Radnostix Inc (INIS) insider finances company with $500K convertible note
Rhea-AI Filing Summary
RADNOSTIX INC director and 10% owner Christopher G. Grosso, through Kershner, Grosso & Co., purchased a $500,000 convertible promissory note from the company. The note bears simple interest at 5% per year, with interest payable annually and optional paid-in-kind interest for the first two years.
The lender may convert principal and accrued interest into common stock at $0.07 per share, initially corresponding to 7,142,857 shares based on principal alone, subject to anti-dilution adjustments. RADNOSTIX can force conversion if the volume weighted-average closing price exceeds $0.12 per share over thirty consecutive trading days, and the instrument carries an expiration date of June 30, 2031.
Positive
- None.
Negative
- None.
Insider Trade Summary
1 transaction reported
Mixed
1 txn
Insider
GROSSO CHRISTOPHER G
Role
Director, 10% Owner
Bought
0 shs ($0.00)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Purchase | Convertible Promissory Note | 0 | $500,000.00 | $0.00 |
Holdings After Transaction:
Convertible Promissory Note — 0 shares (Indirect, By Kershner Grosso & Co.)
Footnotes (3)
- F1. Radnostix, Inc. (the "Company") entered into a convertible promissory note agreement (the "Note") with Kershner, Grosso & Co. ("Lender").The Note is in the principal amount of $500,000, bears simple interest at a fixed rate of 5% per annum with interest payable annually on each anniversary date of the Note. For the first two years, the Company may pay interest either in cash or in kind ("PIK Interest"). If the Company elects to PIK Interest, such PIK Interest is added to then outstanding principal for purposes of calculating future interest accruals. The Lender has the right to convert all or any portion of outstanding principal and accrued interest into shares of the Company's Common Stock at a conversion price of $0.07 per share subject to customary anti-dilution adjustments. The Company has the right to force conversion of the Note if the volume weighted-average closing price over thirty consecutive trading days is greater than $0.12 per share. The Note has a maturity date of June 3
- F2. The number of shares underlying the Note reflects the conversion of $500,000 principal at $0.07 per share, rounded down to the nearest whole share (7,142,857 shares); accrued interest is not reflected. The common stock issuable upon conversion may vary based on accrued interest and any applicable adjustments.
- F3. By Kershner, Grosso & Co., a company owned and controlled by the registrant.
Key Figures
Note principal: $500,000
Interest rate: 5% per annum
Conversion price: $0.07 per share
+3 more
6 metrics
Note principal
$500,000
Convertible promissory note principal amount
Interest rate
5% per annum
Simple interest on note, payable annually
Conversion price
$0.07 per share
Price to convert principal and interest into common stock
Underlying shares (principal only)
7,142,857 shares
Shares from $500,000 principal at $0.07 conversion price
Forced conversion trigger price
$0.12 per share
VWAP threshold over 30 consecutive trading days
Expiration date
June 30, 2031
Expiration date of the convertible promissory note
Key Terms
Convertible Promissory Note, PIK Interest, anti-dilution adjustments, volume weighted-average closing price
4 terms
Convertible Promissory Note financial
"Radnostix, Inc. entered into a convertible promissory note agreement (the "Note") with Kershner, Grosso & Co."
A convertible promissory note is a loan a company takes now that can later be turned into shares instead of being repaid in cash. Think of it as lending money with the option to accept ownership in the business down the road; that matters to investors because it affects who gets paid first, how much ownership existing shareholders keep, and the company’s future valuation and cash needs. Terms such as conversion price, interest and maturity determine the financial impact.
PIK Interest financial
"For the first two years, the Company may pay interest either in cash or in kind ("PIK Interest")."
Payment-in-kind (PIK) interest is interest on a loan or bond that is paid by adding to the borrower’s debt rather than by handing over cash; think of it as paying rent by giving an IOU that increases the total owed instead of using money now. Investors care because PIK raises short-term cash for the borrower but increases future risk — the lender receives a larger, deferred payment and assumes more credit and timing uncertainty.
anti-dilution adjustments financial
"at a conversion price of $0.07 per share subject to customary anti-dilution adjustments."
Anti-dilution adjustments are changes made to the ownership stakes or value of an investment to protect investors from having their shares become less valuable if the company issues new shares at a lower price. Imagine buying a piece of a pie, and then the pie is cut into more slices without increasing in size—these adjustments help ensure your slice still retains its worth. They matter to investors because they help preserve the value of their investment when the company’s share price drops.
volume weighted-average closing price financial
"The Company has the right to force conversion of the Note if the volume weighted-average closing price over thirty consecutive trading days is greater than $0.12 per share."
FAQ
What insider transaction did RADNOSTIX INC (INIS) report on this Form 4?
RADNOSTIX INC reported that an entity owned by director and 10% owner Christopher G. Grosso purchased a $500,000 convertible promissory note from the company. The note can later be converted into common stock under defined terms.
What are the key terms of the RADNOSTIX INC (INIS) convertible note?
The note has $500,000 principal, bears simple interest at 5% per annum, and interest is payable annually. For the first two years, RADNOSTIX may pay interest in cash or paid-in-kind, which is added to principal for future interest calculations.
At what price can the RADNOSTIX INC (INIS) note convert into common stock?
The lender may convert outstanding principal and accrued interest into RADNOSTIX common stock at $0.07 per share, subject to customary anti-dilution adjustments. Based only on principal, this initially corresponds to 7,142,857 underlying common shares, excluding any future interest.
Who actually holds the RADNOSTIX INC (INIS) convertible note reported for Christopher G. Grosso?
The note is held by Kershner, Grosso & Co., described as a company owned and controlled by the registrant, Christopher G. Grosso. The filing classifies this as indirect ownership, reflecting his interest through that affiliated entity rather than direct personal holding.
AI-generated analysis. How Rhea-AI works. Not financial advice.
