Vapor Group Inc (OTCMKTS:VPOR) said that it paid almost $148,000 to prepay in full before maturity a second convertible promissory note. The prepayment is done before date and so, it would not attract any potential note conversion to stock. The Note, dated October 2014, was in principal amount of over $100,000.The prepayment is the second of the ‘Note’ of more than $100,000 in past two weeks. Both prepayments are done before the date of convertibility and the note’s maturity.
The management view
Dror Svorai, the CEO and President of Vapor said that the company made the first prepayment few days ago, and now this is the second prepayment. It is as per plan of Vapor Group Inc (OTCMKTS:VPOR), as it is committed to reduce convertible promissory note balances. The company intends to make more prepayments in the coming period. Since the start of 2015, the company has prepaid in cash of more than $200,000 against principal, fees and interest to close two convertible promissory notes.
The first debt prepayment
Vapor Group Inc (OTCMKTS:VPOR) paid $130,000 in its first debt prepayment. It was prepaid before maturity and date of convertibility. The ‘Note’ held by the company was in principal amount of more than $100,000. Vapor Group is making significant development in the overall reduction of its debt. The two announcements of prepayment reflect the fiscal strength of Vapor as a result of its overall improving financial results. It is making constant efforts to cut down the number of debt conversions that it has been witnessing.
The strength in business
Vapor Group is in the business of developing, designing, manufacturing and marketing superior quality e-cigarette and vaporizers brands, which utilize state-of-the-art technology. The specially formulated products including e-liquids are unmatched in the industry. The innovation and a wide range of products helps Vapor Group Inc (OTCMKTS:VPOR) expand its market share in e-cigarette industry.