The company puts out a general standard security agreement and it didn't long for people to start complaining again. Whether you see it in a release or not every loan has a backing of some sort. Do you think anyone here would do up a loan of this magnitude or even less and not ask for any security. It is a standard procedure if you didn't know.
This is what I recommend for those that are complaining. If you have the guts and money why don't simply pick up the phone and call the company to lend them the cash. I am sure they would be happy to accept the cash and offer you the same terms. Who knows...maybe even better. It's much easier for all to sit behind a computer screen and start typing without putting things into perspective.
I know for a fact that if I loaned any company any money, I would be securing it and covering all my bases. Also, as investors do you not think that 2.4 million can be paid back immediately once the CTO is lifted. I am not defending anyone but I don't see very many CEOs use their own funds and go lending them to the company. It takes a person with a lot of guts to dish out that kind of cash.
I think before commenting and start jumping to conclusions, sit back and think if you were in that situation. Think of that number for a second.....it is 2.4 million dollars people. Most of us here would be looking for security if we lent anyone a couple hundred bucks!