Short-Term Loan Agreement between International SMC (HK) Ltd. and Jay Bauer (March 2003)

Summary

International SMC (HK) Ltd. has agreed to borrow $400,000 from Jay Bauer for a short-term period of two months at an annual interest rate of 8%. The loan is intended to help International SMC (HK) Ltd. pay Arts Electronics for the purchase of 100,000 CRT units. The funds are to be transferred to International SMC (HK) Ltd.'s account at the Hong Kong & Shanghai Banking Corporation. The agreement outlines the repayment terms and the purpose of the loan.

EX-10.30 7 loanletter-1030.txt LOAN LETTER EXHIBIT 10.30 THE SINGING MACHINE PRIVATE & CONFIDENTIAL March 4, 2003 Mr. Jay Bauer Palm Beach, FL Ref: Short-term loan - US$ 400,000 ----------------------------------- Dear Mr. Bauer, This is to confirm our agreement that you will extend to International SMC (HK) Ltd. a short term loan in the amount of US$ 400,000 which we will use to settle our payment to Arts Electronics for the purchase of 100,000 pcs 5,5" CRTs. This loan will be repaid to you within a period of 2 months and will carry an interest rate of 8% per annum. Kindly arrange to send this amount via telegraphic transfer to: Beneficiary: International SMC (HK) Ltd. A/C #: US$ account no. 007-7-603355 Bank: Hong Kong & Shanghai Banking Corp. Address: Lai Chi Kok Road Office 245 Lai Chi Kok Road, Kowloon Hong Kong Thank you for your assistance. Sincerely yours, INTERNATIONAL SMC (HK) LTD. /s/ M. Alicia Haskamp M. Alicia Haskamp Managing Director - -------------------------------------------------------------------------------- INTERNATIONAL SMC (HK) LTD. THE SINGING MACHINE COMPANY, INC. Suite 1210, Ocean Centre, 5 Canton Road, TST , Kowloon, Hong Kong 6601 Lyons Road, A-7, Coconut Creek, Florida 33073 ###-###-####