trending down too already .08 lol where are the detractors now? Oh putting negative ratings on your posts... meanwhile this company is at skid row level...Yousef getting pennies on the millions of $$$ he is out on his debts. Yousef ?and the Saudi's cant get $ for their Oil (thats why they are producing so much) , They cant get $ from the Traders ; they cant get $ from their Bankers and they cant get $ from the market) Whats an Arab to do... AVOID THIS LIKE THE PLAGUE...
In June 2014, the company borrowed a 6 month short-term loan of $0.31 million at an interest rate of 7.28% from China Everbright Bank. In July 2014, Jonway borrowed a 11 months short-term loan of $1.2 million at the annual interest rate of 7.2%. The loans were guaranteed by the shareholder Wang Huaiyi, as well as a building and land use right with a carrying value of $2.1 million. The weighted average annual interest rate during 2013 was 7.04%, the weighted average annual interest rate for the first three quarters of 2014 was 6.95%, 7 . 45% and 7.0% respectively
NOTE 7- CONVERTIBLE BOND
On June 12, 2013, the Company signed a convertible bond agreement, pursuant to which a Convertible Bond would be put in place to fund the formation of JAZ (Jonway and ZAP) from the ZAP Hangzhou Joint Venture that was formed in 2010 in China, Hangzhou. The Convertible Bond was to be funded at US$2 million with the option to convert to ZAP shares. The Company received $1.7 million of the $2 million. As of October 27 th , 2014, US$500,000 of the convertible bond has been repaid to one of the bond holders (Korea Yung), and US$600,000 has been converted to ZAP shares by the other bond holders, leaving an outstanding principal amount of $600,000 on the bond yet to be repaid in cash or in ZAP shares.
Effective September 29, 2014, the Company and Korea Yung amended their original agreement dated August 12, 2014. Under the amendment, the Company made a payment totaling $528,500 to Yung as of October 27 th , 2014. The payment represented a principal reduction of $500,000 and $28,500 of interest on the Company’s outstanding convertible bond held by Yung. Per the agreement, the Company will release 7,095,344 shares from escrow and deliver the shares to Yung, or repay the remaining $600,000 principal in cash in part or in full , on or before December 31, 2014 or within five (5) business days thereafter.