Aurora Spine received a loan from a company insider with the aggregate principal amount of $350,000.
Here are six insights:
1. Aurora Spine will use the loan for general corporate purposes as well as prepayment of prior loan advances.
2. The loan has a promissory note of 9 percent per annum in interest.
3. The principal amount with interest is due on June 29, 2021.
4. Aurora Spine can prepay the principal amount wand interest at any time without penalty.
5. With this new advance, Aurora Spine owes the insider, following the partial repayment of prior loan advances, $1.4 million.
6. Equipped with 366 days prior written notice to Aurora Spine, the insider may demand full repayment of the total amount at any point.