How much longer before one of the creditors forces a bankruptcy filing?
$5k in GROSS profit
$3 million in expenses for the quarter
AP more than doubled in 9 months.
Still tons of in-the-money warrants, convertible debt and more being issued through default provisions.
Amazing stuff
On September 19, 2017, the Company issued a $50,000 unsecured promissory note to SK L-58, LLC bearing interest at a rate of 5% per annum, with a maturity date of November 3, 2017. Upon an event of default, the Company is required to issue to lender warrants to acquire one million shares at an exercise price of $0.05 per share every 30 days the note is unpaid. Each warrant issued as a result of an Event of Default will become and remain exercisable for the four (4) complete calendar month period beginning on the first day of the thirty second (32 nd ) month following an Event of Default. This note is currently in default.
"There's a sucker born every minute, 2 to take him and 4 to lend him toxic debt" PT Barnum's investment advisor.
