Principal loan secured by first and second rank hypothec on the universality of the assets of the Company, payable in monthly capital instalments of $466,667 plus interest calculated at the rate of 12%, (effective rate of 20,01%) from November 30, 2012 until January 31, 2014. (a)




source - June 2012 accounts.

The 12% interest is a flat rate on the initial capital.  Therefore, as noted in the accounts, the true rate of interest is 20.01%.  when it is considered that this loan is secured against the assets of the company, it is a very very high true rat eof interest.