he's taken 10 million bucks, 'stated value' of loans and dumping them into pre registered C preferred convertibles.
The Preferred C Stock is convertible at any time at 60% of the lowest VWAP of the 20 days leading up to conversion multiplied by the stated value of $100.
Preferred Stock, Series C, $0.001 par value, 120,000 shares authorized, 104,732 shares issued and outstanding at Dec 31, 2014.
But not to be Connned.. the stated value of the TOXIC C preferred he converted for the big 5 billion share dump was only 1.2 million bucks, while the actual original loan amount was 5 million.
Given the actual amount of the 5 billion share conversion @ $5 million verses stated value, that's a multiple near 5 times the money. "According to the conversion terms described under Note 7 of the Financial Footnotes, investors converted 10,183 shares of Preferred C Stock representing value of $5,070,923 into 5,070,922,569 shares of the Company’s Common Stock."
Indicating he's now got 50 MILLION DOLLARS worth of TOXIC!! C convertible preferred waiting to be DUMPED!!
He's trying to hide the TOXIC loans and debt by canceling them after issuing C convertible preferred.
Or If: 10,183 shares of TOXIC Preferred C Stock represent value of $5,070,923, Then what does 104,732 TOXIC shares Preferred C Stock represent? $50 MILLION!!!
"The Preferred C Stock is convertible at any time at 60% of the lowest VWAP of the 20 days"
Bonus points! they're all in default raising the dividends to 18%. Basically, the amount of preferred outstanding are increasing cause he aint got no share to pay em/ DUMP!.
Corn-fused-us Long-vestor ancient saying: Patience and small movements keep a steady course.
I don't have a humble opinion!
At's ma boy!
