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TPT Global Tech Pays off Remaining Balance of Convertible Promissory Note to JSJ Investments, Remainder of Note Converted to Common Stock
TPT Global Tech Pays off Remaining Balance of Convertible Promissory Note to JSJ Investments, Remainder of Note Converted to Common Stock.
About this update from Tpt Global Tech, Inc.
[{"type":"text","content":"SAN DIEGO, CA / ACCESSWIRE / March 2, 2020 / TPT Global Tech, Inc. ("TPTG or the Company") (OTCQB:TPTW) announced today it has successfully paid off the remaining balance of the convertible promissory note due June 6, 2020 issued by the Company to JSJ Investments Inc for $112,000 on June 6, 2019. ("JSJ"). The remaining balance paid included a premium and equaled $97,000, including accrued interest, which amounts were aside from the $43,680 in principal that was converted into 18,500,000 shares of the Company's common stock since June 6, 2019. The payoff was made possible due to a new merchant advance loan entered into by the Company with Advantage Funding for which the Company received $500,000 in cash proceeds on February 25, 2019 and is required to be repaid at a rate of $14,221 weekly for 50 equal payments for a total of $716,720.The proceeds from the convertible promissory note issued to JSJ were used as part of the acquisition of the assets of SpeedConnect, LLC, which assets were conveyed into TPT SpeedConnect, LLC ("TPT SpeedConnect"), wholly owned by the Company. The acquisition included the tradename of SpeedConnect. SpeedConnect is located in Frankenmuth, Michigan and is one of the largest Rural Wireless Internet Services Providers in the United States. SpeedConnect has operations in 10 Midwestern states, Arizona, Idaho, Illinois, Iowa, Michigan, Montana, Minnesota, South Dakota, Nebraska and Texas. The Company's plans are to upgrade the existing SpeedConnect 10 state Broadband network to a 4G+/5G network offering faster speeds and added value products such as TV, Voice and Data Services to its 16,000 Rural Middle American telecommunication's customers."The conversion to stock and subsequent sale by JSJ has had an adverse effect on our TPTW common stock price. JSJ converted portions of their convertible promissory note adding pressure on the company's stock price. We are very pleased the company has been able to pay off the remaining balances of the JSJ convertible promissory note. In the month of February, the company successfully completed paying the remaining balances of three debt relationships, Advantage Funding's merchant advance loan of $753K, Geneva Roth Remark Holdings convertible promissory note of $43K and now the remaining balance on JSJ's $112,000 c...