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Re: PNKBULLSHT post# 54715

Wednesday, 08/20/2014 4:38:31 PM

Wednesday, August 20, 2014 4:38:31 PM

Post# of 57066
Now here's an ILIV must read..

We just have to use a common sense and conclude based on their new and existing convertible debt they have NO choice but to restructure, their debt is massive, they would need about 15 billion more shares for all conversions..

Here's a start.. the discounts on these are HUGE, all these convertible debt holders will short this to .0001 then likely R/S and start all over again..

Scroll down to see a large note to be converted @.000058 (5 decimals)

These are just convertible notes, there's also millions in promissory note not listed here but in the 10Q

On May 1, 2013 the Company entered into a convertible note agreement with Monbridge, Inc., (the “ Holder ” ) for $150,000. The note bears interest at the rate of 15% per annum beginning May 1, 2013, and matures on May 1, 2014. The note is convertible, at the option of the Holder into the Company ’ s common stock at a Variable Conversion Price calculated at 40% times the market price. The note may be redeemed by the Company at any time prior to maturity with notice to the Holder, and payment of a premium of 150% on the unpaid principal and interest amount of the note. The balance outstanding at June 30, 2014 is $0.

On September 25, 2013 the Company entered into convertible note agreement with Pasquale Pascullo, an individual (the “ Holder ” ) for $50,000. The note bears interest at the rate of 10% per annum beginning September 25, 2013, and matures on


On November 12, 2013 the Company entered into a convertible note agreement with Michael A. Rogoff, an individual (the “ Holder ” ) for $100,000. The note bears interest at the rate of 10% per annum beginning November 12, 2013, and matures on November 12, 2015. The note is convertible, at the option of the Holder into the Company ’ s common stock at a conversion price based on 50% of the average of the five lowest intraday prices for the common stock during the previous twenty trading days immediately preceding the conversion request. The note may be redeemed by the Company at any time prior to maturity with notice to the Holder, and payment of a premium of 150% on the unpaid principal and interest amount of the note. The principal balance outstanding at June 30, 2014 is $100,000. The Company recorded a put premium on this note as of the date of the transaction.

On December 31, 2013 the Company entered into a convertible note agreement with Marvin Neuman, an individual (the “ Holder ” ) for $85,000. The note bears interest at the rate of 10% per annum beginning December 31, 2013, and matures on December 31, 2015. The note is convertible at any time after thirty days, at the option of the Holder into the Company ’ s common stock at a conversion price based on 50% of the average of the five lowest intraday prices for the common stock during the previous twenty trading days immediately preceding the conversion request. The note may be redeemed by the Company at any time prior to maturity with notice to the Holder, and payment of a premium of 150% on the unpaid principal and interest amount of the note. The principal balance outstanding at June 30, 2014 is $85,000. The Company recorded a put premium on this note as of the date of the transaction.

On February 20, 2014 the Company entered into a convertible note agreement with Long Side Ventures, LLC, (the “ Holder ” ) for $20,000. The note bears interest at the rate of 10% per annum beginning February 20, 2014, and matures on February 20, 2016. The note is convertible, at the option of the Holder into the Company ’ s common stock at a conversion price of 50% of the average of the five lowest intraday prices for the Company ’ s stock during the previous 20 trading days. The note may be redeemed by the Company at any time prior to maturity with notice to the Holder, and payment of a premium of 150% on the unpaid principal and interest amount of the note. The principal balance outstanding at June 30, 2014 is $20,000. The Company recorded a put premium on this note as of the date of the transaction.

On March 11, 2014 the Company entered into a convertible note agreement with R&T Sports Marketing Inc., a Florida corporation, (the “ Holder ” ) for $50,000. The note bears interest at the rate of 10% per annum beginning March 11, 2014, and matures on March 11, 2016. The note is convertible, at the option of the Holder into the Company ’ s common stock at a conversion price of 50% of the average of the five lowest intraday prices for the Company ’ s stock during the previous 20 trading days. The note may be redeemed by the Company at any time prior to maturity with notice to the Holder, and payment of a premium of 150% on the unpaid principal and interest amount of the note. The principal balance outstanding at June 30, 2014 is $50,000. The Company recorded a put premium on this note as of the date of the transaction.

On March 24, 2014 the Company entered into a convertible note agreement with Long Side Ventures, LLC, (the “ Holder ” ) for $20,000. The note bears interest at the rate of 10% per annum beginning March 24, 2014, and matures on March 24, 2016. The note is convertible, at the option of the Holder into the Company ’ s common stock at a conversion price of 50% of the average of the five lowest intraday prices for the Company ’ s stock during the previous 20 trading days . The note may be redeemed by the Company at any time prior to maturity with notice to the Holder, and payment of a premium of 150% on the unpaid principal and interest amount of the note. The principal balance outstanding at June 30, 2014 is $40,000. The Company recorded a put premium on this note as of the date of the transaction.

On April 8, 2014 the Company entered into a convertible note agreement with Arnold Goldin, (the “ Holder ” ) for $50,000. The note bears interest at the rate of 10% per annum beginning April 8, 2014, and matures on April 8, 2016. The note bears interest at the rate of 10% per annum beginning March 24, 2014, and matures on March 24, 2016. The note is convertible, at the option of the Holder into the Company ’ s common stock at a conversion price of 50% of the average of the five lowest intraday prices for the Company ’ s stock during the previous 20 trading days. The note may be redeemed by the Company at any time prior to maturity with notice to the Holder, and payment of a premium of 150% on the unpaid principal and interest amount of the note. The principal balance outstanding at June 30, 2014 is $50,000. The Company recorded a put premium on this note as of the date of the transaction.

On April 8 , 2014 the Company entered into a convertible note agreement with Brent Coetzee, (the “ Holder ” ) for $50,000. The note bears interest at the rate of 10% per annum beginning April 8 , 2014, and matures on April 8 , 2016. The note bears interest at the rate of 10% per annum beginning March 24, 2014, and matures on March 24, 2016. The note is convertible, at the option of the Holder into the Company ’ s common stock at a conversion price of 50% of the average of the five lowest intraday prices for the Company ’ s stock during the previous 20 trading days . The note may be redeemed by the Company at any time prior to maturity with notice to the Holder, and payment of a premium of 150% on the unpaid principal and interest amount of the note. The principal balance outstanding at June 30, 2014 is $ 50,000. The Company recorded a put premium on this note as of the date of the transaction.

On April 8, 2014 the Company entered into a convertible note agreement with Somesing, LLC, (the “ Holder ” ) for $50,000. The note bears interest at the rate of 10% per annum beginning April 8, 2014, and matures on April 8, 2016. The note bears interest at the rate of 10% per annum beginning March 24, 2014, and matures on March 24, 2016. The note is convertible, at the option of the Holder into the Company ’ s common stock at a conversion price of 50% of the average of the five lowest intraday prices for the Company ’ s stock during the previous 20 trading days. The note may be redeemed by the Company at any time prior to maturity with notice to the Holder, and payment of a premium of 150% on the unpaid principal and interest amount of the note. The principal balance outstanding at June 30, 2014 is $50,000. The Company recorded a put premium on this note as of the date of the transaction.

Subsequent to June 30, 2014:

Check out the FIXED conversion price, 5 decimals .000058

On June 10, 2014, the Company entered into a Securities Purchase Agreement with KBM Worldwide, Inc., pursuant to which we sold to KBM an 8% Convertible Promissory Note in the original principal amount of $42,500 (the “ Note ” ). The Note has a maturity date of March 15, 2015, and is convertible after 180 days into our common stock at the greater of (i) the Variable Conversion Price and (ii) the Fixed Conversion Price. The “ Variable Conversion Price ” shall mean 52% multiplied by the Market Price (representing a discount rate of 48%). “ Market Price ” means the average of lowest three (3) Trading Prices for the Common Stock during the ten (10) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. “ Trading Price ” means the closing bid price on the applicable day. The “ Fixed Conversion Price ” shall mean $0.000058. The shares of common stock issuable upon conversion of the Note will be restricted securities as defined in Rule 144 promulgated under the Securities Act of 1933. The Note can be prepaid by us at a premium as follows: (a) between 0 and 30 days after issuance – 110% of the principal amount; (b) between 31 and 60 days after issuance – 115% of the principal amount; (c) between 61 and 90 days after issuance – 120% of the principal amount; (d) between 91 and 120 days after issuance – 125% of the principal amount; and (e) between 121 and 180 days after issuance – 130% of the principal amount. The purchase and sale of the Note closed on June 10, 2014, the date that the purchase price was delivered to us. The principal balance outstanding at June 30, 2014 is $42,500. The Company recorded a derivative liability on this note.

In July, 2014, the Company entered into a securities purchase agreement with Adar Bays, LLC, a Florida limited liability company (the “ Holder ” ), for the purchase and sale of $50,000 of a convertible note ( “ Note ” ). The Note bears interest at the rate of 8% per annum beginning as of July 7, 2014, and matures on July 7, 2015. The principal and accrued interest under the Notes will be convertible into shares of Common Stock of the Company at a 45% discount to the lowest trading price with a 12 day look back. The Notes may be prepaid with during the first 180 days at 150% of the face amount plus any accrued interest. This Note may not be prepaid after the 180th day.

In July, 2014, the Company entered into entered into a securities purchase agreement with LG Capital Funding, LLC, a New York limited liability company (the “ Holder ” ), for the purchase and sale of $75,000 of a convertible note ( “ Note ” ). The Note bears interest at the rate of 8% per annum beginning as of July 7, 2014, and matures on July 7, 2015. The principal and accrued interest under the Notes will be convertible into shares of Common Stock of the Company at a 45% discount to the lowest trading price with a 12 day look back. The Notes may be prepaid with during the first 180 days at 150% of the face amount plus any accrued interest. This Note may not be prepaid after the 180th day.

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