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Friday, May 19, 2017 12:14:03 PM
Convertible debt with a variable conversion rate issued for cash
The Company is past due and in default on a convertible debenture in the amount of $115,000. The convertible debt bears interest at an annual rate of 6% and was due in October 2016. The lender can elect at any time to convert any portion of the debt into shares of common stock of the Company, subject to a limit of 4.99% of the outstanding shares, at a price discount of 30% of the price of the common stock as defined in the agreements.
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