Conman is really scrambling to get any money he can...amazing how many times he can sell his sole lol
9. Subsequent Events
From April 3, 2015 to May 8, 2015 the Company issued 4,200 series D preferred shares to investors for a total of $420,000 in gross proceeds.
On April 2, 2015, an investor loaned the company $60,000 on a secured promissory note with a 6% per annum interest rate and a 30 day maturity date. Default interest of an additional 10% will be added upon such event.
From April 10, 2015 to April 23, 2015, according to the conversion terms of the series C preferred shares, the investors converted 542 shares of Preferred C Stock representing value of $54,191 into 75,552,622 shares of the Company’s Common Stock.
On May 1, 2015, Eco Building Products, Inc. (the “Company”) received a letter from The Home Depot, Inc. (“Home Depot”) that the Amendment #2 to The Home Depot Supplier Buying Agreement, dated as of February 10, 2014 (the “Agreement”) was terminated. The Company believes that the termination of the Agreement is amicable and in line with its current business strategy, which is to focus on Coating Service Only (“CSO”) opportunities affording higher profit margins without the cash burden to perform lumber purchasing and trading. We hope our protected lumber ends up in Home Depot again in the future through one of the lumber traders or producers whose lumber we perform CSO.
On May 4, 2015 an investor holding a convertible note, according to the terms of the note, converted $6,358 into 5,298,450 shares of the Company’s Common Stock.
On May 18, 2015 the Company has extended a note Payable for $100,000 to August 21, 2015 with the agreement to issue, prior to the new maturity date, an additional 25,000,000 common shares post-split adjusted per the terms of the agreement.
On May 18, 2015 the Company has extended a note Payable for $20,000 to July 17, 2015 with the agreement to issue, prior to the new maturity date, 2,500,000 shares as originally agreed for OID and an additional 2,500,000 common shares post-split adjusted per terms of the agreement.
