note payable to related party: During 2007, the Company entered into a line of credit agreement with SAI Corporation ("SAIC"),
a corporation controlled by our CEO, Stephen J. Sperco, to borrow up to $500,000. The line of credit has been amended several times
due to Bluegates need to borrow funds for working capital purposes and has been increased to $1,250,000. As
a condition to and as additional consideration for SAICs agreement to lend additional funds to the Company, the Company
granted SAIC a security interest in its assets as more specifically detailed in the Promissory Note and Security Agreement. Principal
and interest is due on demand. Interest is at the rate of 15% per annum and payments are due
and payable monthly at the end of each month until the outstanding principal balance is paid in full. The Company agreed to pay
a late charge in the amount of $10,000 on any interest payment more than fifteen days delinquent. During
2012, Bluegate borrowed $45,000 for working capital purposes.
This web site and associated pages are not associated with, endorsed by, or sponsored by BLUEGATE CORP and has no official or unofficial affiliation with BLUEGATE CORP
Based on public records. Inadvertent errors are possible. Faqs.org does not guarantee the accuracy or timeliness of any information on this site. Use at your own risk.
This website is not associated with the SEC