Quote:
Originally Posted by iBill
Kelli58
Anyone who was on the lawsuit will be in on this as well.
|
Yes, but what of my question.
including: (i) a written settlement agreement with FDMS to
release
certain funds held since September 16, 2004; (ii) arrangements
with M2
to process Gkard Secured payments independently and make
direct
payments to clients, which occurred on March 15. THE RESULT
Gkard Secured payments are CURRENT and on cycle.
FDMS funds are being released.
Check, Web900 and Catalog Payouts are back on track.
iBill is on the road to recovery and fulfilling its responsibilities
again.
NOTE PAYABLE
In addition to the successful implementation of the above, under
IBD's
direction, iBill has committed to fund the balance of the
payments owed
to clients in the form of a Note. The combined programs will
provide
of
Three Percent (3%) paid in arrears from the date of execution.
This
Note Payable will be subject to an amortization schedule of 50%
of the
face amount plus accrued interest payable in two installments
on the
1st and 2nd year anniversaries of the date of execution. This
Note
Payable will be subject to an amortization schedule of 50% of
the face
amount plus accrued interest payable in two installments on the
1st and
2nd year anniversaries of the date of execution. After 90 days
from the
execution of this Note, Maker at its discretion may elect to
convert
the note into a Secured Convertible Note. Such Secured
Step 2 of 4: What We Owe You
The iBill settlement consists of unpaid transactional revenue for
2004 including unpaid transactional revenue up to February 28,
2005. Reserve payments include all reserves due after the last
reserve payout issued in 2004 including reserves taken in January
and February of 2005.
SMID: 112193
Transaction Type Amount Due
Online Checks $430.45
Web900 $101.57
Other Credit Cards $2,436.27
GKard thru Feb.15 $3,337.70
Balance Forward $0.00
Adjustments ($30.00)
Reserves Excluding EU & gKard $4,570.85
Total Net Liability $10,277.61