Lattice Incorporated (OTCPK:LTTC) announced that it has into a loan and security agreement for private placement of 8% senior secured convertible note due April 30, 2020 for gross proceeds $908,000 on May 14, 2015. The transaction included participation from existing investor Lattice Funding, LLC. The note carried an interest rate of 8% and would mature on April 30, 2020.

Interest at the rate shall accrue beginning May 15, 2015. Interest on the outstanding principal sum shall be paid quarterly in arrears beginning on July 30, 2015 and on October 30, 2015, January, April and July. If any payment of interest or principal is not paid when due, interest will accrue at the rate of 12% per annum.

The company issued notes at 100% of the face value of the note.. Beginning six months after the issuance the notes are convertible into common shares of the company at a conversion price of $0.15 per share. Minimum investment accepted from any investor is $10,000.