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B402

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B402

Re: B402 post# 332602

Tuesday, 11/24/2015 6:44:19 PM

Tuesday, November 24, 2015 6:44:19 PM

Post# of 380510

One of these debts is almost always back salary to the company president who was not taking pay because of the bad condition of the company. However, this is a straight debt, not a convertible debt. Thus it cannot be magically transformed into immediate stock. In order to use this, the directors would have to exchange it for a convertible note and the holding period for the note for Rule 144 purposes will start when the conversion feature is created. Straight debt is not a security for these purposes.

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