MUST READ. I wanted to get in this today until I read the latest Q, has anyone read all these Toxic convertible deals this company has out there? 5 already came due since the R/S in Feb.
Now I find out the T/A is GAGGED as well! Red Flags all over this.
TWO Big Notes came due the first of April which is why the stock took a dive. I'm not trying to rain on anyones parade here cuz I want to get in this if it's gonna take-off, but convertibles are out there & thats a fact, & I have no clue if they are done selling yet?
We need to get a current O/S from the T/A. There's more Convertible notes than this, these are whats due now & has been converting & selling since the Feb. R/S.
Take Special note to some of the Interest Rates, UNREAL!
I'm posting what I found in the latest 10Q below, the Biggest one is on the Bottom, Due April 1st;
We issued LG Capital a convertible promissory note with 10% interest due February 27, 2015 and convertible into common shares on a cashless basis at a price of 50% of the lowest closing bid price of our common shares during the prior 20 trading days including the delivery of any related conversion notice. The fair value of the note at issuance was $150,000.
convertible promissory note with an aggregate face value of $50,000 due on March 5, 2015 and carries an interest rate of 10% per annum over the term of the note, with an effective interest rate of 1303.72%
On May 15, 2014, the Company entered into a consulting agreement with a consultant to provide services as members of the Board of Directors in regards to the Company’s management and operations. The compensation for the services to be provided will be $10,000 per month payable in common stock of the Company from an effective date of May 30, 2014 to May 31, 2016.
It Appears that there are TWO NOTES That were both Due April 1st. Here the 1st one;
resulting in $100,000 net proceeds to the Company. The note is due on April 1, 2015 and carries an interest rate of 15% per annum over the term of the note, with an effective interest rate of 361.67%. The note is convertible at the lower of $0.06 or 50% of the lowest trade during the 20 consecutive trading days immediately prior to the conversion date of the Note. The convertible note has a fixed stated principal amount but is not convertible into a fixed number of shares,
HERE'S THE BIG ONE;
We issued Black Mountain a convertible promissory note of $115,000 with 15% prepaid interest due April 1, 2015 and convertible into common shares on a cashless basis at the lesser price per share of $0.06 or 50% of the lowest trade price of our common shares during the prior 20 trading days immediately preceding the delivery of any related conversion notice. The fair value of the note at issuance was $230,000.
