Exhibit 10.6
LOAN AGREEMENT
This Agreement is made and entered into as of July 5, 2000, by and between
BSI2000, Inc. (hereinafter "BSI2000" or the "Company"), with offices at 00000
Xxxx Xxxxxx Xxxxxx, Xxxxx X000 Xxxxxxxx, Xxxxxxxx 00000, and Xxxxxxx X. Xxxx
(hereinafter "Lender") member of the BSI2000 Board of Directors, with offices at
000 Xxxx 00xx Xxxxxx, Xxxxx 000 Xxxxxx, Xxxxxxxx 00000.
WHEREAS, BSI2000 intends to complete a financing in the range of $3
million as soon as practical;
WHEREAS, BSI2000 needs cash for operations until the above mentioned
bridge has been completed and wishes to complete a bridge loan in the interim in
the amount of $25,000.
NOW, THEREFORE, in consideration of the mutual covenants set forth
hereinafter; the parties hereto agree as follows:
1. Lender agrees to immediately loan and to transfer $25,000 to BSI2000.
2. BSI2000 agrees that interest on the above principal amount of $25,000
will accrue at an annual rate of 10% and will be compounded on a daily basis.
3. The parties hereto agree that the above principal amount; plus all
accrued interest, shall be paid back to the Lender on the day that the before
mentioned financing completes. This note is secured by all assets of the
Company.
IN WITNESS WHEREOF, the parties leave executed dais Bridge Loan Agreement
as of the day and year first above written:
BSI2000, Inc. Lender
By: /s/ Xxxx Xxxxxx By: /s/ Xxxxxxx X. Xxxx
Xxxx Xxxxxx, President Xxxxxxx X. Xxxx, Lender
