Amarantus Bioscience Holdings Inc (AMBS)

[JPetroInc]

DEFAULT is the only 'real' value here

you can find out more here in AMBS SEC filings - have fun !!!

http://ih.advfn.com/p.php?pid=nmona&article=71628776&adw=1126416

5. NOTES PAYABLE

On March 9, 2016 two investors assigned their 12% Promissory notes issued by the Company to a third investor. The third investor, on the same day, entered into two separate Exchange Agreements with the Company. The Exchange Agreements allow the third investor to exchange the 12% Promissory Notes for two separate 12% Senior Secured Convertible Promissory Notes in the principal amounts of $100,000 and $200,000 respectively.

During the quarter ended March 31, 2016, the Company made payment of $100,000 on outstanding notes payable, and $30,000 on accrued interest. As of March 31, 2016, the Company had notes payable in the aggregate amount of $600,000 outstanding.

The Company is in default under the terms of all of its outstanding notes payables.

OTHER - CONVERTIBLE NOTES

On March 9, 2016, an individual investor exchanged its note payable of $300,000 for 12% senior secured convertible notes. The Company recorded additional embedded conversion feature of $105,000 as debt discount on the issuance date.

During March 2016, an outstanding $100,000 note was converted into 2.0 million shares of common stock, and the Company wrote off $35,000 debt discount associated with the note. The Company recorded a loss of $40,000 on the conversion based on the fair value of the common stock recorded.

During the quarter ended March 31, 2016, the Company entered into a conversion agreement with an investor to covert an aggregate amount of $100,000 to 110 shares of Series H convertible preferred stock including a 10% OID.

The Company is in default under the terms of all of its senior secured convertible promissory notes.

7. SHARE-SETTLED DEBT

During the quarter ended March 31, 2016, the Company converted $25,000 share-settled debt into 495,188 shares of common stock at $0.12 per share. The Company also recorded an extinguishment loss of $34,000 on the conversion.

The Company is carrying the Series H at its maximum redemption amount at March 31, 2016 as the security is currently redeemable. The Company recognized the change immediately as if the redemption was to occur as of March 31, 2016. The current redemption amount is $10.0 million as of March 31, 2016.

The Company is in default under the terms of its share-settled debt.

Purchase Agreement Default Penalty Payment effective 6/6/16

"The Company shall increase its authorized but unissued and non-reserved shares of Common Stock pursuant to and in accordance with all applicable state and federal rules, laws, regulations by filing a Certificate of Amendment with the proper authorities in Nevada (the “Increase”), which Increase shall be completed and effective no later than on or before June 6, 2016. The Company and the Investor acknowledge and agree that the failure of the Increase to be effective on or before June 6, 2016 shall constitute an Event of Default under the Note and a Material Adverse Effect and in addition to such other remedies available to the Purchasers, the Company shall pay to each Purchaser two (2%) percent of such Purchaser’s aggregate principal amount of Notes outstanding owned by such Purchaser. This provision shall also apply to each other time the Company does not have the Required Reserve Amount, except the period from notice to the Company to the effective date of any Required Reserve Amount shall be no more than 60 days."