Coroware, Inc. Receives Formal Notice of Default from YA Global Investments, LP
October 27, 2016 at 06:08 am
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On October 22, 2016, CoroWare, Inc. received a formal notice of default from YA Global Investments, LP (YA Global) with respect to various loan agreements. As a result of Coroware's defaults on the loan agreements, including but not limited to failure to make payment in accordance with the loan agreements, YA Global has accelerated the amount to be immediately due and owing under the Loan Agreements to be a total of $2,885,607.98 ($2,769,990.00 principal and $115,617.98 interest (as of Oct. 18, 2016)). Interest accrues at the rate of $446.46 per day. According to the notice of default, YA Global will proceed with litigation unless Coroware has paid the full amount due and owing by October 28, 2016. The notice of default notes that YA Global is the senior secured creditor with respect to all accounts receivable of Coroware (and its subsidiaries) and directs Coroware to inform all account debtors to remit all sums due Coroware to YA Global.
CarbonMeta Technologies, Inc. is a research and development company. The Company is engaged in developing technologies related to remediation of organic wastes that can generate economically sustainable hydrogen, high-value carbon, and construction industry products. It offers Carbon Nanotubes, which is a black-clustered powder that is used as an additive in various materials. The Companyâs wholly owned subsidiaries include CoroWare Technologies, Inc. (CTI), CoroWare Robotics Solutions, Inc. (CRS), Robotic Workspace Technologies, Inc. (RWT), Carbon Source, Inc. (CS), CoroWare Treasury, Inc. (CWT), and CarbonMeta Research Ltd. (CMR). CSâs principal business is waste reclamation technologies and processing. CMR is focused on the development of technologies and solutions for processing organic wastes and generating sustainable hydrogen and high-value carbon products. CWT is engaged in acquiring technologies and subsidiary businesses related to waste processing.