TEAM COMMUNICATIONS EXHIBIT 10.3
EX-10.3 5 v76540ex10-3.txt TEAM COMMUNICATIONS EXHIBIT 10.3 Exhibit 10.3 TEAM COMMUNICATIONS GROUP, INC. SCHEDULE B -------------------------------------------------------------------------------- SCHEDULE OF DEBT as of 31-Aug-01 Principal Net Unpaid Unamort Lender Due Date Balance Discount Balance Interest Debt Costs Collateral ------ -------- ------- --------- ------- -------- ---------- ---------- Mercantile National Bank Fixed Asset Loan Jun-04 729,167 729,167 4,557 - All assets Line of Credit 1,000,000 1,000,000 - - All assets Heller Financial 6,497,110 6,497,110 91,441 281,723 Call of the Wild N. Kahla Mar-98 150,000 150,000 80,272 - None Time - Life 124,900 124,900 - None Convertible Notes (8 parties)(1) 5/31/02 1,045,000 783,700 261,300 20,900 140,200 All assets after Mercantile REFCO Capital Markets Ltd Equity Line of Credit(2) - - - ------------ --------- --------- ------- --------- Total 9,546,177 783,700 8,762,477 197,170 421,923 ============ ========= ========= ======= =========
Delinquency Lender Rate Status Warrants ------ ---- ------------ ----------- Mercantile National Bank Fixed Asset Loan P+1/4 1 mo Delinq none Line of Credit P+1 Not delinquent none Heller Financial 8.345% 2 mo Delinq none N. Kahla 17% Delinquent none Time - Life P+1 Delinquent none Convertible Notes (8 parties)(1) 8% nominal before Not delinquent 2,576,414 discount amort (>100% after discount) REFCO Capital Markets Ltd Equity Line of Credit(2) n/a n/a 750,000 Total
Notes: ---------- (1) - The convertible notes are convertible into common stock of the Company at 80% of the average market price of the shares. At the current market price of 21(cent), the $1,045,000 would be convertible into approximately 6.22 million shares (approximately 43% of shares outstanding). - Unamortized debt costs includes $100,000 of estimated Greenberg Traurig fees that were withheld from financing proceeds. - Warrants were issued in two tranches. Initial Tranche at issuance of the convertible notes exercisable at $1.56 per share 1,314,664 Issued Aug 20, 2001 in conjuncion with receipt of consent to raise additional financing 1,261,750 In addition, the exercise price for all warrants was reduced by MJS to 50(cent) per share. (2) - The REFCO Equity Line of Credit provides the Company with the right to sell it's common stock at 85% of the prevailing average market price of the shares. Warrants were exercisable at $1.56 when issued. The exercise price was reduced by MJS to 50(cent) per share.
