Price magnets at .45 and 1.25: read the filings!!
sales: collapsed, losing money, $448k in cash as of 12/31 losing $500k/qtr
TRANSLATION:THEY ARE PROBABLY BROKE RIGHT ABOUT NOW, THEY NEED TO PUKE OUT MANY MORE SHARES TO GET MONEY
THEY HAVE THE ZERO COST PRINTING PRESS, U DONT:
On July 19, 2013, we completed the sale of 2,788,369 shares of our common stock to 18 purchasers (“Stock Sale”) in exchange for gross proceeds of approximately $1,210,000 consisting of $1,000,000 cash and the tendering of previously outstanding notes payable totaling $210,000. We received $1,206,034, net of related costs in connection with the transaction.
On July 19, 2013, we issued notes payable totaling $191,000 to three note holders. These notes mature 18 months from their date of issuance, bear interest of the rate of 3% per annum (payable semiannually) and may be repaid by our Company prior to their maturity. The notes are convertible into shares of our common stock at the rate of $1.25 per share at the option of the holder and are subject to mandatory conversion if prior to the maturity date the reported trading price of the shares on their principal market shall close at not less than $1.50 per share for seven trading days within any twenty consecutive trading days. On September 26, 2013, the conditions required for a mandatory conversion of these notes were satisfied and the entire principal balance of the Notes and related accrued interest totaling $1,082 were automatically converted into 153,667 shares of our Company’s common stock at $1.25 per share.
AI
