PROMISSORY NOTE
$150,000
May 24, 2013
FOR VALUE RECEIVED, the undersigned, PCS EDVENTURES!.COM, INC., an Idaho corporation (hereinafter referred to as “Borrower”), hereby promises to pay to the order of TODD R. HACKETT, or (his/her/its) successors and assigns, if any (hereinafter referred to as “Lender”), the principal sum of One Hundred and Fifty Dollars ($150,000), together with interest on the unpaid principal amount of this Promissory Note (“Note”) at the rate of twelve percent (12%) per annum in the manner and upon the terms and conditions set forth below.
The principal and interest on the unpaid principal amount of this Note, or any portion thereof, shall be paid in full in cash on or before August 24, 2013. All cash payments on this Note shall be made in lawful currency of the United States at the address of the Lender, or at such other place as the holder of this Note may designate in writing.
This Note is secured by several customers purchase orders to PCS Edventures for the sum of $150,229.95 as collateral as described in the attached appendix. Borrower shall repay Lender $0.50 for every $1.00 received within 5 working days of collection of the funds paid on the customer purchase orders described on the appendix. The remaining $0.50 shall be re-secured by new purchase orders (to be determined) received by the company from its customers. Each week the Borrower shall amend the Promissory Note appendix to identify those purchase orders which have been paid by customers. The aggregate amount of customer payments applied to the principal and interest and additional purchase orders received by the company during the preceding week.
The obligations of the Borrower hereunder may be assigned by the Borrower without consent or prior notice to the Lender.
Upon default in the payment of any amount due pursuant to this Note for more than thirty (30) days after the due date, the Lender may, without notice, declare the entire debt and principal amount then remaining unpaid under this Note immediately due and payable and may, without notice, in addition to any other remedies, proceed against the Borrower to collect the unpaid principal and any interest due. Presentment for payment, notice of dishonor, protest and notice of protest are waived by the Borrower and any and all others who may at any time become liable or obligated for the payment of all or any part of this Note, the principal or interest due.
This Note may be amended only by a written instrument executed by Lender and Borrower.
This Note shall be governed by, and shall be construed and enforced in accordance with, the laws of the State of Idaho. Any legal action to enforce any obligation of the
parties to this Note shall be brought only in the District Court of the Fourth Judicial District of the State of Idaho, in and for the County of Ada.
In the event of any civil action filed or initiated between the parties to this Note or any other documents accompanying this Note, or arising from the breach or any provision hereof, the prevailing party shall be entitled to seek from the other party all costs, damages, and expenses, including reasonable attorney’s and paralegal’s fees, incurred by the prevailing party.
Dated the day and year first above written.
PCS EDVENTURES!.COM, INC.
_______________________
Robert O. Grover, CEO
PCS Edventures, Inc.
345 Bobwhite Ct. Ste. 200
Boise, ID 83706
(Borrower)
/s/ Todd Hackett
Todd Hackett
1923 Wildwood Lane
Muscatine, Iowa, 52761
(Lender)
APPENDIX
Order Reference No. | Customer | Customer Purchase Order | Amount |
|
|
|
|
14429 | STEMfinity | 1655-Ford Heights IL | $ 505.75 |
14442 | STEMfinity | 1638-Las Cruces NM | $ 1,266.50 |
14453 | STEMfinity | 1603-Clearwater, FL | $ 3,221.50 |
14460 | STEMfinity | 1689-Dublin,GA | $ 1,011.50 |
14463 | STEMfinity | 1677-Toppenish,WA | $ 1,270.75 |
14530 | STEMfinity | 1680-Asher,OK | $ 1,610.75 |
14531 | STEMfinity | 1697-Birmingham AL | $ 3,767.40 |
14533 | STEMfinity | 1681-DobbsFerry,NY | $ 3,808.00 |
14535 | STEMfinity | 1729-Ripley,TN | $ 505.75 |
14536 | STEMfinity | 1755-Warwick,ND | $ 505.75 |
14555 | STEMfinity | 1766-Middlesboro,KY | $ 760.75 |
14596 | STEMfinity | 1784-Dubois,WY | $ 531.25 |
14597 | STEMfinity | 1813-AirwayHeights,WA | $ 1,037.00 |
14598 | STEMfinity | 1799-Tampa,FL | $ 505.75 |
14551 | Meridian Joint School District #2 | 004959 | $ 2,380.00 |
14547 | 18625 Lake City Middle School | Web Order/PO00029887 | $ 2,274.00 |
14599 | 18532 Roselle Park School District - NJ | 301782 | $ 1,767.50 |
14556 | 239 Idaho Commission for Libraries | 2013-684 | $ 3,533.00 |
14518 | Savannah R 3 Public Schools | WR32102 | $ 6,876.00 |
7143 | 18496 Conway Public Schools | 13005528 | $ 2,000.00 |
7222 | STEMfinity | 1707-Lyford,TX | $ 2,431.80 |
7223 | 239 Idaho Commission for Libraries | 2013-671 | $ 10,942.50 |
7224 | 239 Idaho Commission for Libraries | 2013-671 | $ 1,600.00 |
7226 | Zion Elementary School District 6 | 0000033690 | $ 1,770.00 |
7230 | Harlingen Consolidated Independent School District | 00124591 | $ 1,425.00 |
7236 | STEMfinity | 1743-Richmond,CA | $ 2,541.50 |
7233 | STEMfinity | 1752-Sublette,KS | $ 1,802.00 |
7239 | Humboldt USD 258 Humboldt USD 258 | 032531 | $ 9,240.00 |
7234 | STEMfinity | 1745-Hammond,LA | $ 532.50 |
7242 | Beaumont ISD | 1009247 | $ 1,870.00 |
7240 | STEMfinity | 1764-Independence,MO | $ 3,187.50 |
7244 | 19764 Playa Vista Elementary School | OP BP0M0000308 | $ 5,554.41 |
7243 | Sand Springs Public Schools | 2013-11-1705 | $ 4,360.00 |
7247 | STEM Academy 101 | SA 9841 School PO # 5700-10120 | $ 4,940.00 |
7248 | Fulton County Schools - KY | 00013322-00 | $ 2,695.00 |
7250 | Los Fresnos CISD Los Fresnos CISD | 13006679 | $ 1,935.00 |
7252 | Child Development Centers, Inc. - PA | 1002 | $ 1,600.00 |
7257 | Alvord Unified School Dist. | P-2037735 | $ 1,194.00 |
7259 | STEMfinity | 1793-Chicago,IL | $ 1,270.75 |
7258 | STEM Academy 101 | SA 2013-111 School PO P201303328 | $ 4,940.00 |
7270 | STEMfinity | 1798-Beaumont,TX | $ 505.75 |
7266 | STEMfinity | 1811-Clearwater,FL | $ 2,031.50 |
7269 | STEMfinity | 1820-Frederick,MD | $ 1,270.75 |
7262 | STEMfinity | 1823-SanAntonio,TX | $ 2,125.00 |
7268 | STEMfinity | 1828-Bakersfield,CA | $ 2,460.75 |
7260 | 18658 Bonifay Middle | 823 | $ 9,985.00 |
7265 | 22129 SKY Academy Charter School | 9833 | $ 1,825.00 |
7272 | 18397 St Anthony School- Oakland CA | Online Order -PO STA05102013 | $ 1,723.34 |
7273 | Community Tutoring - Prince George's County - MD | 201301 | $ 6,997.00 |
7274 | STEM Academy 101 | SA 2013-124 School PO 311971 | $ 4,940.00 |
7280 | STEMfinity | 1832-McComb, MS | $ 2,282.25 |
7282 | STEMfinity | 1839-Dubois,WY | $ 1,610.75 |
7281 | 22235 Trimble County Schools - KY | 4006 | $ 4,855.00 |
7284 | Bibb County Schools Bibb County School District | GF130301 | $ 1,355.00 |
7289 | STEMfinity | 1854-Clearwater,FL | $ 760.75 |
7288 | STEMfinity | 1861-Aiken, SC | $ 531.25 |
|
|
| $ 150,229.95 |