BioLargo, Inc.: BioLargo Strengthens Balance Sheet by Eliminating Debt as its Commercial Activities Expand
WESTMINSTER, CA / ACCESSWIRE / March 2, 2021 / BioLargo, Inc. (OTCQB:BLGO), a developer of sustainable technologies and full-service environmental engineering company, announced today that it had paid off $650,000 in debt, the bulk of which was scheduled to mature in August of 2021. Other than debt owed by its partially owned subsidiary Clyra Medical, only SBA loans and fixed-price convertible debt remain on BioLargo's balance sheet. Of the SBA loans, management expects all but the $150,000 EIDL 30-year 3.75% APR loan to be forgiven. Of the fixed price convertible debt, $100,000 will convert to equity automatically at the April 20, 2021 maturity date, the $406,000 due in August 2021 may be converted by the investors at a fixed price of $0.14 at any time, and $50,000 is due in two years.