Lithium Exploration Group Inc. (fka LEXG)

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$LEXG Facts- $LEXG JUST DOWNGRADED to PINK-SHEETS after-hours!!! www.otcmarkets.com/stock/LEXG/quote http://investorshub.advfn.com/boards/read_msg.aspx?message_id=107704773

$LEXG Recently raised A/S to 2,000,000,000 Approved Shares...

$LEXG 1 for 20 Reverse Split coming soon and the A/S will stay 2B shares...

$LEXG $1M+ Convertable Debt Notes...

$LEXG Spends LOTS of money on paid pumps... Some claiming $2/share soon...

cash: $731 thousand
current assets: $803 thousand
total assets: $1.71 million
current liabilities: $4.37 million
quarterly revenues: $17,882
quarterly net loss: $4.76 million
The above seen here- http://www.hotstocked.com/article/88183/lithium-exploration-group-inc-otcmkts-lexg.html

$LEXG has LOTS of debt like seen below. Below is just two examples of a 10K that is littered with similar convertible debts...

Quote:
On February 13, 2013, we entered into a securities purchase agreement with JMJ Financial. Pursuant to the terms of the agreement, our company will also enter into a convertible promissory note in the principal amount of $1,100,000(for consideration of up to $1,000,000), of which $100,000 shall be paid to our company upon closing of the convertible promissory note and a common stock purchase warrant for the purchase of up to 540,540 shares of our common stock at an exercise price of $0.185 for a period of five years. The convertible promissory note shall have a maturity date of February 13, 2016. The remainder of the convertible debenture can be drawn down on by mutual agreement from JMJ Financial and our company. As at the date of this report we have made the following issuances of common stock in conversion of the February 13, 2013 note:

On August 13, 2013 we issued 1,585,714 common shares in conversion of $163,693 payable pursuant to the note.
On November 11, 2013, we issued 1,387,500 common shares in conversion of $81,846 payable pursuant to the note.
On December 4, 2013, we issued 1,435,345 common shares in conversion of $81,846 payable pursuant to the note.
On January 6, 2014 we issued 2,553,681 common shares in conversion of $81,846 payable pursuant to the note.
On February 14, 2014 we issued 2,000,000 common shares in conversion of $62,921 payable pursuant to the note.
On March 3, 2014 we issued 1,902,344 common shares in conversion of $62,921 payable pursuant to the note.
On June 10, 2014 we issued 1,600,000 common shares in conversion of $47,752 payable pursuant to the note.
On June 27, 2014 we issued 1,700,000 common shares in conversion of $44,171 payable pursuant to the note.
On July 16, 2014 we issued 1,800,000 common shares in conversion of $70,200 payable pursuant to the note.
On August 1, 2014 we issued 1,062,687 common shares in conversion of $39,000 payable pursuant to the note.
As at June 30, 2014, there remains a balance of $343,475 unconverted and payable pursuant to the note.

On September 23, 2013 we issued 1,293,717 common shares at a deemed of $0.04 per share in full cashless exercise of the 540,540 warrants issued in connection with the note.

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Quote:
On January 6, 2014, JDF entered into a securities amendment and settlement agreement with us, where we agreed to convert the remaining portions of the securities purchase agreement of $522,000 into Series B Convertible Preferred Stock of our company (the “Preferred Shares”), being 1 Preferred Share per $1 remaining payable pursuant to the securities purchase agreement. Each Preferred Share is convertible into common shares of our company by cashless conversion at a price of 50% of the lowest traded price of the previous 20 trading days of a notice to convert.

As at June 30, 2013 we had issued 35,045,996 common shares in full conversion and settlement of the convertible note and all Series B Preferred Shares issued in relation to the $672,000 loan. The issuances included the following:

On November 18, 2013 we issued 2,500,000 common shares for an aggregate conversion price of $75,000.
On December 20, 2013 we issued 3,000,000 common shares for an aggregate conversion price of $48,900.
On January 15, 2014 we issued 1,601,227 common shares for an aggregate conversion price of $26,100.
On February 11, 2014 we issued 3,000,000 common shares for an aggregate conversion price of 48,000 Series B Preferred Shares ($48,000).
On Feb 24, 2014 we issued 2,000,000 common shares for an aggregate conversion price of 32,000 Series B Preferred Shares ($32,000).
On March 5, 2014 we issued 2,500,000 common shares for an aggregate conversion price of 40,000 Series B Preferred Shares ($40,000).
On March 7, 2014 we issued 6,750,000 common shares for an aggregate conversion price of 122,175 Series B Preferred Shares ($122,175).
On March 12, 2014 we issued 745,856 common shares for an aggregate conversion price of 13,500 Series B Preferred Shares ($13,500)
On March 17, 2014 we issued 6,000,000 common shares for an aggregate conversion price of 106,500 Series B Preferred Shares ($106,500).
On April 7, 2014 we issued 6,948,913 common shares for an aggregate conversion price of 159,825 Series B Preferred Shares ($159,825).
$500,000 Loan

On September 13, 2013, we entered into a securities purchase agreement with JDF, pursuant to which JDF agreed to provide our company with an aggregate investment of $500,000 in consideration of our issuance of convertible promissory notes and common share purchase warrants.

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