Loan Agreement
Exhibit 10.25
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000 Xxxxxxx Xxxx., Xxxxxxxxxxxxx, Xxxxxxx 00000
PH: (866) 843-1348 FX: 000-000-0000
1. Throughout the period of August 16, 2005 thru December 31, 2005, Xxxx X. Xxxxxx (Dupont) made loans to Utilicraft Aerospace Industries, Inc. (Utilicraft) totaling $224354.89, in the form of bank wire transfers directly into Utilicraft’s main checking account, and through personal advances on expenses.
2. Attachment-A to this agreement is a list of the bank wire transfers from Dupont in the amount of $120,000.
3. Attachment-B to this agreement is a list Utilicraft expenses advanced by Dupont in the amount of $104,354.89.
4. Utilicraft agrees to repay the full amount of $224,354.89, to Dupont, by March 15, 2006.
5. As interest on the full amount of the loans, Utilicraft agrees to grant to Dupont warrants in Utilicraft common stock as follows:
• 897,416 shares
• Exercise price of $ 1.00 per share
• Term - 3 years
6. Utilicraft agrees to issues the above mentioned warrants to Dupont on April 15, 2006.
For: Utilicraft Aerospace Industries, Inc.
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January 15, 2006 |
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Xxxxxx X. Xxxxxxx – VP Operations |
Date |
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January 15, 2006 |
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Xxxx X. Xxxxxx |
Date |
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ATTACHMENT-A
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Type |
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Date |
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TO |
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FROM |
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ITEM |
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Amount |
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UTILICRAFT |
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CHECKING |
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DUPONT CHECKING |
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Deposit |
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08/16/2005 |
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Texas Capital Bank |
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Texas Capital Bank-Checking |
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Dupont Loan to Utilicraft |
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20,000.00 |
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Deposit |
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08/23/2005 |
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Texas Capital Bank |
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Texas Capital Bank-Checking |
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Dupont Loan to Utilicraft |
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5,000.00 |
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Deposit |
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08/26/2005 |
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Texas Capital Bank |
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Texas Capital Bank-Checking |
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Dupont Loan to Utilicraft |
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50,000.00 |
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Deposit |
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09/19/2005 |
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Texas Capital Bank |
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Texas Capital Bank-Checking |
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Dupont Loan to Utilicraft |
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5,000.00 |
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Deposit |
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09/28/2005 |
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Texas Capital Bank |
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Texas Capital Bank-Checking |
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Dupont Loan to Utilicraft |
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5,000.00 |
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Deposit |
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10/17/2005 |
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Texas Capital Bank |
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Texas Capital Bank-Checking |
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Dupont Loan to Utilicraft |
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8,000.00 |
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Deposit |
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10/17/2005 |
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Texas Capital Bank |
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Texas Capital Bank-Checking |
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Dupont Loan to Utilicraft |
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2,000.00 |
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Deposit |
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10/19/2005 |
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Texas Capital Bank |
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Texas Capital Bank-Checking |
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Dupont Loan to Utilicraft |
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3,000.00 |
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Deposit |
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10/26/2005 |
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Texas Capital Bank |
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Texas Capital Bank-Checking |
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Dupont Loan to Utilicraft |
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2,000.00 |
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Deposit |
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10/27/2005 |
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Texas Capital Bank |
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Texas Capital Bank-Checking |
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Dupont Loan to Utilicraft |
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5,000.00 |
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Deposit |
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10/28/2005 |
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Texas Capital Bank |
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Texas Capital Bank-Checking |
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Dupont Loan to Utilicraft |
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10,000.00 |
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Deposit |
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11/09/2005 |
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Texas Capital Bank |
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Texas Capital Bank-Checking |
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Dupont Loan to Utilicraft |
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4,000.00 |
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Deposit |
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02/08/2006 |
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Texas Capital Bank |
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Texas Capital Bank-Checking |
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Dupont Loan to Utilicraft |
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1,000.00 |
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TOTAL |
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120,000.00 |
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2
ATTACHMENT-B
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Date |
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PAYEE |
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Description |
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$ |
9,900.00 |
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8/16/2005 |
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MAYFLOWER MOVERS |
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Moving Expenses |
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VISA DELTA AIR 006231461889609/27 |
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$ |
606.90 |
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9/27/2005 |
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ATLANTA GA RF#527020582700 |
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Travel |
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VISA DELTA AIR 006231461889709/27 |
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$ |
606.90 |
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9/27/2005 |
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ATLANTA GA RF#527022582700 |
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Travel |
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WIRE OUT T:1450 FED # 000000 XXXX |
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X&X Aircraft |
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$ |
51,492.79 |
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9/28/2005 |
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AVIATION INC |
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Expense |
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VISA DELTA AIR 006231461889610/12 |
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606.9 |
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10/12/2005 |
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ATLANTA GA RF#528577582850 |
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Travel |
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VISA DELTA AIR 006231461889710/12 |
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606.9 |
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10/12/2005 |
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ATLANTA GA RF#528570582850 |
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Travel |
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VISA BUGATTI 10/15 DALLAS TX |
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$ |
167.48 |
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10/17/2005 |
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RF#528724207899 |
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Travel |
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|||||||
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VISA BUGATTI 10/19 DALLAS TX |
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||||||||
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$ |
135.80 |
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10/19/2005 |
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RF#529123207899 |
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Travel |
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|||||||
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VISA XX XXXXX'X #7100 10/19 BUFORD GA |
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$ |
44.46 |
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10/19/2005 |
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RF#529222506680 |
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Travel |
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|||||||
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VISA SOPHIAS VALENTINO 10/19 |
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$ |
42.41 |
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10/19/2005 |
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LAWRENCEVILLE GA RF#529224232913 |
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Travel |
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VISA NINJA STEAK HOUSE 10/20 |
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$ |
49.38 |
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10/20/2005 |
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LAWRENCEVILLE GA RF#529323406124 |
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Travel |
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VISA CALIFORNIA PIZZA 004 10/20 ATLANTA |
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$ |
31.59 |
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10/20/2005 |
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GA RF#529322117257 |
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Travel |
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VISA GMD AVIATION 10/21 LAWRENCEVILLE |
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$ |
607.73 |
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10/21/2005 |
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GA RF#529325452395 |
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Travel |
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VISA BRENAIR AVIATI00425934 10/21 |
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$ |
578.02 |
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10/21/2005 |
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MCALESTER OK RF#529327621091 |
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Travel |
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VISA CHAMPION AVIATION SRVC 10/22 |
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$ |
247.85 |
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10/24/2005 |
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GAINESVILLE GA RF#529427453132 |
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Travel |
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VISA ANASAZI RESTAURANT 10/23 SANT FE |
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Dinner Business |
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$ |
177.62 |
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10/24/2005 |
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NM RF#529623400005 |
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Meeting |
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WIRE OUT T:1359 FED # 000277 XXXXX D |
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Advance on pay |
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$ |
2,000.00 |
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10/24/2005 |
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XXXXX |
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Xxxxx Xxxxx |
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VISA BODE AVIATION INC 10/00 000-000-0000 |
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R&D Aircraft |
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||||||||
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$ |
6,064.38 |
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10/27/2005 |
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NM RF#530028286000 |
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Expense |
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|||||||
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VISA SANTE FE JET C64720634 10/27 505- |
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||||||||
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$ |
1,880.33 |
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10/27/2005 |
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4712525 NM RF#530027671001 |
|
Travel |
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|||||||
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|
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VISA RAYTHEON AIRCRAFT SERV 10/28 SAN |
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||||||||
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$ |
403.39 |
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10/28/2005 |
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ANTONIO TX RF#530029445790 |
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Travel |
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|||||||
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VISA SEVEN BAR AVIA62858345 10/28 505- |
|
R&D Aircraft |
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||||||||
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$ |
225.45 |
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10/28/2005 |
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8424990 NM RF#530124671004 |
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Expense |
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|||||||
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VISA AB AVIATION LLC 10/00 000-000-0000 |
|
R&D Aircraft |
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||||||||
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$ |
360.00 |
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10/31/2005 |
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GA RF#530322980003 |
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Expense |
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|||||||
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VISA THE BULL RING RESTAURANT 10/28 |
|
Dinner Business |
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||||||||
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$ |
61.51 |
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10/31/2005 |
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SANTA FE NM RF#530128301156 |
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Meeting |
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|||||||
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VISA ALBUQUERQUE INT'L AIRPORT10/31 |
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||||||||
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$ |
53.74 |
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10/31/2005 |
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ALBUQUERQUE NM RF#530320072000 |
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Travel |
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|||||||
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|
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VISA CL* MICROSOFT DM 11/00 000-000-0000 |
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||||||||
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$ |
537.08 |
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11/1/2005 |
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NY RF#530424000595 |
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Software |
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|||||||
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VISA MICROSOFT PRODUCT KEY 11/02 866- |
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||||||||
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$ |
239.00 |
|
11/2/2005 |
|
2355952 IL RF#530526900012 |
|
Software |
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|||||||
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|
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VISA RENT-A-DESK 11/00 000-000-0000 NM |
|
Office Furniture - |
|
||||||||
3
|
$ |
4,189.94 |
|
11/3/2005 |
|
RF#530728254306 |
|
Santa Fe Office |
|
|
|
|
|
|
|
|
Truck Lease (2) |
|
|
|
$ |
1,321.10 |
|
11/3/2005 |
|
SOVERIGN BANK |
|
payments |
|
|
|
|
|
|
VISA SIGNATURE FLIGHT SUPPO 11/05 |
|
|
|
|
|
$ |
679.89 |
|
11/7/2005 |
|
DALLAS TX RF#530926144000 |
|
Travel |
|
|
|
|
|
|
VISA RAYTHEON AIRCRAFT SERV 11/07 SAN |
|
|
|
|
|
$ |
231.00 |
|
11/7/2005 |
|
ANTONIO TX RF#531022445790 |
|
Travel |
|
|
|
|
|
|
VISA BUGATTI 11/05 DALLAS TX |
|
|
|
|
|
$ |
167.20 |
|
11/7/2005 |
|
RF#530829207899 |
|
Travel |
|
|
|
|
|
|
VISA CONTINENTAL 005128455411311/09 |
|
|
|
|
|
$ |
741 .49 |
|
11/9/2005 |
|
MANKATO MN RF#531229246900 |
|
Travel |
|
|
|
|
|
|
VISA CONTINENTAL 005128455411411/09 |
|
|
|
|
|
$ |
741.49 |
|
11/9/2005 |
|
MANKATO MN RF#531227246900 |
|
Travel |
|
|
|
|
|
|
VISA SIGNATURE FLIGHT SUPPO 11/09 |
|
|
|
|
|
$ |
644.55 |
|
11/9/2005 |
|
DALLAS TX RF#531325144000 |
|
Travel |
|
|
|
|
|
|
VISA SANTE FE JET C64720634 11/12 505- |
|
|
|
|
|
$ |
2,171.96 |
|
11/14/2005 |
|
4712525 NM RF#531627671001 |
|
Travel |
|
|
|
|
|
|
VISA SONY E-SOLUTIONS 11/00 000-000-0000 |
|
|
|
|
|
$ |
435.73 |
|
11/14/2005 |
|
CA RF#531528206058 |
|
Software |
|
|
|
|
|
|
VISA CINGULAR*0761832300105 11/11 800- |
|
|
|
|
|
$ |
259.81 |
|
11/14/2005 |
|
331-0500 TN RF#000000000000 |
|
Cell Phone |
|
|
$ |
223.63 |
|
11/14/2005 |
|
VISA CINGULAR WIRELESS |
|
Cell Phone |
|
|
|
|
|
|
VISA EMBASSY SUITES LOVE FIELD11/12 |
|
|
|
|
|
$ |
135.70 |
|
11/14/2005 |
|
DALLAS TX RF#531528025400 |
|
Travel |
|
|
|
|
|
|
VISA EMBASSY SUITES LOVE FIELD11/12 |
|
|
|
|
|
$ |
135.70 |
|
11/14/2005 |
|
DALLAS TX RF#531520025400 |
|
Travel |
|
|
|
|
|
|
VISA THE BULL RING RESTAURANT 11/12 |
|
Dinner Business |
|
|
|
$ |
37.11 |
|
11/14/2005 |
|
SANTA FE NM RF#531529315153 |
|
Meeting |
|
|
|
|
|
|
VISA CINGULAR K004 9966 ESTOR 11/12 |
|
|
|
|
|
$ |
26.24 |
|
11/14/2005 |
|
8882843014 PA RF#000000000000 |
|
Cell Phone |
|
|
|
|
|
|
VISA EMBASSY SUITES LOVE FIELD11/18 |
|
|
|
|
|
$ |
160.70 |
|
11/18/2005 |
|
214-3574500 TX RF#532120525400 |
|
Travel |
|
|
|
|
|
|
VISA EMBASSY SUITES LOVE FIELD11/18 |
|
|
|
|
|
$ |
103.38 |
|
11/18/2005 |
|
214-3574500 TX RF#532123525400 |
|
Travel |
|
|
|
|
|
|
VISA SIGNATURE FLIGHT SUPPO 11/19 |
|
|
|
|
|
$ |
743.21 |
|
11/21/2005 |
|
DALLAS TX RF#532326144000 |
|
Travel |
|
|
|
|
|
|
VISA VERIZON WIRELESS 11/00 000-0000000 |
|
|
|
|
|
$ |
445.73 |
|
11/21/2005 |
|
NJ RF#000000000000 |
|
Cell Phone |
|
|
|
|
|
|
VISA HILTON HOTELS DALLAS PARK11/19 |
|
|
|
|
|
$ |
297.55 |
|
11/21/2005 |
|
214-3680400 TX RF#532325525400 |
|
Travel |
|
|
|
|
|
|
VISA HILTON HOTELS F&B 11/00 000-0000000 |
|
|
|
|
|
$ |
84.69 |
|
11/21/2005 |
|
TX RF#532224525400 |
|
Travel |
|
|
|
|
|
|
VISA CHEVRON 00208040 11/21 SANTA FE |
|
Auto |
|
|
|
$ |
77.90 |
|
11/21/2005 |
|
NM RF#532426452346 |
|
Expense |
|
|
|
|
|
|
VISA BODE AVIATION INC 11/00 000-000-0000 |
|
R&D Aircraft |
|
|
|
$ |
1,401.50 |
|
11/23/2005 |
|
NM RF#532723286000 |
|
Expense |
|
|
|
|
|
|
VISA XXXX'X GRILL 11/23 DALLAS TX |
|
|
|
|
|
$ |
149.63 |
|
11/23/2005 |
|
RF#532723116453 |
|
Travel |
|
|
|
|
|
|
|
|
R&D Aircraft |
|
|
|
$ |
136.00 |
|
11/23/2005 |
|
VISA BODE AERO SERVICES |
|
Expense |
|
|
|
|
|
|
VISA HILTON HOTELS F&B 11/00 000-0000000 |
|
|
|
|
|
$ |
28.50 |
|
11/23/2005 |
|
TX RF#532725525400 |
|
Travel |
|
|
|
|
|
|
VISA SIGNATURE FLIGHT SUPPO 11/25 |
|
|
|
|
|
$ |
682.45 |
|
11/25/2005 |
|
DALLAS TX RF#532928144000 |
|
Travel |
|
4
|
$ |
306.18 |
|
11/25/2005 |
|
VISA HILTON HOTELS XXXXXX XXXX00/00 |
|
Travel |
|
|
|
|
|
|
|
214-3680400 TX RF#532824525400 |
|
|
|
||
|
|
|
|
|
VISA HILTON HOTELS DALLAS PARK11/24 |
|
|
|
||
|
$ |
284.85 |
|
11/25/2005 |
|
214-3680400 TX RF#532821525400 |
|
Travel |
|
|
|
|
|
|
|
VISA SEVEN BAR AVIA62858345 11/24 |
|
|
|
||
|
$ |
184.50 |
|
11/25/2005 |
|
ALBUQUERQUE NM RF#532820671004 |
|
Travel |
|
|
|
|
|
|
|
VISA XXXXXX XXXXXXXXX 00/00 XXXXX XX |
|
Xxxxxx Xxxxxxxx |
|
||
|
$ |
77.64 |
|
11/28/2005 |
|
NM RF#533123330009 |
|
Meeting |
|
|
|
|
|
|
|
VISA ANGRY DOG 12/02 DALLAS TX |
|
|
|
||
|
$ |
25.68 |
|
12/2/2005 |
|
RF#533523467319 |
|
Travel |
|
|
|
|
|
|
|
POS VZWRLS 000 XXXXXXXXX XX 12/05 |
|
|
|
||
|
$ |
432.82 |
|
12/5/2005 |
|
FOLSOM CA RF#000000000000 |
|
Cell Phone |
|
|
|
|
|
|
|
VISA HILTON HOTELS DALLAS PARK12/02 |
|
|
|
||
|
$ |
345.43 |
|
12/5/2005 |
|
214-3680400 TX RF#533625025400 |
|
Travel |
|
|
|
|
|
|
|
VISA CONTINENTAL 005032503229612/04 |
|
|
|
||
|
$ |
200.00 |
|
12/5/2005 |
|
ALBUQUERQUE NM RF#533725655337 |
|
Travel |
|
|
|
|
|
|
|
VISA CONTINENTAL 005032503229712/04 |
|
|
|
||
|
$ |
200.00 |
|
12/5/2005 |
|
ALBUQUERQUE NM RF#533723655337 |
|
Travel |
|
|
|
|
|
|
|
VISA CONTINENTAL 005216318017912/04 |
|
|
|
||
|
$ |
133.67 |
|
12/5/2005 |
|
HOUSTON TX RF#533728655337 |
|
Travel |
|
|
|
|
|
|
|
VISA CONTINENTAL 005216318017712/04 |
|
|
|
||
|
$ |
133.67 |
|
12/5/2005 |
|
HOUSTON TX RF#533720655337 |
|
Travel |
|
|
|
|
|
|
|
VISA CINGULAR*0761832300105 12/06 800- |
|
|
|
||
|
$ |
266.97 |
|
12/6/2005 |
|
331-0500 TN RF#000000000000 |
|
Cell Phone |
|
|
|
|
|
|
|
VISA XXXXXXXX-XXXXXXXX.XXX 12/12 |
|
|
|
||
|
$ |
118.26 |
|
12/12/2005 |
|
BUNNIK RF#000000000000 |
|
Cell Phone |
|
|
|
|
|
|
|
VISA CARLTON SQUARE HOTEL 12/14 |
|
|
|
||
|
$ |
730.43 |
|
12/14/2005 |
|
HAARLEM RF#534770187000 |
|
Travel |
|
|
|
|
|
|
|
VISA WYNDHAM HOTELS ALBUQUERQU12/15 |
|
|
|
||
|
$ |
144.79 |
|
12/15/2005 |
|
505-8437000 NM RF#534928525400 |
|
Travel |
|
|
|
|
|
|
|
VISA CITY OF ALB AVIATION PKG 12/14 |
|
|
|
||
|
$ |
71.00 |
|
12/15/2005 |
|
ALBUQUERQUE NM RF#534824118000 |
|
Travel |
|
|
|
|
|
|
|
VISA SHELL OIL 53078960175 12/16 SANTA |
|
Auto |
|
||
|
$ |
74.91 |
|
12/16/2005 |
|
FE NM RF#534929000584 |
|
Expense |
|
|
|
|
|
|
|
VISA CINGULAR QD MTN TIME ZON 12/20 |
|
|
|
||
|
S382.14 |
|
12/20/2005 |
|
888-284-3014 GA RF#000000000000 |
|
Cell Phone |
|
||
|
|
|
|
|
VISA AT&T BUSINESS SERVICES 12/21 800- |
|
|
|
||
|
$ |
2,027.81 |
|
12/21/2005 |
|
4522248 NJ RF#000000000000 |
|
Cell Phone |
|
|
|
$ |
60.00 |
|
12/21/2005 |
|
VISA CINGULAR WIRELESS |
|
Cell Phone |
|
|
|
|
|
|
|
VISA CELLHIRE USA LLC 12/00 000-0000000 |
|
|
|
||
|
$ |
196.04 |
|
12/23/2005 |
|
TX RF#000000000000 |
|
Cell Phone |
|
|
|
|
|
|
|
VISA SANTE FE JET C64720634 12/24 505- |
|
R&D Aircraft |
|
||
|
$ |
3,161.36 |
|
12/27/2005 |
|
4712525 NM RF#535829671001 |
|
Expense |
|
|
|
|
|
|
|
VISA BODE AVIATION INC 12/00 000-000-0000 |
|
R&D Aircraft |
|
||
|
$ |
515.35 |
|
12/29/2005 |
|
NM RF#536326286000 |
|
Expense |
|
|
|
|
|
|
|
|
|
|
|
||
|
$ |
104,354.89 |
|
TOTAL |
|
|
|
|
|
|
5
