Thursday, August 14, 2014 7:25:01 PM
Bad news: They reported a small loss for the quarter ended June 30. And they issued new floorless convertible debt (principal amount: $ 37.5K). See "Subsequent events".
"At June 30, 2014, aggregate principal amount due under convertible notes amounted to $403,286. If all convertible notes were converted to common stock at June 30, 2014, we would be required to issue approximately 12,427,099 shares of our common stock. If our stock price decreases, the number shares issuable upon conversion of the outstanding convertible notes will increase. The conversion of our convertible notes into our common stock may have a materially adverse effect on the market price of our common stock and will have a dilutive effect on our existing shareholders."
Good news (and much more important in my opinion): Subsequent events. $ 173.5K of the convertible debt mentioned above has been converted into 7.939m shares. This leaves the outstanding convertible debt as of August 4 at $ 232.5K + 37.5K = $ 270K (plus interest). A reduction of $ 133K.
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