MoneyOnMobile, Inc. Announces Restructure of $2.375 Million in Debt
January 04, 2018 at 07:20 am EST
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MoneyOnMobile, Inc. announced the restructuring of $2.375 million in outstanding debt obligations to Hall MOM, LLC and eVance Processing Inc. The original principal amount of the Note held by Hall MOM, LLC was $2,000,000 and was originally due December 31, 2017. The Note had an outstanding principal balance of $1,700,000, and has been amended effective December 15, 2017. In connection with the amendment, the company made an $850,000 principal payment on December 28, 2017. The remainder of the obligation will be paid in monthly installments beginning in February 2018 with final balance due by October 31, 2018. Additionally, the company's $675,000 debt obligation to eVance Processing Inc., originally due November 30, 2017, has been amended. In connection with the amendment, the company made a $200,000 principal payment in December 2017. The remainder of the obligation will be paid in monthly installments beginning in January 2018 with final balance due by June 30, 2018.
MoneyOnMobile, Inc. is an India focused mobile payments technology and processing company offering mobile payment services. The Company enables Indian retailers to use mobile phones to accept payment for goods and services or transfer funds from one person to another. It can be used as simple SMS text functionality or through the MoneyOnMobile application or Internet site. It has more than 350,000 retail locations throughout India. With MoneyOnMobileâs system, retailers use their mobile phones to make payments on behalf of their customers for utilities or to transfer currency to other consumers using text-messaging and mobile application technology. It enables Indian retailers to use their mobile phones to pay for third party goods and services on behalf of a consumer, or transfer funds from one consumer to another, or to allow a consumer to withdraw from their bank account. The Companyâs payment service is available in every state within India.
MONEYONMOBILE, INC. 
