Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
"The Company is in negotiations with its’ lenders related to the debt instruments that are currently in default, to extend the maturity dates"
https://sec.report/Document/0001493152-22-013538/
Item 3. DEFAULTS UPON SENIOR SECURITIES
On March 17, 2021, the Company entered into a 12%, $11,110,000 face value promissory note with a third- party lender with a maturity date of March 17, 2022. This note is now in default. As of March 31, 2022, the principal of $11,110,000 and the accrued interest of $1,362,421 is due. The Company is in discussions with the lender regarding the extension of the maturity date of this note.
On February 9, 2021, the Company entered into a 12%, $2,200,000 face value promissory note with a third- party lender with a maturity date of February 9, 2022. This note is now in default. As of March 31, 2022, the principal of $2,200,000 and the accrued interest of $295,825 is due. The Company is in discussions with the lender regarding the extension of the maturity date of this note.
On November 13, 2020, the Company entered into a 12%, $1,000,000 face value promissory note with a third-party due November 13, 2021. This note is now in default. As of March 31, 2022, the principal is $1,000,000 and the accrued interest of $194,630 is due. The Company is in discussions with the lender regarding the extension of the maturity date of this note.
Glad I got out last year when I did..... Financials don't look good at all, but keep posting. Always better to have more ears to the rail.
I’m sure Conway doesn’t care, given how many millions he’s unduly “earned”.
Those numbers are from the financials and like you I don't see how the company can recover.
"As of December 31, 2021, the Company had an accumulated deficit of $217,326,611 and a working capital deficit of $28,225,908 (including derivative liabilities of $20,966,701). As of December 31, 2021, the Company was in default of $1,973,847 and accrued interest on debt instruments due to non-payment upon maturity dates, and subsequent to December 31, 2021, an additional $13,310,000 and accrued interest on debt instruments also were in default status due to non-payment upon maturity dates."
IG
Those numbers if accurate, are staggering. How could they possible recover????
The company is Balance Sheet insolvent.
Magnum, the Company had a net loss for 2021 of $195,303,051 - this is on Revenue of $11,928,605 but the COGS were $10,342,413.
Why does the CEO deserve to be paid anything - this is outrageous.
IG
That isn't uplisting - OTCQB is a tier created by the OTCM to generate more revenue. The OTCM is neither a exchange or regulator they are a for profit PR Company.
I thought by now no one was duped by the OTCQB listing - it is a meaningless designation.
The OTCM doesn't want to exclude anyone because they want the revenue. The OTCM even changed the rules where a company doesn't have to be a SEC filer - a company can be a Alternative Reporting Standard or a company that is dark.
So I wouldn't be too excited about the OTCQB.
IG
Which Friday? asking for a friend !
Me too...i'm only down 63% now!!!
How can OZSC uplist when as of 12/31/21 they were in default per 10k ?
https://www.reddit.com/r/OZSC/comments/ucp4ep/otcqb_uplist_will_happen_this_thursday_april_28/
The OTCQB® Venture Market is for entrepreneurial and development stage U.S. and international companies. To be eligible, companies must be current in their reporting and undergo an annual verification and management certification process. Companies must meet $0.01 bid test and may not be in bankruptcy.
OTC QB uplist set for Friday!
I'm very upset my invstment went up 50% the last few days. lol
Hard to believe tthat a company of this size has NO functioning website!
In my humble opinion Brian simply designed and executed a brilliant 24 month plan that ensured he and the ex PCTI Ceo
become multi millionaires based on the "greed of others."
Looks awful greedy to me
NOTE 16 – SUBSEQUENT EVENTS
"Effective January 1, 2022, the Company entered into a new employment agreement with Mr. Conway. Pursuant to the agreement, Mr. Conway received a $250,000 contract renewal bonus and will receive an annual compensation of $240,000 from the Company and will also be eligible to receive bonuses and equity grants at the discretion of the BOD. The Company also agreed to compensate Mr. Conway for services provided directly to any of the Company’s subsidiaries. Ozop Capital began compensating Mr. Conway $20,000 per month in January 2022 and OES began compensating Mr. Conway $20,000 in March 2022."
On April 4th, 2022, the Company and GHS Investments LLC (“GHS”). signed a Securities Purchase Agreement (the “GHS Purchase Agreement”) for the sale of up to Two Hundred Million (200,000,000) shares of the Company’s common stock to GHS. We may sell shares of our common stock from time to time over a six (6)- month period ending October 4, 2022, at our sole discretion, to GHS under the GHS Purchase Agreement. The purchase price shall be 85% of lowest VWAP for the ten (10) days preceding the Company’s notice to GHS for the sale of the Company’s common stock. On April 8, 2022, the Company filed a Prospectus Supplement to the Registration Statement dated October 14, 2021, regarding the GHS Purchase Agreement."
https://ih.advfn.com/stock-market/USOTC/ozop-energy-solutions-pk-OZSC/stock-news/87914740/amended-annual-report-10-k-a
"As of December 31, 2021, the Company was in default of $1,973,847 plus accrued interest on debt instruments due to non-payment upon maturity dates, and subsequent to December 31, 2021, an additional $13,310,000 plus accrued interest on debt instruments also were in default status due to non-payment upon maturity dates. These factors, among others, raise substantial doubt about the ability of the Company to continue as a going concern for one year from the date of the issuance of these financial statements"
https://ih.advfn.com/stock-market/USOTC/ozop-energy-solutions-pk-OZSC/stock-news/87914740/amended-annual-report-10-k-a
For the Year Ended December 31,
2021 2020
Cash flows from operating activities:
Net loss from continuing operations $ (195,303,051)
For the beneficial ownership of the stockholders owning 5% or more of the shares, the Company relied on publicly available filings and representations of the stockholders.
Name and Title: Class of
Security Amount of
beneficial ownership
Percent of
Class (1)
Executive Officers and Directors:
Brian P Conway, CEO and Director (2) Common Stock 2,022,410,243 30.4 %
Series C Preferred Stock 2,500 100.0 %
Series D Preferred Stock 1,333 99.9 %
(1) Percentages are based on 4,622,362,997 shares of the Company’s common stock, 2,500 shares of Series C Preferred Stock and 1,334 shares of Series D Preferred stock issued and outstanding as of April 14, 2022. The voting rights associated with the Series C Preferred Stock in the aggregate are equal to 67% of the total vote. Series C Preferred Stock has no conversion rights. Any holder may, at any time convert any number of shares of Series D Convertible Preferred Stock held by such holder into a number of fully paid and nonassessable shares of common stock determined by multiplying the number of issued and outstanding shares of common stock of the Company on the date of conversion, by 1.5 and dividing that number by the number of authorized shares of Series D Convertible Preferred Stock multiplied by the number of Series D shares being converted. Series D Preferred Stock has no voting rights.
(2) Includes 1,333 shares of Series D Preferred Stock convertible into 2,022,410,243 shares of common stock."
"For the year ended December 31, 2021, we primarily funded our business operations with $15,000,000 of proceeds received pursuant to the issuances of promissory notes and $13,100,000 received from the Series D SPA (see Note 13 to the financial statements filed herein). Of the proceeds, $5,000,000 was used for the redemption of 5,000 shares of Series E Preferred Stock and $11,250,000 was used for the redemption of Chis’s Series C and Series D Preferred Stock (see Note 11 to the financial statements filed herein"
Other Income (Expenses)
Other expenses, net, for the years ended December 31, 2021, and 2020, was $182,501,302 and $3,389,890, respectively, and were as follows.
Year ended
December 31,
2021 2020
Interest expense $ 53,252,232 $ 3,409,393
Loss on change in fair value of derivatives 17,349,076 176,050
Debt restructure expense 16,450,000 -
Loss (gain) on extinguishment of debt 95,449,994 (195,553 )
Total other expense, net $ 182,501,302 $ 3,389,890
Wages and management fees- related parties, include amounts paid to our CEO and to the President (resigned July 2021) of PCTI. The CEO is eligible for additional bonuses as approved by the Board of Directors of the Company. Beginning January 1, 2021, the CEO was compensated $20,000 per month and effective September 1, 2021, an additional $10,000 per month for the management of Ozop Capital. The following table summarizes management fees:
Year ended
December 31,
2021 2020
CEO, parent $ 812,099 $ 377,804
CEO, parent- Series E Preferred Stock 2,850,000 -
CEO, parent- Series D Preferred Stock - 4,286,648
President, subsidiary (resigned July 2021) 141,666 83,500
Total $ 3,803,765 $ 4,747,952
The Series E Preferred Stock based compensation for the year ended December 31, 2021 is a result of on March 2, 2021, the BOD authorized the issuance of 1,800 shares of Series E Preferred Stock to Mr. Conway and on April 16, 2021, the BOD authorized the issuance of 1,050 to Mr. Conway. The issuances were for services performed. Pursuant to the terms and conditions of the Certificate of Designation of the Series E Preferred Stock, including the redemption value of $1,000 per share, the Company recorded $2,850,000 as stock-based compensation expense for year ended December 31, 2021.
"The Series D Preferred Stock based compensation for the year ended December 31, 2020, of $4,286,648, is related to 1,333 shares of Series D Preferred Stock issued to Mr. Conway on August 28, 2020, pursuant to his employment agreement. The Series D Preferred Stock was convertible in the aggregate into three times the number of shares of common stock outstanding at the time of conversion. Mr. Conway owns 6.67% of the issued and outstanding Series D Preferred Stock, and based on the 3,107,037,634 shares outstanding on August 28, 2020, Mr. Conway’s Preferred Stock was convertible into 621,253,401 shares of common stock. Based on the share price of the common stock on that date of $0.0065, the shares were valued at $4,286,648."
"For the year ended December 31, 2021, the Company generated revenue of $11,928,605 compared to $1,411,432 for the year ended December 31, 2020"
Cost of sales
"For the years ended December 31, 2021, and 2020, the Company recognized $10,342,413 and $1,404,348, respectively, of cost of sales.'"
"On January 2, 2021, the Company entered into a ten (10) year lease for a 6-bay garage storage facility of approximately 2,500 square feet. Pursuant to the lease the Company agreed to issue 100,000,000 shares of restricted common stock. The shares were certificated on March 8, 2021, with an effective date of January 2, 2021. The Company valued the shares $0.0063, (the market value of the common stock on the date of the agreement) and has recorded $630,000 as a prepaid expense. As of the date of this report, the Company has not yet taken possession of the space, and is in negotiations with the landlord regarding other potential properties."
"On April 4, 2022, the Company and GHS Investments LLC (“GHS”). signed a Securities Purchase Agreement (the “GHS Purchase Agreement”) for the sale of up to Two Hundred Million (200,000,0000) shares of the Company’s common stock to GHS. We may sell shares of our common stock from time to time over a six (6)- month period ending October 4, 2022, at our sole discretion, to GHS under the GHS Purchase Agreement. The purchase price shall be 85% of lowest VWAP for the ten (10) days preceding the Company’s notice to GHS for the sale of the Company’s common stock. On April 8, 2022, the Company filed a Prospectus Supplement to the Registration Statement dated October 14, 2021, regarding the GHS Purchase Agreement."
"Any holder may, at any time convert any number of shares of Series D Convertible Preferred Stock held by such holder into a number of fully paid and nonassessable shares of common stock determined by multiplying the number of issued and outstanding shares of common stock of the Company on the date of conversion, by 1.5 and dividing that number by the number of authorized shares of Series D Convertible Preferred Stock multiplied by the number of shares of Series D Convertible Preferred Stock being converted."
." On July 28, 2021, the Company closed on a Stock and Warrant Purchase Agreement (the “Series D SPA”). Pursuant to the terms of Series D SPA, an investor in exchange for $13,200,000 purchased one share of Series D Preferred Stock, and a warrant to acquire 3,236 shares of Series D Preferred Stock. As of December 31, 2021, and 2020, there were 1,334 and 20,000 shares, respectively, of Series D Preferred Stock issued and outstanding and warrants to purchase 3,236 shares of Series D Preferred Stock are outstanding as of December 31, 2021. Mr. Conway owns 1,333 shares of Series D Preferred Stock as of December 31, 2021."
"On July 13, 2021, the Company entered into a Definitive Agreement (the “Agreement”) with Chis to purchase the 47,500 shares of the Company’s Series C Preferred Stock held by Chis and the 18,667 shares of the Company’s Series D Preferred Stock held by Chis for the total purchase price of $11,250,000. "
looks like uplist to OTC QB Thursday!
Cash flows from operating activities: 2021
Net loss from continuing operations $ (195,303,051 )
Brian and John still have me banned.
What a joke! One could ask how does the SEC allow OZOP to still exist?
The more relevant question is who I stupid enough to buy OZOP stock (GHS excluded)?
READ and Weep imho
https://sec.report/Document/0001493152-22-010106/
Brian is amazing....to think how he poo pooed GHS's offer to finance a few years and yet now he gets in bed with Mr. S again...... smh......imho
anyone on discord can validate my opinion .....
You are all going to love the new filings.
Cathy and Brian so all these investors a mile away.
Now they are both rich, have taken everything.
.001 Here we go.
Then Delisting.
Haha.
I thought Conman was in jail by now.
.02 Glad to see the stock is doing so well. ROFL.
Guy took everyone for a solid ride, and no one was the wiser.
Love it.
You have sure been quiet lately, you ok??
QB info, they look to be close
QB Uplist Update - March 8 , 2022 $OZSC pic.twitter.com/YvXxf4gyFQ
— iuse2bgood (@iuse2bgoodCHESS) March 9, 2022
This stock is a hot greasy steamy bloated turd which needs to be flushed down the toilet along with CON-SCAM.
Dd the dilution machine isnt slowing down but printing more
U.S. TREASURY EXPECTS TO ISSUE $729 BLN IN NET MARKETABLE DEBT IN JAN TO MARCH 2022 PERIOD, UP FROM NOVEMBER ESTIMATE OF $476 BLN
Both Brian and Cathy are multi millionaires now based on preferred shares issued by them to themselves. IMHO
Where is the long term value when Brian and Cathy cash in over 13 billion shares against an authorized count of only 5 billion shares ?
"The holders as a group may, at any time convert all of the issued and outstanding shares of the Series D Preferred Stock."
(2) Includes 1,333 shares of Series D Preferred Stock convertible into 890,282,160 shares of common stock.
(3) Includes 18,667 shares of Series D Preferred Stock that is convertible into 12,467,289,639 shares of common stock.
https://sec.report/Document/0001493152-21-008931/
Where you been dude??? You still like OZSC??
Does anyone know if the Kramer Brothers have any notes here???
No. Next week will consist of seven days. Just like every other week. Nothing "big" about it.
Stem conference Monday with Bank of America.Topics are energy storage.Have a great weekend.Big week coming up.
if u havent got runover yet, you will. just wish bryan would do more prs.
Followers
|
422
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
24830
|
Created
|
04/24/18
|
Type
|
Free
|
Moderators |
On February 28, 2020, Ozop Surgical Corp. (“we,” “us,” “our,” “OZOP,” or the “Company”) entered into a Binding Letter of Intent (the “LOI”) with Power Conversion Technologies, Inc., a Pennsylvania corporation (“PCTI”), and Catherine Chis (“Chis”), PCTI’s Chief Executive Officer (“CEO”) and its sole shareholder. Pursuant to the terms of the LOI, the Company will acquire 100% of the issued and outstanding shares of PCTI (the “PCTI Shares”) from Chis (the “Acquisition”) in consideration of (a) the issuance by the Company to Chis of (i) 47,500 shares of the Company’s Series C Preferred Stock (pursuant to an amended certificate of designation to be filed prior to closing the Acquisition), (ii) 18,667 shares of the Company’s Series D Preferred Stock (pursuant to a certificate of designation to be filed prior to closing the Acquisition), (iii) 500 shares of the Company’s Series E Preferred Stock (pursuant to a certificate of designation to be filed prior to closing the Acquisition); and (b) the Company paying $400,000 to PCTI in multiple tranches, with an initial tranche or tranches totaling $100,000 within 90 days from the signing of the LOI and with the aggregate of $400,000 being paid in full at the latest upon execution of a definitive purchase agreement or at such other date as shall be agreed to by the parties.
Link to LOI https://www.sec.gov/Archives/edgar/data/1679817/000155479520000053/ozsc0227form8k.htm
WARWICK, NY., June 02, 2020 (GLOBE NEWSWIRE) -- Ozop Surgical Corp. (OTCPK: OZSC), (“Ozop” or the “Company”), today announced that Power Conversion Technologies, Inc. (“PCTI”), has recently been included in a bid issued by a defense contractor for the US Air Force for the manufacture of various power converter modules for two prototype flight-line power carts as part of the Air Force’s Flightline of the Future effort equipment and communications modernization effort. Currently the Air Force uses older diesel engine driven generators and is looking to switch to pure battery powered carts. The Air Force currently has 4,500 generator, primarily diesel engine driven. The intention of this effort is to replace them with efficient, quiet battery-powered carts. Management believes that with its numerous years of experience in the field working with the Air Force, other branches of the DOD as well as previous similar successful projects with this client, it is well positioned to be selected for this contract. The average revenue per cart for PCTI is estimated to be between $80,000 and $100,000 depending on quantity. PCTI President Catherine Chis commented “We had an excellent collaborative relationship with this client on a previous project. Our team would enjoy working with them again on this important opportunity for the modernization effort for the Air Force.”
Who is
PCTI designs and manufactures power conversion technology in the highest power ranges
Power Conversion Technologies, Inc., a certified DBE Woman-Owned business, designs and manufactures equipment in response to the growing demand for power electronics in the highest power ranges. PCTI has been addressing a new era in power electronics as applied to industrial equipment since 1991.
PCTI’s engineering staff has in-depth knowledge in the key areas of power conversion such as power semiconductor analysis and application, thermal exchange, magnetic design, packaging, DSP (digital signal processor) control for converters/inverters, embedded system design, digital communication, and HMI (human machine interface).
New materials and components are continually analyzed so that we may be able to pass increased quality and decreased cost on to the customer. Equipment manufactured at PCTI has been designed for production efficiency and maintainability in order to provide the best value for the customer. PCTI’s staff has industrial applications expertise in the power conversion field dating from the introduction of industrial power electronics in the 1960’s to the modern industrial applications existing today and those that will exist tomorrow.
Our customers are located throughout the world in Europe, Asia and the United States and include general industrial customers, and military customers both domestically and internationally. Some of our typical applications include heavy industrial applications, equipment for research laboratories, aircraft ground support, battery chargers, metal finishing, testing, water conditioning, electrochemical processes, transportation, custom distribution equipment and telecommunications.
Check out this video about our company:
Our DC power supplies use a multipulse SCR / IGBT design to achieve high efficiency, low ripple, precise regulation and low output noise, available in ratings from 5KW to 20MW.
PCTI offers rugged high-current battery chargers to meet all of your high-current industrial charging applications from 5KW to 2MW.
DC/DC, DC/AC, AC/AC, solar cell power stations, power transmission, electrostatic precipitator
Distribution equipment, gate boxes, switchboards, line drop compensators, line protection modules
Integrated modules with IGBTs, SCRs, MOSFET, Diodes, GTO, GTC-Bipolar
Prototyping, R&D, consulting
Because power electronics permeate every industry, PCTI customers span a wide spectrum of applications. Our applications range from testing utility circuit breakers to charging submarine batteries for use in submarines and many others.
The following is a sample of our customer base and their applications.
Applications
400Hz Frequency Converters for Aircraft Ground Support, Battery Chargers, Heavy Engine Starting, Plating Power Supplies
Applications
Submarine Battery Chargers, Converters for Aircraft Ground Support, Missile Launching Power Supply, DC Power Supplies for Communications, Inverters for Solar Power Offshore Platform
Applications
400Hz Frequency Converters for Aircraft Ground Support, Battery chargers, Research Laboratory
Applications
Ground Power for Space Shuttle Payloads
Outstanding Common Shares | 3,107,043,764 as of Sep 1, 2020, per TA | Up 422,377,302 (16%) from July 1, 2020 |
Authorized Shares | 4,990,000,000 | |
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |