DefaultApr 24, 2026, 04:07 PM
GridAI Technologies Defaults on Loan, Faces $1.01M Demand
AI Summary
GridAI Technologies Corp. has defaulted on its Revolving Loan Agreement with 1396974 BC Ltd. The company failed to repay the outstanding balance by the January 31, 2026 maturity date. As a result, the lender issued a demand letter on April 1, 2026, seeking a total of $1,014,675, which includes the principal, accrued interest, and a 20% default penalty. GridAI is currently evaluating the situation and is in active discussions with the lender.
Key Highlights
- GridAI Technologies defaulted on a Revolving Loan Agreement dated January 27, 2025.
- The loan's maturity date was January 31, 2026.
- Lender demanded payment of $1,014,675 on April 1, 2026.
- The demanded sum includes $700,000 principal, interest, and a 20% default increase.