewal of other notes with the same lender. This Promissory Note
was due on December 31, 2016, is non-convertible, had an interest
rate of 10% per annum and was secured by any and all current and
prospective assets of the Company.
On November 3, 2016, the Company executed a Promissory Note in
the amount of $60,000 with the same lender, which was due on
December 30, 2016, and is non-convertible, had an interest rate
of 10% per annum and was secured by the full faith and credit of
the Company.
On December 31, 2016, and January 1, 2017, these Promissory Notes
went into default.
An additional Promissory Note with the same lender totaling
$1,292,679 has payment terms requiring consecutive monthly
installments in the sum of $50,000 per month commencing January
15, 2017. The Company anticipates that it will not be able to
fund this principal payment at that time. The Company is
currently in negotiations with this lender regarding the
referenced defaulted Promissory Notes and the upcoming payment on
this additional Promissory Note.
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 up +0.0012 at 0.0512 with 750 shares trading hands.
