Correction: as a Secured Amortizing Notes holder I can say AJQ...

Correction: as a Secured Amortizing Notes holder I can say AJQ has not been late before but have requested noteholders to make changes to the note's covenants.

The delay in the current capital raising has caused them to miss the last loan payments.

One of the biggest issues note holders may have been the redemption of the MOG Notes with redemption proceeds used for share subscriptions. Which was a transfer between entities by related parties. Basically, the related parties underwrote the recent share issue, but then turned around and used AJQ funds to settle this liability.

The MOG notes were secondary to the Secured Amortizing Notes and for them to be cashed in ahead of the Secured Amortizing Notes could be another reason for default.