CHGA must repay $325,000 on January 1 for a $250,000 note, or $312,000 on December 1, and gives 150,000 shares for services without cash. The interim leader's finance experience is a plus, but both repayment choices exceed the note amount and the shares bring no cash.
The borrowing costs the company more than the note amount, even if it uses the lower prepayment option. The shares for consulting work bring in no cash. The interim leader's finance and board experience is a plus, but does not erase those costs.
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