On May 12, 2015, Gyrotron Technology, Inc. borrowed $60,000 from Gabriel Capital LP. The loan, which is interest free, is to be repaid from half of the net proceeds of any equity financing obtained by the Company, and in any event to be repaid by September 30, 2015. Gabriel Capital had previously lent the Company $40,000, which is to be repaid on July 1, 2015, or earlier, to the extent the Company has cash in excess of $250,000 and $45,000, which is to be repaid on October 1, 2015, or earlier, to the extent the Company has cash in excess of $250,000.