Major League Football Inc (MLFB)

[namtae]

Some weird stuff from 10Q to 10Q with Convertible Promissory notes and Accrued Officer Comp

On October 31, 2015, the registrant issued (i) 2,330,328 shares of its common stock pursuant to the conversion of $699,098 (representing principal and interest) in outstanding 4% unsecured promissory notes, which equals $.30 per; and (ii) one (1) year warrants to purchase up to 2,330,328 shares of its common stock at the strike price of $ 0.30 per share. The securities issued upon the conversion of the outstanding 4% unsecured promissory notes are restricted.

Apparently these 4% Cvt Notes accrued interest at much larger rates because the previous 10Q listed the amount at $481k. Now these $481k 4% Notes apparently jumped in value to $699k and were converted into million and millions of shares.

Of course, the 8K states they are restricted shares. Apparently bringing comfort to shareholders possibly worried is might hit the market.

What isnt made clear is that even if those shares qualified under Rule 144 to remove the restriction, they are still issued as restricted until the process of removing the legend is completed. Meaning the next day the legend could have been removed.

One more interesting tidbit. Out of the blue MLFB discloses a new category on its balance sheet, "Accrued Officers Compensation" in the amount of $600,000!! Really? Since the previous 10Q MLFBs "Accrued Officers Compensation" jumped from ZERO to $600K??