Company offers one-year 4% unsecured convertible promissory notes
By Devika Patel
Knoxville, Tenn., Jan. 14 - Voice Assist, Inc. sold a $100,000 unsecured convertible promissory note on Jan. 9, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The 4% note is due in one year and may be converted into common shares at $0.045 per share, which is a 12.5% premium to the Jan. 8 closing share price of $0.04.
The Lake Forest, Calif., company offers cloud-based speech recognition technology designed to voice-enable mobile applications.
| Issuer: | Voice Assist, Inc.
|
| Issue: | Unsecured convertible promissory note
|
| Amount: | $100,000
|
| Maturity: | One year
|
| Coupon: | 4%
|
| Conversion price: | $0.045
|
| Conversion premium: | 12.5%
|
| Warrants: | No
|
| Settlement date: | Jan. 9
|
| Stock symbol: | OTCBB: VSST
|
| Stock price: | $0.04 at close Jan. 8
|
| Market capitalization: | $1.53 million
|
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