CEO Victor has already proven himself this was a lie
CEO said in the December 2013 letter that he was moving into the balance sheet being cleaned up, converting personal debt owed to him into equity,
as CEO Victor has converted said equity into cash FACT(s) w/ $$SVFC's rapidly growing debt/deficit while both Victor & Anna continue to sell THEIR NOTES while causing 31,720,856 shares to enter the market while leaving other NOTES in Default that have SVFC asset's used as collateral FACT
The facts are: Victor & Anna have sold around $1.5 Million dollars worth of stock since around the end of last year @ .002522 pps while also causing the dumping of over 31M shares into the open market FACT
Steven Victor Convertible Promissory Note
On October 1, 2013, the Company issued a $1,000,000 convertible promissory note to Dr. Steven Victor, the Company’s CEO, to convert $585,794 of accrued salary and $414,206 of personal loans due to Dr. Steven Victor (the “Victor Note”). The Victor Note is payable on demand and bears an annual 12% simple interest rate. The Victor Note is convertible into shares of the Company’s common stock at a price equal to the average five trading day closing bid price during the five days immediately prior to the conversion date multiplied by one and a half.
On October 1, 2013, the Company was advised that the Victor Note was assigned to Redwood as part of Redwood Deal #5.
On January 1, 2014, the Company issued an $80,000 convertible promissory note to Dr. Steven Victor, the Company’s CEO, to convert $80,000 of accrued salary, and bears simples interest of 12% per annum. On March 26, 2014, the $80,000 convertible promissory note was assigned to Gene Kaslow (the “Kaslow Note”).
On March 19, 2014, the Gene Kaslow converted the full $80,000 of principal into 31,720,856 shares of the Company’s common stock.
As of March 31, 2014, the Kaslow Note had a principal balance of $-0- and accrued interest of $2,400.
Anna Rhodes Convertible Promissory Note
On October 1, 2013, the Company issued a $389,711 convertible promissory note to Anna Rhodes, the Company’s Executive Vice President, to convert $229,464 of accrued salary and $160,247 of personal loans due to Anna Rhodes (the “Rhodes Note”). The Rhodes Note is payable on demand and bears an annual 12% simple interest rate. The Rhodes Note is convertible into shares of the Company’s common stock at a price equal to the average five trading day closing bid price during the five days immediately prior to the conversion date multiplied by one and a half.
On October 1, 2013, the Company was advised that the Rhodes Note was assigned to Redwood as part of Redwood Deal #5.
On January 1, 2014, the Company issued an $80,000 convertible promissory note to Dr. Steven Victor, the Company’s CEO, to convert $80,000 of accrued salary, and bears simples interest of 12% per annum. On March 26, 2014, the $80,000 convertible promissory note was assigned to Gene Kaslow (the “Kaslow Note”).
On March 19, 2014, the Gene Kaslow converted the full $80,000 of principal into 31,720,856 shares of the Company’s common stock.
As of March 31, 2014, the Kaslow Note had a principal balance of $-0- and accrued interest of $2,400.
that is an average cost per share of 0.002522 Wonder why Victor values his own company @ 0.002522 http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=10056697 pg. 25 DAMN easy proving the long line of BS hope, BS hype & those failed dreams now nightmares @ & w/ Intellicell Bioscien (SVFC) 0.0016
1) Holders of some of our promissory notes which are now in default could, if they were to successfully enforce those notes in a law suit, levy on our assets and have them sold to satisfy our obligations on the notes.
2) Part of our debt held by promissory note holders has been assumed by Redwood Management, LLC. However, [color=red]our bridge notes and our convertible promissory notes held by some of our promissory note holders are in default, and we are not in a position to repay them. We intend to use the proceeds of a future offering to pay off such notes. Holders of those notes could if they choose to sue on those notes, and if they were successful in their lawsuits they could levy on our assets and have those assets sold to satisfy the amounts we owe them.
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