Ascent Solar Technologies Inc. received $205,000 in gross proceeds from the funding of the first two tranches of a $365,000 secured convertible promissory note.

An additional $100,000 may be received upon funding of the third tranche of the note, the company said in a Form 8-K filed March 22.

The note will mature on March 15, 2020. It bears an interest rate at 10% per annum, according to the company's securities purchase agreement with investor St. George Investments LLC. The interest rate increases to 22% in the event of a default.