``Pruducing and shipping product`` ....Luckie and Kent
posted on
May 23, 2006 01:45AM
``BioAgra (a development stage company) has completed construction of a production line. BioAgra began producing and shipping product during the quarter ending June 30, 2006.``
Kent, interesting to me is also the statement...
``During the nine months ended March 31, 2006, the Company loaned $875,000 to BioAgra (Note 3). In exchange for the loans, the Company received secured, 7.5 promissory notes, of which $700,000 are due on June 30, 2006 and $175,000 are due on August 31, 2006. The funds were loaned to facilitate BioAgra`s completion of its first production line and the purchase of inventory for production. The promissory notes are collateralized by all equipment, furnishings, present and future accounts, collateral securing such accounts, tangible and intangible personal property and any proceeds from any of the foregoing located on BioAgra`s premises. Additionally, the promissory notes are to be paid in full prior to any disbursements being made to the members of the joint venture.``
Then again, ``During April 2006, the Company loaned an additional $600,000 to BioAgra with the same terms as the original promissory notes, which is due on October 31, 2006. During May 2006, the Company loaned BioAgra an additional $186,570, with the same terms as the original promissory notes, which is due on October 31, 2007.``
I realize that loans can be ``extended`` but, it seems that VYTA Corp is expecting BioAgra to begin paying back the $1.6M in loans (from the sale of product) beginning June 30, 2006. That is just under 6 weeks away.
VYTA Corp has two subsidiaries that are fully operational. Exypnotech recently became profitable with quarterly revenues of $821,429, and BioAgra has just begun manufacturing and shipping product. Cool!
-zties