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No, it's $5M. Probably related to GPL

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Det_Robert_Thorne   Friday, 07/14/17 11:22:44 AM
Re: $UPERMAN post# 59782
Post # of 59941 
No, it's $5M. Probably related to GPL
Quote:
Appears to be an offering of debt
$500,000 has been raised and $500,000 is the remaining offering.


No, the total offering is $5,000,000, and none of it has been raised yet ($0 has been sold).

https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12172780

This offering is probably the second part of the GPL financing deal announced on Dec 6, 2016:
Quote:
Pursuant to the Securities Purchase Agreement, the Company, at its sole and exclusive option, may issue and sell to GPL, from time to time as provided therein, and GPL may purchase from the Company shares of the Company's common stock ("Shares") equal to a value of up to Five Million Dollars ($5,000,000) when the Company has qualified the Shares under Regulation A.


The recent PPJE filings that brought the company current were probably required before this share offering could be made.

The next step will probably be to complete the 1:1000 reverse split that was announced in the Amendment filed in Florida in February, but Basu may have to refile the amendment before that can happen because Florida law appears to require that the reverse (share combination) be made within 90 days of the filing:
Quote:
(f) If the division or combination is to become effective at a time subsequent to the time of filing, the date, which may not exceed 90 days after the date of filing, when the division or combination becomes effective.
(5) Within 30 days after effecting a division or combination without shareholder approval, the corporation shall give written notice to its shareholders setting forth the material terms of the division or combination.


http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&Search_String=&URL=0600-0699/0607/Sections/0607.10025.html

Subsection (f) probably means that the reverse can happen only after the shareholders are notified, and that must happen within 30 days of the filing.

Of course, my interpretation could be incorrect, and it's possible that PPJE won't have to refile the amendment. If that's the case, then the 1:1,000 reverse split could happen at any time.


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