Tauriga Sciences, Inc. Fully Retires Original $96,000 USD 12.00% Convertible Debenture Issued to Group 10 Holdings LLC on July 14, 2015
NEW YORK, NY, Oct 13, 2017 (Marketwired via COMTEX) — NEW YORK, NY–(Marketwired – Oct 13, 2017) – Tauriga Sciences, Inc. (otc pink:TAUG) (“Tauriga” or the “Company”), a company engaged in building businesses in the life sciences space, today announced that it has fully retired the original face value of $96,000 USD 12.00% convertible debenture (the “Note”) issued by the Company to Group 10 Holdings, LLC (“Group 10” or “Lender”) on July 14, 2015. Accordingly, this debt will be removed from the Company’s balance sheet.
This Note was retired exclusively through conversions (5 distinct conversions on 5 distinct dates) by Group 10 from April 6, 2017 through October 10, 2017 for an aggregate of 396,249,200 shares of Tauriga’s common stock.
With the application of default penalties and interest (applied as a result of the Company’s July 31, 2015 failure to be current in its Securities and Exchange Commission filings), the Company repaid this Note for total consideration of $129,781.07 USD (the “Total”). At least $11,260.36 USD of the Total reflected the default damages and default interest relating to default referenced above.
While the original July 14, 2015 convertible debenture has now been fully retired, the liquidated damage total of $348,000 USD (calculated at $1,000 per day while in default), assessed by Group 10 to Tauriga, remains as a liability on the Company’s financial statement. This $1,000 per day default penalty was assessed by Group 10, for the period July 21, 2015 through December 6, 2016, or 348 business days. On December 6, 2016 Tauriga again became current in its periodic filings with the Securities and Exchange Commission and has remained current ever since.
As of today’s date, other than the above mentioned liquidated damage total, the entirety of the convertible debt issued to Group 10 (since July 14, 2015) has been fully repaid and retired (either through cash payments or conversions).