In December 2017, MoneyOnMobile, Inc. (OTCPK:MOMT) closed the transaction. The company has issued convertible promissory notes for gross proceeds of $2,080,000 in its second and tranche closing. The transaction included participation from various accredited investors. The note carries fixed 12% interest rate per annum and has a maturity date of five years from the date of issue which interest is payable in cash in shares of the series F preferred at a conversion price of $1,000 per share. The company will issue notes at par. The company received total of $2,570,000 in the transaction.