RYU Apparel Inc. said it has repaid and extinguished all of its unsecured and secured term notes, loans payable and short-term advances owed to related parties.
The company extinguished the following debt totaling $1.22 million:
- Unsecured notes and short-term advances with principal amounts totaled $753,500 and accrued interest of $1,330 with the CEO, a Company Director, and other related parties
- Secured notes with principal amounts totaling $350,000 and accrued interest of $5,347 with a Company Director
- Outstanding interest of $57,889 and the commitment fee of $51,000 attached to the secured loans payable with the CEO, the principal of which was settled via shares for debt transaction on November 14, 2016.