On March 31, 2017, Agritech Worldwide, Inc. received a notice of default from GKS Funding LLC, as administrative agent under the Loan Agreement stating that the Company is in default of a loan made pursuant to that certain Loan and Security Agreement by and among the company, GKS Funding and the lenders named therein, which include Garfinkle and Kahn, dated as of February 1, 2017, for failure to make a scheduled interest payment on the Loan that was due on March 31, 2017. If such failure is not cured within the 15-day cure period, which is April 15, 2017, the Lenders intend to exercise all rights and remedies available to them under the Loan Agreement, related note and applicable law, which will include foreclosing on the collateral under the Loan Agreement.