Yesterday, the company filed an 8-K indicating that a $500k convertible promissory note term issued to the company, at 20% per annum, from its Chairman of the Board had been extended for an additional year. The cost to extend the term was an additional $10,000 to the company. We believe this promissory note with its interest rate of 20% per annum, issued by the Chairman of the Board, shows no real confidence in the business and highlights risk that even an insider seems to perceive.
This event comes after our April 13, 2015 note in which GeoInvesting updated premium members about Great Basin Scientific (GBSN) and why we thought the company’s stock price was unwarranted. We have been tracking GBSN since March 30, 2015.
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