APT Systems Inc. paid PowerUp Lending Group Ltd. for the total amount due related to the debt issued in May.
On May 17, APT Systems issued a $53,000 convertible debenture to PowerUp Lending in exchange for $50,000 in cash, which was funded in full by May 17. The debenture carried an annual interest rate of 8%, and the principal amount was due Nov. 16.
APT Systems had the option to redeem any portion of the principal amount of the outstanding debenture by making a payment of 137% multiplied by the prepayment amount plus the applicable accrued and unpaid interest. The company notified PowerUP Lending on Nov. 10 that it would repay funds and interest.
On Nov. 15 and Nov. 16, APT Systems issued two wire transfers to PowerUp Lending's bank for the full total amount due, which was $75,474.61.
