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Dynasil Corporation of America Message Board

  • got_stuck_jive got_stuck_jive Feb 24, 2014 11:38 AM Flag

    ALERT: Dynasil is in DEFAULT of its loan covenants

    This company has Convertible notes that are going to RIP YOU OFF
    per recent 10-Q

    Although the Company returned to profitability for the three months ended December 31, 2013 and is in compliance with the debt covenants included in its senior loan agreement as of December 31, 2013, it remains in default due to its violation of certain covenants for prior periods, as described below. Additionally, at the request of its senior lender, it has not paid interest due to its subordinated lender since February 2013 in the amount of approximately $ 400,000 . Nonpayment of interest when due is a separate event of default under its loan agreements. In addition, the Company has not obtained waivers from either of its lenders for its prior covenant defaults.

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