Thursday, June 26, 2014 11:32:28 PM
This latest Factor Fund deal was first annnounced as being a new Net Capital financing deal:
8-K Feb 19, 2013
OK, so in February, Pervasip announce that they would solve the last $7M of Laurus debt by borrowing $350K to NetCapital, for which they owe $450K convertible at $0.02 a share.
It was a fantastic deal for a company that was broke and with a share price that was around $0.0017 at the time.
One month later, the company revealedthat this NetCapital deal was just (another) sham, that $450K debt had been resold and refinanced to Factor Fund the same day it was signed, so Pervasip owed $2M convertible at a variable rate, and a discount, not $450K at $0.02 as they had falsely announced.
To add insult to injury, Factor Fund converted and dumped a cool 40 million PVSP shares (obtained at a sizeable discount) the very day the deal was signed, and dumped those shares at very favorable prices, because the stock was undergoing a paid "stock promotion" during that same period of time.
That's why I've been bashing this company for years: Pervasip has been fleecing its hapless shareholders for a very long time.
On the company last dirty move was to announce, with the bad Q2, 2013 financials, that the company expected to become Cash Flow Positive within 6 months.
After that PVSP posted its Q3 results, (no progress at all), and then went dark.
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