PCS Edventures!.com, Inc. Unable to Fund the Principal Payment of Promissory Note
January 10, 2017 at 03:54 pm
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On June 8, 2016, PCS Edventures!.com, Inc. executed a Promissory Note in the amount of $340,000 with a lender who is the company's Chairman, CEO and larger shareholder. The note was a combination of the renewal of other notes with the same lender. This Promissory Note was due on December 31, 2016, is non-convertible, had an interest rate of 10% per annum and was secured by any and all current and prospective assets of the company. On November 3, 2016, the company executed a Promissory Note in the amount of $60,000 with the same lender, which was due on December 30, 2016, and is non-convertible, had an interest rate of 10% per annum and was secured by the full faith and credit of the company. On December 31, 2016, and January 1, 2017, these Promissory Notes went into default. An additional Promissory Note with the same lender totaling $1,292,679 has payment terms requiring consecutive monthly installments in the sum of $50,000 per month commencing January 15, 2017. The company anticipates that it will not be able to fund this principal payment at that time. The company is currently in negotiations with this lender regarding the referenced defaulted Promissory Notes and the upcoming payment on this additional Promissory Note.
PCS Edventures!, Inc. (PCS) is a provider of hands-on, K12 Science, Technology, Engineering, Arts and Math (STEAM) curriculum and resources for educators in classrooms and out-of-school learning environments. The Company through Thrust-UAV has developed educational drones and drone curriculum. Its customers include schools and school districts from the collegiate to kindergarten level, and providers of out-of-school programming which include after-school programs, home-schooling programs, summer programs, and corporate outreach programs. It develops and sells a variety of STEM education products into the K12 market, such as Enrichment Programs, Discover Series Products, BrickLAB Products, Discover Drones, Add-on Drone Packages and Ala Carte Drone Items, STEAMventures BUILD Activity Book, and Professional Development Training. It offers approximately 31 different enrichment programs. The Company provides 13 different titles covering grades 1-12.
PCS EDVENTURES!, INC. 
