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Yup, a nice flip, but that 25% pop died rather quickly, no?
LOL, That's why the average long is down 50% now and those of us who know the game are playing with house money.
You are 100% right. Who doesn't love these toxic pump and dumps though. Taking profits away from the toxic lenders and making money - it doesn't get any sweeter than that!
And some flipped 4s for 5+ for a nice profit while others held their $.20 shares waiting for that "2 week" promise.
Too funny.
Took a few profits off today's bump.
Volume and volatility - a good combo for these hype driven toxic stocks.
That's incorrect. CYPE sold 70% ownership to a Nigerian company that will RM into it in the future at a value TBD. The same setup as Delfin buying 71% of TGLO for $25k, though how much the Nigerians paid for CYPE is not specified.
"In the Proposed Transaction, existing shareholders of the Company as of immediately prior to the completion of the Proposed Transaction would hold post-Consolidated Century Petroleum Shares (whose voting rights will be subordinated) with a value, based on the merger. Further details of the Proposed Transaction will be included in subsequent news releases and disclosure documents (which will include business and financial information in respect of Ibeto Cement Company Limited) to be filed by the Company in connection with the Proposed Transaction."
Like TGLO, CYPE has net liabilities and no assets. As bad as your chances are with TGLO, they're infinitely better than CYPE which now has a $100 million market cap and is a shell with no assets.
Good luck!
Timing, timing, timing. I do love a good toxic pump and dump.
Brett's got his new company to worry about.
Once investors who aren't already stuck with a large position see the level of toxic debt and the $5 million in new liabilities over the next 4 months, I don't think you're going to see them lining up to buy shares.
If the 8K and posts about it on ihub didn't generate much interest it's hard to imagine you're going to see outside investors jump in.
Like me, most people don't like giving away their hard earned cash to a bunch of toxic note holders.
I agree. I think it's a vain hope that the general public will react to a PR when the folks at ihub are barely touching the stock.
The company has gone to the well too many times with these pump and dump deals and this one may put them out of business when they come up short for the millions they now owe.
Perhaps now we know the true purpose of MJVP - a parachute for management.
My advice is to take any opportunity to cut losses if the PR generates a bump.
The bump will come from longs trying to get something going and it's not likely to last long, so don't hold out for the "to da moon" money.
That's my perspective anyway.
Good luck, all I see is massive toxic note conversions, more dilution and the eventual falling apart of this deal because PNTV can't pay back the loan.
Desperation has really taken over this ticker. The company is in big trouble and has to keep coming up with bigger and bigger stories to keep the toxics funding them. When this bubble bursts (and it will), it's gonna be REAL ugly. The previous sub-penny lows will look great.
PNTV has been run more times than a retired race horse. Just don't see it happening again.
Best of luck though!
P.S. People don't sell businesses that are throwing off enough profit to cover the cost of buying them. No one is that stupid.
And so much for the "Comcast money".
Another $1.1 million in toxic debt and likely another $4.4 million to come.
So much BS from the company to get toxic lenders to fund them.
And better still!
Selling company was formed using LegalZoom out of an 1,110 sq. ft. house in Huntington Beach, CA
https://businesssearch.sos.ca.gov/Document/RetrievePDF?Id=201505010399-18854769
https://www.zillow.com/homedetails/16571-Newland-St-Huntington-Beach-CA-92647/25199887_zpid/
It's now HQ'd in a much larger housein Santa Ana, CA
https://www.zillow.com/homedetails/3443-S-Sheffield-Rd-Santa-Ana-CA-92704/63112858_zpid/
The Lender is a totally different company than the seller, and it's an LLC formed in DE 8, where info is impossible to get, other than that it was formed a few months ago. Anyone think PNTV principals may also have some ownership in the lender, who stands to make a huge profit on the toxic note? GRASS ROOTS INVESTORS LLC
Then there's this on the seller: http://www.buzzfile.com/business/Lcg-Business-Enterprises-LLC-714-371-7261
"Business Description
Lcg Business Enterprises is located in Huntington Beach, California. This organization primarily operates in the Business Services, nec business / industry within the Business Services sector. This organization has been operating for approximately 3 years. Lcg Business Enterprises is estimated to generate $35,659 in annual revenues, and employs approximately 1 people at this single location."
It gets better.
They have to pay back $1 million/month for the next 5 months and if they default, interest goes to 18%, entire loan is due and if they can't pay, well then goodbye acquisition.
And so much for the seller not wanting to run the operation.
" Seller shall manage the day-to-day operations of the Business at the Property"
Then there's the unspecified amount of "assumed liabilities" PNTV is responsible for. Wowser.
C. Assumption of Liabilities.
i. At the Closing, Buyer shall execute and deliver to Seller, an Assignment and Assumption Agreement and Bill of Sale substantially in the form of Exhibit B (the “ Assumption Agreement ”), under which Buyer shall assume from and after the Closing Date, and perform and discharge when due only the following Liabilities of Seller (collectively, the “ Assumed Liabilities ”) and no other Liabilities of Seller:
1. all Liabilities under the Acquired Contracts and the Acquired Permits, arising, in each case, from and after the Closing Date, except for Liabilities arising from a default by Seller on or prior to the Closing Date under any such Acquired Contract or Acquired Permit.
2. All Liabilities accruing, arising out of, or relating to the operation or conduct of the Business or the use or ownership of the Purchased Assets, in each case to the extent arising out of events first occurring or conditions first arising after the Closing Date.
3. All unpaid Ordinary Course, trade accounts payable of the Business as of the Closing Date.
Events of Default. Borrower will be in default if any of the following happens (each an “ Event of Default ”): (a) Borrower fails to make any payment when due under this Note; (b) Borrower fails to comply with or to perform when due any other term, obligation, covenant, or condition contained in this Note, or in any other agreement or loan Borrower or any Affiliate of Borrower has with Lender;
Remedies. Upon the occurrence of an Event of Default, the entire indebtedness evidenced hereby shall become immediately due and payable. Interest shall accrue from and after the date of default at the rate equal to eighteen (18%) percent per annum. In addition, Lender shall have the right to exercise any and all rights available to it. Borrower further promises to pay any and all costs of collecting the amount due hereunder, including reasonable attorney fees.
Another $1.1 MILLION in toxic notes convertible in just 3 months at a 50% discount. OMG the dilution will be incredible. New toxic lender says, "THANK YOU, THANK YOU, THANK YOU.". That's now over $3 million in new toxic debt in just 3 quarters. Incredible.
https://backend.otcmarkets.com/otcapi/company/sec-filings/12781059/content/html
the principal sum of One Million One Hundred Thousand and No/100 Dollars ($1,100,000.00) (the
“ Principal Balance ”) together with interest on the unpaid Principal Balance under this Promissory Note (this ” Note ”) until paid at twelve percent (12%) simple interest per annum on the basis of a year of 360 days.Notwithstanding anything to the contrary contained herein, from and after the close of the 90 day period beginning on the date of this Note, Lender shall have the right to convert all or any portion of the unpaid Principal Balance together with any portion of the unpaid accrued interest into (at the election of Lender) into the common stock of Players Network, Inc., $0.001 par value (the “ Common Stock ”) at a discount to the Fair Market Value of the Common Stock determined in accordance with the following schedule:
If the Fair Market Value of the Common Stock is:
? less than or equal to 15¢, the discount will be 50%;
? more than 15¢, but less than 20¢, the discount will be 40%; and
? 20¢ or more, the discount will be 30%.
Huge pump and dump with millions in toxic debt means retail is handing money to the toxic lenders.
Toxics say "THANKS!"
On February 13, 2018, the Company received net proceeds of $120,000 in exchange for an unsecured convertible promissory note that carries a 10% interest rate with a face value of $122,400 (“Fifth Group Ten Note”), which matures on February 13, 2019. The principal and interest is convertible into shares of common stock at the discretion of the note holder at a price equal to seventy percent (70%) of the average of the two lowest closing traded prices of the Company’s common stock over the fifteen (15) trading days preceding the conversion date. The note holder is limited to owning 4.99% of the Company’s issued and outstanding shares. The Company paid total debt issuance costs of $2,400 that is being amortized over the life of the loan on the straight line method, which approximates the effective interest method. The Company must at all times reserve at least 30 million shares of common stock for potential conversions. $ 122,400 $ -
On January 16, 2018, the Company received net proceeds of $120,000 in exchange for an unsecured convertible promissory note that carries a 10% interest rate with a face value of $122,400 (“Fourth Group Ten Note”), which matures on January 16, 2019. The principal and interest is convertible into shares of common stock at the discretion of the note holder at a price equal to seventy percent (70%) of the average of the two lowest closing traded prices of the Company’s common stock over the fifteen (15) trading days preceding the conversion date. The note holder is limited to owning 4.99% of the Company’s issued and outstanding shares. The Company paid total debt issuance costs of $2,400 that is being amortized over the life of the loan on the straight line method, which approximates the effective interest method. The Company must at all times reserve at least 30 million shares of common stock for potential conversions. 122,400 -
On December 15, 2017, the Company received net proceeds of $120,000 in exchange for an unsecured convertible promissory note that carries a 10% interest rate with a face value of $122,400 (“Third Group Ten Note”), which matures on December 15, 2018. The principal and interest is convertible into shares of common stock at the discretion of the note holder at a price equal to seventy percent (70%) of the average of the two lowest closing traded prices of the Company’s common stock over the fifteen (15) trading days preceding the conversion date. The note holder is limited to owning 4.99% of the Company’s issued and outstanding shares. The Company paid total debt issuance costs of $2,400 that is being amortized over the life of the loan on the straight line method, which approximates the effective interest method. The Company must at all times reserve at least 30 million shares of common stock for potential conversions. 122,400 122,400
On November 8, 2017, the Company amended the two notes with Black Mountain Equities, Inc. (“First Black Mountain Note”) and Gemini Master Fund, Ltd. (“First Gemini Note”). The amended notes extended the maturity dates to December 9, 2017, increased the principal amount owed by $8,250 each, and established conversion features. The principal and interest became convertible into shares of common stock at the discretion of the note holder at a price equal to seventy percent (70%) of the lowest volume weighted average price (“VWAP”) over the fifteen (15) trading days preceding the conversion date, as limited to $40,000 of conversion during any 10 day trading period. The notes were originally entered into on May 8, 2017, pursuant to which the Company sold to each Investor, for a purchase price of $150,000, (i) a Promissory Note (a “Note”) in the principal amount of $165,000, and (ii) a Warrant exercisable until May 31, 2022 to purchase 1,500,000 shares of the Company’s common at a price of $0.14 per share (a “Warrant”), resulting in aggregate gross proceeds to the Company of $300,000. Each Note matures on November 8, 2017, bears interest at a rate of 10% per annum payable at maturity, and is subject to acceleration in the event the Company becomes delinquent in its reporting obligation with the Securities and Exchange Commission and upon other customary events of default set forth in the Notes. The Warrants can be exercised on a cashless basis by the Investors, and the Company can require the Investors to exercise the Warrants on a cashless basis at any time following the six-month anniversary of the issuance date, provided that at such time (i) the volume weighted average price of the common stock has been greater than $0.25 for a period of thirty (30) consecutive trading days, and (ii) trading in the common stock has not been suspended by the Securities and Exchange Commission or the OTC Bulletin Board (or other exchange or market on which the Common Stock is trading). On various dates between December 11, 2017 and March 14, 2018, the noteholders converted an aggregate $314,875, consisting of $303,250 of principal and $11,625 of interest, in exchange for the issuance of 6,168,561 shares. The note is currently in default. 13,250 266,500
On November 8, 2017, the Company issued a $200,000 promissory note (“Second Group Ten Note”) in exchange for the debt acquired from Rxmm, as note below. The new note matures on November 8, 2018. The principal and interest is convertible into shares of common stock at the discretion of the note holder at a price equal to seventy percent (70%) of the average of the two lowest closing traded prices of the Company’s common stock over the ten (10) trading days preceding the conversion date. The note holder is limited to owning 4.99% of the Company’s issued and outstanding shares. The Company must at all times reserve at least 50 million shares of common stock for potential conversions. On various dates between December 6, 2017 and February 5, 2018, the noteholder converted $200,000 of principal in exchange for the issuance of 3,658,652 shares. The note has been satisfied in full. - 150,000
On November 7, 2017, the Company received net proceeds of $120,000 in exchange for an unsecured convertible promissory note with a face value of $122,400 (“First Group Ten Note”), which matures on November 7, 2018. The principal and interest is convertible into shares of common stock at the discretion of the note holder at a price equal to seventy percent (70%) of the average of the two lowest closing traded prices of the Company’s common stock over the fifteen (15) trading days preceding the conversion date. The note holder is limited to owning 4.99% of the Company’s issued and outstanding shares. The Company paid total debt issuance costs of $2,400 that is being amortized over the life of the loan on the straight line method, which approximates the effective interest method. The Company must at all times reserve at least 50 million shares of common stock for potential conversions. 122,400 122,400
On November 8, 2017, provisions within two notes with Black Mountain Equities, Inc. (“Second Black Mountain Note”) and Gemini Master Fund, Ltd. (“Second Gemini Note”) established conversion features. The principal and interest became convertible into shares of common stock at the discretion of the note holder at a price equal to seventy five percent (75%) of the lowest traded price during the fifteen (15) trading days preceding the conversion date. The notes were originally entered into on September 14, 2017, the Company entered into a Securities Purchase Agreement with Black Mountain Equities, Inc. and Gemini Master Fund, Ltd. (the “Investors”), pursuant to which the Company sold to each Investor, for a purchase price of $150,000, (i) a Promissory Note (a “Note”) in the principal amount of $158,000, and (ii) a Warrant exercisable until May 31, 2022 to purchase 1,500,000 shares of the Company’s common at a price of $0.14 per share (a “Warrant”), resulting in aggregate gross proceeds to the Company of $300,000. Each Note matures on March 14, 2018, bears interest at a rate of 10% per annum payable at maturity, and is subject to acceleration in the event the Company becomes delinquent in its reporting obligation with the Securities and Exchange Commission and upon other customary events of default set forth in the Notes. The Warrants can be exercised on a cashless basis by the Investors, and the Company can require the Investors to exercise the Warrants on a cashless basis at any time following the six-month anniversary of the issuance date, provided that at such time (i) the volume weighted average price of the common stock has been greater than $0.25 for a period of thirty (30) consecutive trading days, and (ii) trading in the common stock has not been suspended by the Securities and Exchange Commission or the OTC Bulletin Board (or other exchange or market on which the Common Stock is trading). On March 22, 2018, the noteholder converted $52,479, consisting of $50,000 of principal and $2,479 of interest, in exchange for the issuance of 1,116,584 shares. 266,000 316,000
On October 27, 2017, the Company received net proceeds of $73,000 in exchange for an unsecured convertible promissory note that carries an 8% interest rate with a face value of $76,500 (“First Fourth Man Note”), which matures on October 27, 2018. The principal and interest is convertible into shares of common stock at the discretion of the note holder at a price equal to seventy five percent (75%) of the lowest traded price of the Company’s common stock over the fifteen (15) trading days preceding the conversion date. The note holder is limited to owning 4.99% of the Company’s issued and outstanding shares. The Company paid total debt issuance costs of $3,500 that is being amortized over the life of the loan on the straight line method, which approximates the effective interest method. The Company must at all times reserve at least 5 million shares of common stock for potential conversions. 76,500 76,500
On October 27, 2017, the Company received net proceeds of $73,000 in exchange for an unsecured convertible promissory note that carries an 8% interest rate with a face value of $76,500 (“First Emunah Note”), which matures on October 27, 2018. The principal and interest is convertible into shares of common stock at the discretion of the note holder at a price equal to seventy five percent (75%) of the lowest traded price of the Company’s common stock over the fifteen (15) trading days preceding the conversion date. The note holder is limited to owning 4.99% of the Company’s issued and outstanding shares. The Company paid total debt issuance costs of $3,500 that is being amortized over the life of the loan on the straight line method, which approximates the effective interest method. The Company must at all times reserve at least 5 million shares of common stock for potential conversions. 76,500 76,500
On April 24, 2014, the Company received net proceeds of $33,250 in exchange for an unsecured convertible promissory note that carries an 8% interest rate with a face value of $35,000 (“Second LG Note”), which matured on April 11, 2015. The principal and interest is convertible into shares of common stock at the discretion of the note holder at a price equal to fifty five percent (55%) of the average of the lowest closing bid prices of the Company’s common stock for the twelve (12) trading days prior to, and including, the conversion date. The note carries an eighteen percent (18%) interest rate in the event of default, and the debt holder is limited to owning 4.99% of the Company’s issued and outstanding shares. The Company paid total debt issuance cost of $1,750 that is being amortized over the life of the loan on the straight line method, which approximates the effective interest method. The Company must at all times reserve at least 5 million shares of common stock for potential conversions. On October 31, 2014, the note holder sent demand for repayment. The note is currently in default.
There's ALWAYS a hot sector and there's always a good story, but once you start with the toxic load PNTV has, it doesn't matter.
Good luck with the speculation. I hope you get your bump before the toxic hammer falls.
Look at how many OTC stocks have tanked on their toxic debt. Far more failures than success once they suck from the toxic teat.
Good luck!
I disagree. I've done very well on the toxic pump and dumps with no business because they have less need for toxic notes and the share price can easily move from trips to pennies on hype.
Companies like PNTV that have burned through millions in toxic notes and are accelerating the pace of toxic debt get slammed when the toxic lenders start to convert. Being in the pennies already and still needing millions in new toxic notes just to keep the biz going is usually a recipe for disaster.
Plus even under the best circumstances you'd be luck to see a 3 or 4X return on PNTV whereas a 99% loss is more likely.
A year from now this could have been the perfect time to buy, but it's far more likely the stock will have been diluted to nothing and reverse split.
Timing on PNTV is going to be very difficult going forward because of all the new toxic debt. Not to mention the really old notes that are in default. This is a company in dire straits and all the BS hype they keep putting out while the conversions mount just highlights it.
Good luck with this one. I've made as much as I think I can out of it and I hate to see others taken by the toxic scammers.
Yup, as long as you don't get sucked into the pump and dumps and play along with the toxic lenders, it's a nice little flip game.
Buy and hold? ROFLMAO.
Did you not see all the old and NEW toxic debt?
They have no money to pay it down. And now they're taking on MORE!!!
Any buys are likely just handing profits to the toxic lenders and encouraging these scammers. Don't fall for it.
Yes, SO MUCH toxic debt.
On February 13, 2018, the Company received net proceeds of $120,000 in exchange for an unsecured convertible promissory note that carries a 10% interest rate with a face value of $122,400 (“Fifth Group Ten Note”), which matures on February 13, 2019. The principal and interest is convertible into shares of common stock at the discretion of the note holder at a price equal to seventy percent (70%) of the average of the two lowest closing traded prices of the Company’s common stock over the fifteen (15) trading days preceding the conversion date. The note holder is limited to owning 4.99% of the Company’s issued and outstanding shares. The Company paid total debt issuance costs of $2,400 that is being amortized over the life of the loan on the straight line method, which approximates the effective interest method. The Company must at all times reserve at least 30 million shares of common stock for potential conversions. $ 122,400 $ -
On January 16, 2018, the Company received net proceeds of $120,000 in exchange for an unsecured convertible promissory note that carries a 10% interest rate with a face value of $122,400 (“Fourth Group Ten Note”), which matures on January 16, 2019. The principal and interest is convertible into shares of common stock at the discretion of the note holder at a price equal to seventy percent (70%) of the average of the two lowest closing traded prices of the Company’s common stock over the fifteen (15) trading days preceding the conversion date. The note holder is limited to owning 4.99% of the Company’s issued and outstanding shares. The Company paid total debt issuance costs of $2,400 that is being amortized over the life of the loan on the straight line method, which approximates the effective interest method. The Company must at all times reserve at least 30 million shares of common stock for potential conversions. 122,400 -
On December 15, 2017, the Company received net proceeds of $120,000 in exchange for an unsecured convertible promissory note that carries a 10% interest rate with a face value of $122,400 (“Third Group Ten Note”), which matures on December 15, 2018. The principal and interest is convertible into shares of common stock at the discretion of the note holder at a price equal to seventy percent (70%) of the average of the two lowest closing traded prices of the Company’s common stock over the fifteen (15) trading days preceding the conversion date. The note holder is limited to owning 4.99% of the Company’s issued and outstanding shares. The Company paid total debt issuance costs of $2,400 that is being amortized over the life of the loan on the straight line method, which approximates the effective interest method. The Company must at all times reserve at least 30 million shares of common stock for potential conversions. 122,400 122,400
On November 8, 2017, the Company amended the two notes with Black Mountain Equities, Inc. (“First Black Mountain Note”) and Gemini Master Fund, Ltd. (“First Gemini Note”). The amended notes extended the maturity dates to December 9, 2017, increased the principal amount owed by $8,250 each, and established conversion features. The principal and interest became convertible into shares of common stock at the discretion of the note holder at a price equal to seventy percent (70%) of the lowest volume weighted average price (“VWAP”) over the fifteen (15) trading days preceding the conversion date, as limited to $40,000 of conversion during any 10 day trading period. The notes were originally entered into on May 8, 2017, pursuant to which the Company sold to each Investor, for a purchase price of $150,000, (i) a Promissory Note (a “Note”) in the principal amount of $165,000, and (ii) a Warrant exercisable until May 31, 2022 to purchase 1,500,000 shares of the Company’s common at a price of $0.14 per share (a “Warrant”), resulting in aggregate gross proceeds to the Company of $300,000. Each Note matures on November 8, 2017, bears interest at a rate of 10% per annum payable at maturity, and is subject to acceleration in the event the Company becomes delinquent in its reporting obligation with the Securities and Exchange Commission and upon other customary events of default set forth in the Notes. The Warrants can be exercised on a cashless basis by the Investors, and the Company can require the Investors to exercise the Warrants on a cashless basis at any time following the six-month anniversary of the issuance date, provided that at such time (i) the volume weighted average price of the common stock has been greater than $0.25 for a period of thirty (30) consecutive trading days, and (ii) trading in the common stock has not been suspended by the Securities and Exchange Commission or the OTC Bulletin Board (or other exchange or market on which the Common Stock is trading). On various dates between December 11, 2017 and March 14, 2018, the noteholders converted an aggregate $314,875, consisting of $303,250 of principal and $11,625 of interest, in exchange for the issuance of 6,168,561 shares. The note is currently in default. 13,250 266,500
On November 8, 2017, the Company issued a $200,000 promissory note (“Second Group Ten Note”) in exchange for the debt acquired from Rxmm, as note below. The new note matures on November 8, 2018. The principal and interest is convertible into shares of common stock at the discretion of the note holder at a price equal to seventy percent (70%) of the average of the two lowest closing traded prices of the Company’s common stock over the ten (10) trading days preceding the conversion date. The note holder is limited to owning 4.99% of the Company’s issued and outstanding shares. The Company must at all times reserve at least 50 million shares of common stock for potential conversions. On various dates between December 6, 2017 and February 5, 2018, the noteholder converted $200,000 of principal in exchange for the issuance of 3,658,652 shares. The note has been satisfied in full. - 150,000
On November 7, 2017, the Company received net proceeds of $120,000 in exchange for an unsecured convertible promissory note with a face value of $122,400 (“First Group Ten Note”), which matures on November 7, 2018. The principal and interest is convertible into shares of common stock at the discretion of the note holder at a price equal to seventy percent (70%) of the average of the two lowest closing traded prices of the Company’s common stock over the fifteen (15) trading days preceding the conversion date. The note holder is limited to owning 4.99% of the Company’s issued and outstanding shares. The Company paid total debt issuance costs of $2,400 that is being amortized over the life of the loan on the straight line method, which approximates the effective interest method. The Company must at all times reserve at least 50 million shares of common stock for potential conversions. 122,400 122,400
On November 8, 2017, provisions within two notes with Black Mountain Equities, Inc. (“Second Black Mountain Note”) and Gemini Master Fund, Ltd. (“Second Gemini Note”) established conversion features. The principal and interest became convertible into shares of common stock at the discretion of the note holder at a price equal to seventy five percent (75%) of the lowest traded price during the fifteen (15) trading days preceding the conversion date. The notes were originally entered into on September 14, 2017, the Company entered into a Securities Purchase Agreement with Black Mountain Equities, Inc. and Gemini Master Fund, Ltd. (the “Investors”), pursuant to which the Company sold to each Investor, for a purchase price of $150,000, (i) a Promissory Note (a “Note”) in the principal amount of $158,000, and (ii) a Warrant exercisable until May 31, 2022 to purchase 1,500,000 shares of the Company’s common at a price of $0.14 per share (a “Warrant”), resulting in aggregate gross proceeds to the Company of $300,000. Each Note matures on March 14, 2018, bears interest at a rate of 10% per annum payable at maturity, and is subject to acceleration in the event the Company becomes delinquent in its reporting obligation with the Securities and Exchange Commission and upon other customary events of default set forth in the Notes. The Warrants can be exercised on a cashless basis by the Investors, and the Company can require the Investors to exercise the Warrants on a cashless basis at any time following the six-month anniversary of the issuance date, provided that at such time (i) the volume weighted average price of the common stock has been greater than $0.25 for a period of thirty (30) consecutive trading days, and (ii) trading in the common stock has not been suspended by the Securities and Exchange Commission or the OTC Bulletin Board (or other exchange or market on which the Common Stock is trading). On March 22, 2018, the noteholder converted $52,479, consisting of $50,000 of principal and $2,479 of interest, in exchange for the issuance of 1,116,584 shares. 266,000 316,000
On October 27, 2017, the Company received net proceeds of $73,000 in exchange for an unsecured convertible promissory note that carries an 8% interest rate with a face value of $76,500 (“First Fourth Man Note”), which matures on October 27, 2018. The principal and interest is convertible into shares of common stock at the discretion of the note holder at a price equal to seventy five percent (75%) of the lowest traded price of the Company’s common stock over the fifteen (15) trading days preceding the conversion date. The note holder is limited to owning 4.99% of the Company’s issued and outstanding shares. The Company paid total debt issuance costs of $3,500 that is being amortized over the life of the loan on the straight line method, which approximates the effective interest method. The Company must at all times reserve at least 5 million shares of common stock for potential conversions. 76,500 76,500
On October 27, 2017, the Company received net proceeds of $73,000 in exchange for an unsecured convertible promissory note that carries an 8% interest rate with a face value of $76,500 (“First Emunah Note”), which matures on October 27, 2018. The principal and interest is convertible into shares of common stock at the discretion of the note holder at a price equal to seventy five percent (75%) of the lowest traded price of the Company’s common stock over the fifteen (15) trading days preceding the conversion date. The note holder is limited to owning 4.99% of the Company’s issued and outstanding shares. The Company paid total debt issuance costs of $3,500 that is being amortized over the life of the loan on the straight line method, which approximates the effective interest method. The Company must at all times reserve at least 5 million shares of common stock for potential conversions. 76,500 76,500
On April 24, 2014, the Company received net proceeds of $33,250 in exchange for an unsecured convertible promissory note that carries an 8% interest rate with a face value of $35,000 (“Second LG Note”), which matured on April 11, 2015. The principal and interest is convertible into shares of common stock at the discretion of the note holder at a price equal to fifty five percent (55%) of the average of the lowest closing bid prices of the Company’s common stock for the twelve (12) trading days prior to, and including, the conversion date. The note carries an eighteen percent (18%) interest rate in the event of default, and the debt holder is limited to owning 4.99% of the Company’s issued and outstanding shares. The Company paid total debt issuance cost of $1,750 that is being amortized over the life of the loan on the straight line method, which approximates the effective interest method. The Company must at all times reserve at least 5 million shares of common stock for potential conversions. On October 31, 2014, the note holder sent demand for repayment. The note is currently in default.
Did you say NOT TOXIC DEBT?
On February 13, 2018, the Company received net proceeds of $120,000 in exchange for an unsecured convertible promissory note that carries a 10% interest rate with a face value of $122,400 (“Fifth Group Ten Note”), which matures on February 13, 2019. The principal and interest is convertible into shares of common stock at the discretion of the note holder at a price equal to seventy percent (70%) of the average of the two lowest closing traded prices of the Company’s common stock over the fifteen (15) trading days preceding the conversion date. The note holder is limited to owning 4.99% of the Company’s issued and outstanding shares. The Company paid total debt issuance costs of $2,400 that is being amortized over the life of the loan on the straight line method, which approximates the effective interest method. The Company must at all times reserve at least 30 million shares of common stock for potential conversions. $ 122,400 $ -
On January 16, 2018, the Company received net proceeds of $120,000 in exchange for an unsecured convertible promissory note that carries a 10% interest rate with a face value of $122,400 (“Fourth Group Ten Note”), which matures on January 16, 2019. The principal and interest is convertible into shares of common stock at the discretion of the note holder at a price equal to seventy percent (70%) of the average of the two lowest closing traded prices of the Company’s common stock over the fifteen (15) trading days preceding the conversion date. The note holder is limited to owning 4.99% of the Company’s issued and outstanding shares. The Company paid total debt issuance costs of $2,400 that is being amortized over the life of the loan on the straight line method, which approximates the effective interest method. The Company must at all times reserve at least 30 million shares of common stock for potential conversions. 122,400 -
On December 15, 2017, the Company received net proceeds of $120,000 in exchange for an unsecured convertible promissory note that carries a 10% interest rate with a face value of $122,400 (“Third Group Ten Note”), which matures on December 15, 2018. The principal and interest is convertible into shares of common stock at the discretion of the note holder at a price equal to seventy percent (70%) of the average of the two lowest closing traded prices of the Company’s common stock over the fifteen (15) trading days preceding the conversion date. The note holder is limited to owning 4.99% of the Company’s issued and outstanding shares. The Company paid total debt issuance costs of $2,400 that is being amortized over the life of the loan on the straight line method, which approximates the effective interest method. The Company must at all times reserve at least 30 million shares of common stock for potential conversions. 122,400 122,400
On November 8, 2017, the Company amended the two notes with Black Mountain Equities, Inc. (“First Black Mountain Note”) and Gemini Master Fund, Ltd. (“First Gemini Note”). The amended notes extended the maturity dates to December 9, 2017, increased the principal amount owed by $8,250 each, and established conversion features. The principal and interest became convertible into shares of common stock at the discretion of the note holder at a price equal to seventy percent (70%) of the lowest volume weighted average price (“VWAP”) over the fifteen (15) trading days preceding the conversion date, as limited to $40,000 of conversion during any 10 day trading period. The notes were originally entered into on May 8, 2017, pursuant to which the Company sold to each Investor, for a purchase price of $150,000, (i) a Promissory Note (a “Note”) in the principal amount of $165,000, and (ii) a Warrant exercisable until May 31, 2022 to purchase 1,500,000 shares of the Company’s common at a price of $0.14 per share (a “Warrant”), resulting in aggregate gross proceeds to the Company of $300,000. Each Note matures on November 8, 2017, bears interest at a rate of 10% per annum payable at maturity, and is subject to acceleration in the event the Company becomes delinquent in its reporting obligation with the Securities and Exchange Commission and upon other customary events of default set forth in the Notes. The Warrants can be exercised on a cashless basis by the Investors, and the Company can require the Investors to exercise the Warrants on a cashless basis at any time following the six-month anniversary of the issuance date, provided that at such time (i) the volume weighted average price of the common stock has been greater than $0.25 for a period of thirty (30) consecutive trading days, and (ii) trading in the common stock has not been suspended by the Securities and Exchange Commission or the OTC Bulletin Board (or other exchange or market on which the Common Stock is trading). On various dates between December 11, 2017 and March 14, 2018, the noteholders converted an aggregate $314,875, consisting of $303,250 of principal and $11,625 of interest, in exchange for the issuance of 6,168,561 shares. The note is currently in default. 13,250 266,500
On November 8, 2017, the Company issued a $200,000 promissory note (“Second Group Ten Note”) in exchange for the debt acquired from Rxmm, as note below. The new note matures on November 8, 2018. The principal and interest is convertible into shares of common stock at the discretion of the note holder at a price equal to seventy percent (70%) of the average of the two lowest closing traded prices of the Company’s common stock over the ten (10) trading days preceding the conversion date. The note holder is limited to owning 4.99% of the Company’s issued and outstanding shares. The Company must at all times reserve at least 50 million shares of common stock for potential conversions. On various dates between December 6, 2017 and February 5, 2018, the noteholder converted $200,000 of principal in exchange for the issuance of 3,658,652 shares. The note has been satisfied in full. - 150,000
On November 7, 2017, the Company received net proceeds of $120,000 in exchange for an unsecured convertible promissory note with a face value of $122,400 (“First Group Ten Note”), which matures on November 7, 2018. The principal and interest is convertible into shares of common stock at the discretion of the note holder at a price equal to seventy percent (70%) of the average of the two lowest closing traded prices of the Company’s common stock over the fifteen (15) trading days preceding the conversion date. The note holder is limited to owning 4.99% of the Company’s issued and outstanding shares. The Company paid total debt issuance costs of $2,400 that is being amortized over the life of the loan on the straight line method, which approximates the effective interest method. The Company must at all times reserve at least 50 million shares of common stock for potential conversions. 122,400 122,400
On November 8, 2017, provisions within two notes with Black Mountain Equities, Inc. (“Second Black Mountain Note”) and Gemini Master Fund, Ltd. (“Second Gemini Note”) established conversion features. The principal and interest became convertible into shares of common stock at the discretion of the note holder at a price equal to seventy five percent (75%) of the lowest traded price during the fifteen (15) trading days preceding the conversion date. The notes were originally entered into on September 14, 2017, the Company entered into a Securities Purchase Agreement with Black Mountain Equities, Inc. and Gemini Master Fund, Ltd. (the “Investors”), pursuant to which the Company sold to each Investor, for a purchase price of $150,000, (i) a Promissory Note (a “Note”) in the principal amount of $158,000, and (ii) a Warrant exercisable until May 31, 2022 to purchase 1,500,000 shares of the Company’s common at a price of $0.14 per share (a “Warrant”), resulting in aggregate gross proceeds to the Company of $300,000. Each Note matures on March 14, 2018, bears interest at a rate of 10% per annum payable at maturity, and is subject to acceleration in the event the Company becomes delinquent in its reporting obligation with the Securities and Exchange Commission and upon other customary events of default set forth in the Notes. The Warrants can be exercised on a cashless basis by the Investors, and the Company can require the Investors to exercise the Warrants on a cashless basis at any time following the six-month anniversary of the issuance date, provided that at such time (i) the volume weighted average price of the common stock has been greater than $0.25 for a period of thirty (30) consecutive trading days, and (ii) trading in the common stock has not been suspended by the Securities and Exchange Commission or the OTC Bulletin Board (or other exchange or market on which the Common Stock is trading). On March 22, 2018, the noteholder converted $52,479, consisting of $50,000 of principal and $2,479 of interest, in exchange for the issuance of 1,116,584 shares. 266,000 316,000
On October 27, 2017, the Company received net proceeds of $73,000 in exchange for an unsecured convertible promissory note that carries an 8% interest rate with a face value of $76,500 (“First Fourth Man Note”), which matures on October 27, 2018. The principal and interest is convertible into shares of common stock at the discretion of the note holder at a price equal to seventy five percent (75%) of the lowest traded price of the Company’s common stock over the fifteen (15) trading days preceding the conversion date. The note holder is limited to owning 4.99% of the Company’s issued and outstanding shares. The Company paid total debt issuance costs of $3,500 that is being amortized over the life of the loan on the straight line method, which approximates the effective interest method. The Company must at all times reserve at least 5 million shares of common stock for potential conversions. 76,500 76,500
On October 27, 2017, the Company received net proceeds of $73,000 in exchange for an unsecured convertible promissory note that carries an 8% interest rate with a face value of $76,500 (“First Emunah Note”), which matures on October 27, 2018. The principal and interest is convertible into shares of common stock at the discretion of the note holder at a price equal to seventy five percent (75%) of the lowest traded price of the Company’s common stock over the fifteen (15) trading days preceding the conversion date. The note holder is limited to owning 4.99% of the Company’s issued and outstanding shares. The Company paid total debt issuance costs of $3,500 that is being amortized over the life of the loan on the straight line method, which approximates the effective interest method. The Company must at all times reserve at least 5 million shares of common stock for potential conversions. 76,500 76,500
On April 24, 2014, the Company received net proceeds of $33,250 in exchange for an unsecured convertible promissory note that carries an 8% interest rate with a face value of $35,000 (“Second LG Note”), which matured on April 11, 2015. The principal and interest is convertible into shares of common stock at the discretion of the note holder at a price equal to fifty five percent (55%) of the average of the lowest closing bid prices of the Company’s common stock for the twelve (12) trading days prior to, and including, the conversion date. The note carries an eighteen percent (18%) interest rate in the event of default, and the debt holder is limited to owning 4.99% of the Company’s issued and outstanding shares. The Company paid total debt issuance cost of $1,750 that is being amortized over the life of the loan on the straight line method, which approximates the effective interest method. The Company must at all times reserve at least 5 million shares of common stock for potential conversions. On October 31, 2014, the note holder sent demand for repayment. The note is currently in default.
Nah, they'll string it out much longer than a week. They'll announce the closing but then later something will f it up.
It's how they run the pump and dump.
I was one of the few who called out the first CA deal scam.
BS. They said it was a done deal.
Then it wasn't.
LAS VEGAS, Feb. 05, 2018 (GLOBE NEWSWIRE) -- Players Network (OTCQB:PNTV), a diversified holding company operating in media and marijuana, announced today that Players Network and Green Leaf Farms Holdings, LLC (“Green Leaf”) entered into an agreement to create a Grass Roots Industrial Park (“GRIP”) to co-develop and co-owner a mixed use marijuana industrial project totaling 2,720,000 sq. ft., which we believe would be the largest in the world.
Just more pump and dump.
They'll probably announce the closing of the new deal "subject to terms" and then they won't be able to get financing.
It's just a big pump and dump.
Watch what happens with the $2 million in new toxic notes as they convert.
No, remember they closed the deal on the 1st CA opportunity.
Until they later didn't really.
The only thing that gives them any cred in my book is showing a profit, or at least CFP from ops. They've had more than a decade to do that and even several years from MJ now and all we see is larger losses, more dilution, more toxic notes and more "great new opportunity" announcements. When you've had a decade of opportunities and not capitalized on a single one, even in a small way, it makes the pump and dump rather obvious.
One "closed deal" isn't going to undo that as they've had many such "closed deals" in the past. Let's see the financial results (and no, I don't mean "we have record revenues, but we lose money on every sale we make in direct costs" results. I mean strong gross profit and CFP, if not net income.
LOL, I think the folks who bought my $.04 cent shares at $.18 might disagree.
Not to mention those buying all the way up to $.23
As Rocketstocks says "timing, timing, timing"
I've seen WAAAYYYY too many stories from PNTV that have turned out to be BS. In fact, they have been in business for 20+ years and not had one profitable or CFP quarter. Not one. That's impressive.
So you'll forgive me for being skeptical that when they have their largest ever toxic debt balance, they suddenly have found someone willing to sell them a CFP/profitable enterprise for cheap. Maybe the seller does want to build and flip, but you know what, sellers aren't stupid and buyers aren't either. When something sounds too good to be true, it ALWAYS is.
An LOI? Hell, they were further along with the first CA BS story. I'm waiting to see when Brett departs for this new company and what happens then.
Actually, it's a very typical stinky pinkie pump and dump.
Though recently it's moved up to one of the more desperate because of its huge cash burn.
Yeah, I did call out the TV "platform" pump and dump. It was pretty clear there that toxic notes weren't going to make up for all the cash spent to generate almost no revenues.
And weed looks to be even worse, with negative gross profit on their first sales and huge new toxic needed just to lose more money.
What an amazing track record. I'm afraid I'm not as perfect. I've been wrong many times in the short term (I tend to underestimate the gullibility of retail investors), but I am nearly perfect on the long term of these toxic pump and dumps.
On the plus side, as I've gotten better at understanding how these toxics work and how susceptible to hype a lot of new investors are, it has been quite profitable.
I like to say, "I post to inform, but I trade to make money".
Continued good luck!
Congratulations. My personal approach is to keep to facts, posting company filing excerpts to back up my analysis. I'm not big on predicting short term, other than seeing a huge pump push coming and getting in for a taste. Since there's no way to verify what anyone claims about success or failure, my goal is to provide board readers with verifiable facts, and my conclusions based on those facts. It's then up to each investor to decide for themselves what to do.
I find that the best way to refute erroneous information like "no toxic debt" is simply to provide the evidence from the company's filings.
FWIW, I find that just before a lot of new toxic debt is taken on, there's a HUGE pumping effort. Toxic lenders require it. 6-12 months later the stock collapses under the toxic dilution weight. That's a pattern I see playing out now on PNTV.
Good luck on your continued success.
Because there's no way to see every trade. So I am taking best case scenario. Counting a trade above $.04 ONLY when the LOD was above $.04 (not including $.04) and a trade below $.05 ONLY when the HOD was below $.05.
It's quite simple to verify.
Copy the daily stats from here https://ih.advfn.com/stock-market/USOTC/players-network-the-PNTV/historical/more-historical-data?current=0&Date1=01/1/16&Date2=05/26/18
Then paste them to a spread sheet and add a column with a formula like =IF(HOD<.04,volume,0) - gives you all shares traded below $.04 or
=IF(LOD>.04,volume,0) - gives you shares traded above $.04
Then simply total the column.
You'll see my numbers are spot on, if a bit generous to the low cost side.
It's about a 15 minute exercise.
For the toxic dilution, just look at the O/S in last years 10K vs. current.
Good luck!
20 MILLION shares flipped 30 times??? ROFLMAO. We're not THAT good.
And of course there's those 450 MILLION toxic dumped shares. Those weren't flipped, just dumped.
Too funny.
LOL, Wrong again.
700 MILLION shares traded above $.04 over the last 12 months. 640 MILLION over $.05. That's more than the entire O/S.
Hell, 560 MILLION traded over $.06 which is almost the entire O/S.
Meanwhile, 10 million shares traded below $.04 and a whopping 30 million below $.05
Now I know I'm not the only one who flipped a bunch of those for a nice profit, but it wasn't hundreds of millions.
And oh yeah, since 4/13/17 450 MILLION new shares have been added to the O/S. And that's before all the new toxic notes started to convert.
Wrongo. There are no new rules, just lots of dilution as toxic lenders make huge profits from retail.
Toxic lenders wouldn't have lent PNTV over $1 million if they couldn't keep dumping and making large profits.
No toxic debt???? WRONG.
On February 13, 2018, the Company received net proceeds of $120,000 in exchange for an unsecured convertible promissory note that carries a 10% interest rate with a face value of $122,400 (“Fifth Group Ten Note”), which matures on February 13, 2019. The principal and interest is convertible into shares of common stock at the discretion of the note holder at a price equal to seventy percent (70%) of the average of the two lowest closing traded prices of the Company’s common stock over the fifteen (15) trading days preceding the conversion date. The note holder is limited to owning 4.99% of the Company’s issued and outstanding shares. The Company paid total debt issuance costs of $2,400 that is being amortized over the life of the loan on the straight line method, which approximates the effective interest method. The Company must at all times reserve at least 30 million shares of common stock for potential conversions. $ 122,400 $ -
On January 16, 2018, the Company received net proceeds of $120,000 in exchange for an unsecured convertible promissory note that carries a 10% interest rate with a face value of $122,400 (“Fourth Group Ten Note”), which matures on January 16, 2019. The principal and interest is convertible into shares of common stock at the discretion of the note holder at a price equal to seventy percent (70%) of the average of the two lowest closing traded prices of the Company’s common stock over the fifteen (15) trading days preceding the conversion date. The note holder is limited to owning 4.99% of the Company’s issued and outstanding shares. The Company paid total debt issuance costs of $2,400 that is being amortized over the life of the loan on the straight line method, which approximates the effective interest method. The Company must at all times reserve at least 30 million shares of common stock for potential conversions. 122,400 -
On December 15, 2017, the Company received net proceeds of $120,000 in exchange for an unsecured convertible promissory note that carries a 10% interest rate with a face value of $122,400 (“Third Group Ten Note”), which matures on December 15, 2018. The principal and interest is convertible into shares of common stock at the discretion of the note holder at a price equal to seventy percent (70%) of the average of the two lowest closing traded prices of the Company’s common stock over the fifteen (15) trading days preceding the conversion date. The note holder is limited to owning 4.99% of the Company’s issued and outstanding shares. The Company paid total debt issuance costs of $2,400 that is being amortized over the life of the loan on the straight line method, which approximates the effective interest method. The Company must at all times reserve at least 30 million shares of common stock for potential conversions. 122,400 122,400
On November 8, 2017, the Company amended the two notes with Black Mountain Equities, Inc. (“First Black Mountain Note”) and Gemini Master Fund, Ltd. (“First Gemini Note”). The amended notes extended the maturity dates to December 9, 2017, increased the principal amount owed by $8,250 each, and established conversion features. The principal and interest became convertible into shares of common stock at the discretion of the note holder at a price equal to seventy percent (70%) of the lowest volume weighted average price (“VWAP”) over the fifteen (15) trading days preceding the conversion date, as limited to $40,000 of conversion during any 10 day trading period. The notes were originally entered into on May 8, 2017, pursuant to which the Company sold to each Investor, for a purchase price of $150,000, (i) a Promissory Note (a “Note”) in the principal amount of $165,000, and (ii) a Warrant exercisable until May 31, 2022 to purchase 1,500,000 shares of the Company’s common at a price of $0.14 per share (a “Warrant”), resulting in aggregate gross proceeds to the Company of $300,000. Each Note matures on November 8, 2017, bears interest at a rate of 10% per annum payable at maturity, and is subject to acceleration in the event the Company becomes delinquent in its reporting obligation with the Securities and Exchange Commission and upon other customary events of default set forth in the Notes. The Warrants can be exercised on a cashless basis by the Investors, and the Company can require the Investors to exercise the Warrants on a cashless basis at any time following the six-month anniversary of the issuance date, provided that at such time (i) the volume weighted average price of the common stock has been greater than $0.25 for a period of thirty (30) consecutive trading days, and (ii) trading in the common stock has not been suspended by the Securities and Exchange Commission or the OTC Bulletin Board (or other exchange or market on which the Common Stock is trading). On various dates between December 11, 2017 and March 14, 2018, the noteholders converted an aggregate $314,875, consisting of $303,250 of principal and $11,625 of interest, in exchange for the issuance of 6,168,561 shares. The note is currently in default. 13,250 266,500
On November 8, 2017, the Company issued a $200,000 promissory note (“Second Group Ten Note”) in exchange for the debt acquired from Rxmm, as note below. The new note matures on November 8, 2018. The principal and interest is convertible into shares of common stock at the discretion of the note holder at a price equal to seventy percent (70%) of the average of the two lowest closing traded prices of the Company’s common stock over the ten (10) trading days preceding the conversion date. The note holder is limited to owning 4.99% of the Company’s issued and outstanding shares. The Company must at all times reserve at least 50 million shares of common stock for potential conversions. On various dates between December 6, 2017 and February 5, 2018, the noteholder converted $200,000 of principal in exchange for the issuance of 3,658,652 shares. The note has been satisfied in full. - 150,000
On November 7, 2017, the Company received net proceeds of $120,000 in exchange for an unsecured convertible promissory note with a face value of $122,400 (“First Group Ten Note”), which matures on November 7, 2018. The principal and interest is convertible into shares of common stock at the discretion of the note holder at a price equal to seventy percent (70%) of the average of the two lowest closing traded prices of the Company’s common stock over the fifteen (15) trading days preceding the conversion date. The note holder is limited to owning 4.99% of the Company’s issued and outstanding shares. The Company paid total debt issuance costs of $2,400 that is being amortized over the life of the loan on the straight line method, which approximates the effective interest method. The Company must at all times reserve at least 50 million shares of common stock for potential conversions. 122,400 122,400
On November 8, 2017, provisions within two notes with Black Mountain Equities, Inc. (“Second Black Mountain Note”) and Gemini Master Fund, Ltd. (“Second Gemini Note”) established conversion features. The principal and interest became convertible into shares of common stock at the discretion of the note holder at a price equal to seventy five percent (75%) of the lowest traded price during the fifteen (15) trading days preceding the conversion date. The notes were originally entered into on September 14, 2017, the Company entered into a Securities Purchase Agreement with Black Mountain Equities, Inc. and Gemini Master Fund, Ltd. (the “Investors”), pursuant to which the Company sold to each Investor, for a purchase price of $150,000, (i) a Promissory Note (a “Note”) in the principal amount of $158,000, and (ii) a Warrant exercisable until May 31, 2022 to purchase 1,500,000 shares of the Company’s common at a price of $0.14 per share (a “Warrant”), resulting in aggregate gross proceeds to the Company of $300,000. Each Note matures on March 14, 2018, bears interest at a rate of 10% per annum payable at maturity, and is subject to acceleration in the event the Company becomes delinquent in its reporting obligation with the Securities and Exchange Commission and upon other customary events of default set forth in the Notes. The Warrants can be exercised on a cashless basis by the Investors, and the Company can require the Investors to exercise the Warrants on a cashless basis at any time following the six-month anniversary of the issuance date, provided that at such time (i) the volume weighted average price of the common stock has been greater than $0.25 for a period of thirty (30) consecutive trading days, and (ii) trading in the common stock has not been suspended by the Securities and Exchange Commission or the OTC Bulletin Board (or other exchange or market on which the Common Stock is trading). On March 22, 2018, the noteholder converted $52,479, consisting of $50,000 of principal and $2,479 of interest, in exchange for the issuance of 1,116,584 shares. 266,000 316,000
On October 27, 2017, the Company received net proceeds of $73,000 in exchange for an unsecured convertible promissory note that carries an 8% interest rate with a face value of $76,500 (“First Fourth Man Note”), which matures on October 27, 2018. The principal and interest is convertible into shares of common stock at the discretion of the note holder at a price equal to seventy five percent (75%) of the lowest traded price of the Company’s common stock over the fifteen (15) trading days preceding the conversion date. The note holder is limited to owning 4.99% of the Company’s issued and outstanding shares. The Company paid total debt issuance costs of $3,500 that is being amortized over the life of the loan on the straight line method, which approximates the effective interest method. The Company must at all times reserve at least 5 million shares of common stock for potential conversions. 76,500 76,500
On October 27, 2017, the Company received net proceeds of $73,000 in exchange for an unsecured convertible promissory note that carries an 8% interest rate with a face value of $76,500 (“First Emunah Note”), which matures on October 27, 2018. The principal and interest is convertible into shares of common stock at the discretion of the note holder at a price equal to seventy five percent (75%) of the lowest traded price of the Company’s common stock over the fifteen (15) trading days preceding the conversion date. The note holder is limited to owning 4.99% of the Company’s issued and outstanding shares. The Company paid total debt issuance costs of $3,500 that is being amortized over the life of the loan on the straight line method, which approximates the effective interest method. The Company must at all times reserve at least 5 million shares of common stock for potential conversions. 76,500 76,500
On April 24, 2014, the Company received net proceeds of $33,250 in exchange for an unsecured convertible promissory note that carries an 8% interest rate with a face value of $35,000 (“Second LG Note”), which matured on April 11, 2015. The principal and interest is convertible into shares of common stock at the discretion of the note holder at a price equal to fifty five percent (55%) of the average of the lowest closing bid prices of the Company’s common stock for the twelve (12) trading days prior to, and including, the conversion date. The note carries an eighteen percent (18%) interest rate in the event of default, and the debt holder is limited to owning 4.99% of the Company’s issued and outstanding shares. The Company paid total debt issuance cost of $1,750 that is being amortized over the life of the loan on the straight line method, which approximates the effective interest method. The Company must at all times reserve at least 5 million shares of common stock for potential conversions. On October 31, 2014, the note holder sent demand for repayment. The note is currently in default.