news flash -- elite missed making $495k balloon payment on njeda tax free bond
elite was supposed to pay off the 9% Series B $495,000 note on September 1, 2012
there is no evidence, no SEC filing, saying they did this
is this why they needed another $500k 'bridge' loan from their ceo
this will have to be discussed on the next cc. elite's current ratio is now very upside down even w/o the rest of the defaulted bond being included.
folks, this is not deferment or delay within the term of the bond as is going on with the series A portion which has another 18 years left in it -- this is absolute failure to repay the full principal of the series B when due. these bond holders have been patient, but for how long now that redemption got them nothing?
well, it was NOT discussed and our ceo and resident pumpers are sounding more and more like alfred e, newman's famous words, "what me worry?"
and the current ratio has gotten even WORSE such that current assets do NOT cover current liabilities, and the negative cash flow continues unabated even though they have slashed R&D to a level that guarantees delays
this default thing is getting worse. this missed payment is in addition to the hundreds of thousands of dollars already in arrears. elite better get busy on that secondary soon. let's hope they can keep it to 300 million new shares. but at what price?
no insider has ever paid more than .04 and that was an orchestrated buy of the same amount of odd numbered shares on the same day -- which many believe was a 'direct' buy in name only.
if they are going to basically go for what they need it looks like .04 might be the mark which could hold us to just a 100% dilution.