Lifestream $100,000 missed Sept. 1 note payment deferred

By Caroline Salls

Pittsburgh, Sept. 16 - Lifestream Technologies, Inc. failed to make a $100,000 required Sept. 1 payment of principal on its $2.87 million outstanding promissory note payable to RAB Special Situations (Master) Fund Ltd. as assignee of RAB Special Situations LP, according to an 8-K filing with the Securities and Exchange Commission.

Under the terms of the note, failure to make the payment causes the entire note to become immediately due and payable.

However, on Sept. 1, RAB advised the company that it had waived any default arising from failure to make the payment and it agreed to defer payment of the $100,000 installment until Feb. 1, which is the maturity date of the promissory note.

According to the filing, payment of the May 1, June 1, July 1 and Aug. 1 installments were also deferred to Feb. 1.

Lifestream's obligations under the note and related loan agreements are collateralized by a security interest in all of its assets.

Based in Post Falls, Idaho, Lifestream manufactures cholesterol-testing devices.

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