MoneyOnMobile Announces Restructure of USD 2.375 million in Debt
(4 months ago)
DALLAS: MoneyOnMobile, Inc. (OTCQB: MOMT) announced today the restructuring of USD 2.375 million in outstanding debt obligations to Hall MOM, LLC and eVance Processing Inc.
The original principal amount of the Note held by Hall MOM, LLC was $2,000,000 and was originally due December 31, 2017. The Note had an outstanding principal balance of $1,700,000, and has been amended effective December 15, 2017. In connection with the amendment, the Company made an $850,000 principal payment on December 28, 2017. The remainder of the obligation will be paid in monthly installments beginning in February 2018 with final balance due by October 31, 2018.
Additionally, the Company's $675,000 debt obligation to eVance Processing Inc., originally due November 30, 2017, has been amended. In connection with the amendment, the Company made a $200,000 principal payment in December 2017. The remainder of the obligation will be paid in monthly installments beginning in January 2018 with final balance due by June 30, 2018.