On January 5, 2006, Xechem International, Inc. (the "Xechem") and its subsidiary, Xechem Pharmaceuticals Nigeria Ltd. ("Xechem Nigeria") received executed copies of a series of agreements with Alembic Limited ("Alembic"), dated as of December 22, 2005. For a description of the new agreements, see Current Report on Form 8-K filed with the Securities and Exchange Commission on January 6, 2006 (File No. 000-23788).
As part of these agreements, Xechem and Alembic agreed to terminate an old note in favor of a "New Note." Pursuant to the terms of the New Note, Xechem agreed to repay Alembic in full the outstanding principal and interest remaining from the New Note as follows: $1,000,000 to be paid on or before January 31, 2006 (the "Initial Payment"), with the balance (the "Remaining Balance") due on or before December 31, 2006. Furthermore, for every month beginning July 2006, in which any portion of the New Note remained unpaid, Xechem agreed to pay Alembic as additional consideration the sum of $16,600, for a total of up to $99,600. The New Note bears interest at the rate of 8%.
As of December 31, 2006, Xechem had paid Alembic $1,000,000 of the principal amount due plus interest in the amount of $190,000 on the New Note. The Remaining Balance of the New Note ($2,000,000) plus interest and penalty in the combined amount of approximately $250,000 was due on or before December 31, 2006. According to the Termination of Agreements, if the Remaining Balance and interest is not paid on or before December 31, 2006, subject to written notice from Alembic and a right to cure within 10 days as set forth in the New Note, Xechem would be in breach of the Termination of Agreements and the New Note.
Xechem did not pay the amounts due Alembic on December 31, 2006. Xechem and Alembic extended the Maturity Date, pursuant to a Letter Agreement, dated January 4, 2007, to January 31, 2007. Pursuant to a second Letter Agreement, dated January 31, 2007, the parties agreed to extend the Maturity Date to February 24, 2007. As consideration for the second extension, Xechem agreed to pay to Alembic, in reduction of the indebtedness due under the Note, the sum of $100,000. Pursuant to a third Letter Agreement, dated as of February 24, 2007 (executed March 1, 2007), the parties agreed to extend the Maturity Date to March 31, 2007. As consideration for the third extension, Xechem paid Alembic, in reduction of the indebtedness due under the Note, the sum of $100,000 on March 1, 2007, which payment was a condition to the extension.
Furthermore, the parties agree that if Xechem makes a principal payment to Alembic in reduction of the Note of not less than $1,000,000, together with accrued interest, on or before March 31, 2007, then the Maturity Date will be extended for an additional six months.
As of March 6, 2007, the Company borrowed $480,000 from Michael and Betsy Brauser, which amount bears simple interest at 8% per annum and is due and payable in six months.
Posted by mrinos on :
look at the chart, oversold, stochastics turning up, volume, white candle -
Posted by doling2005 on :
quote:Originally posted by mrinos: look at the chart, oversold, stochastics turning up, volume, white candle -
Where the hell have you been mrinos?? Call your mother.. Go XKEM
Posted by stevo on :
XKEM running hard again - Chances of hitting .006+ are pretty good.