The Vista note was the last convertible(May 24th), listed on page 12 of the most recent 10-q, there have been no new 8-k's for new notes since the 10-q:
Convertible Notes - December 22, 2015 $ 209,000-PAID(6/23) Convertible Notes- February 8, 2016 60,000-CANCELLED(6/30) Convertible Note - March 15, 2016 55,750-CONVERTED Convertible Note - May 6, 2016 55,750-CONVERTED Convertible Note - May 10, 2016 50,000-CONVERTED Convertible Note - May 24, 2016 55,000-CONVERTED-Vista Note Less debt discount and debt issuance costs (30,199) Total 455,301
As can be seen above, the Vista note wasNOT $275k+, but was a total of:
$55k+$5k(OID)+$10k=$70k ($10k is penalty for market PPS going under .02)
The conversion price would have been .0112 based on the Conversion date and the Chart:
It would have converted at .0112 if the market PPS hadn't been pushed under .02 for two consecutive days(equivalent to conversion price going under .01. Noteholders got almost 4 times the shares once the conversion price broke below .01:
So, based on the penalty, conversion date, and chart, the conversion price became .0032 instead:
40% x.0081=.0032
Vista converted when they did to take advantage of the 52wk low. They were about to be more than 25 trading days away from it and would have had to convert at a higher pps for less shares. So, after the 13g, $70k-(.0032 x 15mil)=$22k
$22k converting at .0032 is 6.875mil shares which would not require an additional filing. It will also have already converted, as not only was it immediately convertible, but if Vista would have waited until the 24th to convert, their conversion price would have been more than twice as high as .0032, resulting in less than half the shares(<3.4375mil).
There will be no new shares on the 24th. All Convertibles are either paid off, cancelled, converted, or finishing converting right now.
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