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 is 2.4 million dollars people.  Most of us here would be looking for security if we lent anyone a couple hundred bucks!