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Thursday, March 31, 2016 7:04:56 PM
"To fund operations for the next twelve months, the Company projects a need for $750,000 that will have to be raised through debt or equity. "
"It should be noted, that between 2013 and December 31, 2015, these particular convertible notes payable have been partitioned and sold in portions to multiple third parties in a combined amount totaling in excess of $400,000. In the majority of cases, these convertible notes payable, because they were in default, were subject to term adjustments at the note holders’ request. Thus, when the convertible notes payable were purchased, the new debt holders (generally) negotiated new terms with the Company. To this end, the Company would issue new notes, referred to as “replacement notes,” which more often resulted in slightly better terms. New terms reflected (i) 20 day look-backs, (ii) discounts ranging between 50% and 75% to the lowest daily trading price or bid price, (iii) price resets, and (iv) mandatory common share reserves."
And STILL issuing more, "During the fourth quarter of 2015, the Company issued a $30,000 Convertible Debenture with RDW Capital, LLC. The promissory note agreement bears interest at ten (10%) percent, has a six (6) month maturity date and an original issue discount of five (5%) percent. The note may be repaid in whole or in part any time prior to maturity."
"However, as of December 31, 2015, the Company was not in compliance with the Company’s contractual obligations with its debtholders. The Company has not received any notices of default and continues to work with its debtholders to remain in compliance. The Company can obtain compliance with its debtholders by, (i) repayment of the Company’s debt to reduce the number of reserved shares required to be maintained by the Company, and/or (ii) increase the authorized share amount to an adequate number. "
This is rather amazing too. And legal? "During 2004 and 2005, the company loaned $1,711,000 to various consultants / executives to purchase 71,750,796 common shares from Treasury. The loans are non-interest bearing and as of December 31, 2015 and December 31, 2014 have not yet been collected."
“No one in this world, so far as I know — and I have searched the records for years, and employed agents to help me — has ever lost money by underestimating the intelligence of the great masses of the plain people"
H.L. Mencken
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