GEQU Toxic Debt story why and how it happened
I already know the whole story on the reason of the toxic debt. I will explain it to you.
Back at the end of 2013 GEQU received $450,000 dollars to secure a 3 million dollar line of credit at 4.5%.
That line of credit was going to pay off all the toxic debt... Well GEQU decided they did not want to go that route and compound debt on top of debt. The. $450,000 at the time was a convertible note at .50
So GEQU returned the $450,000 which it's all in the 10k and paid the guy 5 grand in interest and closed the note and backed out of the 3 million dollar loan.
In the meantime they had convertible debt with 4 note holders. KBM,Adar,Lg, and JMJ
THEY 8k'ed and Paid back KBM in cash in Q1 of this year before the expiration date. They if I recalled paid back cash to Adar or Lg as well some of it. They ran out of time to pay it all back before the window closed on the pre payment penalty which is why we are now where we are.
No one mentions them paying off KBM I am not even sure shareholders know that.
So now we dealt with it are toxic debt free and dealing with 1 last pesky note holder that IMO will be knocked out next week. The. Off to pennies and we start heading back to silver ++
That is the Story behind the toxic debt. They had every intention of paying it back and did it because they needed those short term funds. Now we are self sustaining and it even though it hurt some long term shareholders it was not intentional and we are gonna get back to those prices. Everyone has had a chance to average down. Those Longs who believe in this company..
I hope this gives folks more clarity.
Regards
Smitter
