Business
TPT Global Tech Restructures $525,000 Convertible Promissory Note to Odyssey Capital Funding LLC reducing Toxic Debt Obligations
TPT Global Tech Restructures $525,000 Convertible Promissory Note to Odyssey Capital Funding LLC reducing Toxic Debt Obligations.
About this update from Tpt Global Tech, Inc.
[{"type":"text","content":"SAN DIEGO, CA / ACCESSWIRE / June 9, 2020 / TPT Global Tech, Inc. ("TPTW or the Company") (OTCQB:TPTW) announced today it has successfully restructured its convertible promissory note due June 3, 2020 issued by the Company to Odyssey Capital Funding LLC ("OCF") for $525,0000 on June 8, 2019 to a six month non-convertible term loan. The restructured balance included the remaining principal balance of $475,850 and accrued interest of $135,000 for a combined term loan balance of $610,850. The $610,850 is due in six months bearing 0% interest for three months and 10% per annum thereafter. There is no conversion feature on the restructured balance. OCF converted 52,961,921 shares of the Company's common stock into the open market since June 4, 2019. TPTW and OCF agreed that OCF would receive payments for the restructured note balance from first monies raised from any Company financing during efforts in the next six months. The Company is attempting to restructure all of its remaining toxic debt obligations.The proceeds from the convertible promissory note issued to OCF were used as part of the acquisition of the assets of SpeedConnect, LLC. 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 is in the process of upgrading 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 15,000 Rural Middle American telecommunication's customers."Through the fund-raising process to complete the SpeedConnect asset acquisition, it has truly been a pleasure working with the Odyssey team. I can say they are an Investment Fund that is there for the companies they invest in. Since the inception of our funding they've never put real undue pressure on our stock driving our share price or market cap down. It is very interesting to see that out of the five convertible note Investment Funds that helped fund the SpeedConnnect asset acquisition, OCF required the least amount of common shares in reserve of 53M for th...