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Yes, it’s been an education.
Not showing on OTC atm, but great to see
This i cannot answer.
It is one of the major questions i am still looking for. A drop from $2 to 0.001 was obvious, but a trading strategy of averaging down is somehow the way to go.
At every step i showed the future, I accept I was taken as a basher, but at some point surely there is a point where they say FromtheUK was right...
I have been here for well over a year, I have witnessed two Reverse Spits...
As have a few others here... including yourself.
Look at the PPS today
At $2 in March i said it would be 0.001 within 6 months ( ok it was 7 months ) and now just one tick away
I predicted a 99.99% fall, and was right..
Sort of False.
MMs as a rule are neither long or short, their profit in the perfect world comes for the gap between the bid / ask
Ok i accept, not quite true..( Diluters have a hot line ) , however in general they do what they are supposed to do.. they make the market
Sort of False.
MMs as a rule are neither long or short, their profit in the perfect world comes for the gap between the bid / ask
Ok i accept, not quite true..( Diluters have a hot line ) , however in general they do what they are supposed to do.. they make the market
This is true, but ignores the fact that MMs do not take positions. I accept the rules differ, but there is no short position in OZSC
Or OZSC, or any other Brian Conway stock
There is no Shorting on OZSC or any other sub penny stock
Short Volume is often confused with Short Interest.
Short Volume ( which is high in OZSC ) is the total volume of shorted shares, even if they are covered at EOD. This is pretty much BAU especially in stocks with a lot of toxic debt. MMs sell what they can ( going short ) and the note holders make good the position at EOD.
Short Interest is the total of shares shorted, but not covered. ( virtually non in OZSC ). This can happen in normal trading, but is trivially low ( often under $10 worth of stock ) MMs selling don't always have the complete amount of shares in their inventory, so could be short for a while awaiting a sell to replenish their position. Overall it all balances out. MMs will often trade small amounts between themselves to further eliminate these positions.
In OTC stocks, traders need to have cover of about $2 per share if they wanted to take a proper short position. This eliminates any genuine short investments for any OTC stock at sub penny, it would be far to expensive.
Thanks for your grateful reply and request for more information.
I would not recommend a divorce, as you would almost certainly lose half of your investments. As a workable alternative a ride on mower could be a much cheaper alternative. You will still have to cut the grass, but you will be able to enjoy the process with a beer in hand.
Follow AITX Charity donations
https://us.trucrowd.com/equity/offer-summary/RAD-M
$21.2k 16 investors so far (19 days left)
At current rate should hit 100k total ( 10% of upper target )
No exit for investors in this.. the shares are not tradable, simply giving cash away.
OS 1,184,286,430. Another 65 million since Friday
It pulls back and wipes away everything in its path
It implies your investment is about to be washed away.
Good Analogy
Yep, that looks correct ( I stated it as 196 million at the time), here is the timeline i have been maintaining.
OS number in context.
08/24/2018 Reverse 1:100
03/27/2020 Reverse 1:10000
3rd RS expected early 2021
Mid April. 400k. ( following 10000:1 RS was 4 billion)
Mid May. 2.3 Million
Mid June 17.2 Million
Mid July 152 million (Restated 196 Million)
Mid August 446 million
End September 843 Million
October 1.117 Billion ( Updated Daily )
Since April for every share in existence, they have diluted over 2000
OS prediction for End of October . 1.2 Billion ( now looking very low )
Share Price expectation 0.001 and NO BID in October
Hang on the deal is with
Sterling PBES Energy Solutions Ltd ( about 27 employees... another micro company )
The other two companies mentioned are big ( 1000 plus employees / millions in revs ), but thats not who this deal is with..
Sterling PBES Energy Solutions Ltd Has Revs of about $2 million.
This is the bit that threw me....
SPBES has a large presence in the maritime community for electric solutions and is supported by two very strong partner parent companies, Shapoorji Pallonji and Sterling & Wilson.
What does ‘Supported’ mean in this context. I initially thought Funded / was a subsidiary off.... Its not... I think SPBES is just a reseller, doing about 2 million in business each year.. Nothing wrong in that, looks like a good company. OZSC involvement will be very small.
The last 8k I ripped apart as complete fluff. This is different, a deal with some genuinely big players. What looks like a great opportunity
The issue here is on the OZSC side only.. can they manufacture in quantity, and is their product actually any good.
If they have orders, they can expand... as for the quality of the actual product, I have no idea or view
The truth of this deal will be shown in the filings.
I have a way Steve can clear the Toxic Debt. And this assumes that the diluters think there is genuine value in AITX. If they don’t, they would never take up this suggestion.
1) offer to transfer all toxic debt to another class of preference shares. There preference shares would be based off a multiple of the OS, this would protect them should Steve ever take out new notes, or in any other way dilute the stock. These would be near identical to the way Steve / Garrret shares work.
The OS would be unaffected.
Without Dilution the stock would find a new base within a couple of months
I suggest these shares be non voting, but that may not be possible
2) leave Waypoint ... been associated with the scammer Brian Conway does the company no favours.
3) Get rid of Garret, he is a puppet of Brian Conway.
4) After the stock settles down, do an RS to bring it up to the multi dollar range, also re-listing to the OTCQX ( a positive RS, NOT a toxic dilution RS like the last two )
5) with the company on a sounder less corrupt basis, take out proper refinance to allow the manufacturing to scale ( in line with confirmed orders )
Maybe if this were done there could be value here.
I am making the massive assumption the actual product is any good, and has real value, I have never really had a personal view on that.
The point is that the $124 million claim is provably false.. if there was any substance to it, it would have been in the 8k.
The only stated fact is that the deal involves OZSC creating Prototypes based off PPPs designs ( an expensive thing to do ). PPP is trying to off-load their development costs. In truth I don't even think this will happen. Even if it does, without resale OZSC gets nothing.
Take this line.
As consideration, if PCTI provides a full design of the product(s), PPP shall pay 100% of the invoice value for the product(s) produced
If OZSC creates a prototype and PPP sells it, OZSC will receive the full invoice amount. That would not nearly cover the initial cost of design. You cant manufacture one of a thing from initial design and cover your costs selling the only one you made. The 10% of profits for every future one made is where they claw it back. But nothing in the 8k to suggest how a micro company would be able to produce anything at scale.
Tell me where I am wrong.
Lets take a closer look at the India $124 million deal...
The 8k is important, as its a filed SEC document. OZSC would need to be very careful printing known untruths or misleading statements. The same is NOT true of the PR.. when you read it, always have a critical eye. Read both what its says, and what it does not.
The 8k ( with comments )
Item 7.01 Regulation FD Disclosure.
On September 30, 2020, the Company issued a press release regarding the execution of a Technology Development Agreement and a Sales Representative Agreement between its wholly owned subsidiary, Power Conversion Technologies, Inc., and Precision Power Products (India) Private Limited. A copy of the press release issued by the Company is attached as Exhibit 99.1 to this Current Report on Form 8-K, which is incorporated by reference solely for purposes of this Item 7.01 disclosure.
Comment - OZSC released a PR related to this 8k.. no dispute here
Exhibit 99.1 contains forward-looking statements. These forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Actual outcomes and results may differ materially from what is expressed in these forward-looking statements
Comment - what was written in the PR cannot be relied upon for investment purposes. The assumptions used are not factual.
The information set forth under this Item 7.01, including Exhibit 99.1, is being furnished and, as a result, such information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such Section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Comment - The PR is NOT part of this filing. As there is no way OZSC would want that seen as a legal document by the SEC. only this 8K should be filed. Further anything in the PR cannot even be referenced beyond what is expressly included in this 8K.
Item 8.01 Other Events.
On September 30, 2020, the Company, through its wholly owned subsidiary, Power Conversion Technologies, Inc. (“PCTI”) entered into a Technology Development Agreement (the “Development Agreement”) and a Sales Representative Agreement (the “Sales Rep Agreement”) with Precision Power Products (India) Private Limited (“PPP”).
Comment - We signed an agreement. No dispute here.
Under the terms of the Development Agreement, PPP shall provide certain specifications and design concepts to PCTI and PCTI shall design, engineer and develop one or more prototype(s) to be licensed to PPP for the manufacture and sale of certain products, which shall be based in whole or in part by the prototype(s). As consideration, if PCTI provides a full design of the product(s), PPP shall pay 100% of the invoice value for the product(s) produced, if PCTI provides a partial design of the product(s), PPP shall pay 50% of the invoice value for the product(s) produced. If jointly designed by PCTI and PPP, PPP shall pay 0% of the invoice value. Additionally, PCTI shall receive an ongoing 10% royalty fee of products it produces for and are sold by PPP.
Comment - It was a Development agreement where stuff PPP designs can be prototyped by OZSC. Those designs will then be handed back to PPP who can sell them. Dependant on how much OZSC adds to the design, they will get some of the profit from anything sold.
Under the terms of the Sales Rep Agreement, PCTI granted to PPP an exclusive right to solicit orders for products it produces for and are sold by PPP in the Indian Subcontinent, the Middle East and North Africa, Southeast Asia, Eastern Europe and the Commonwealth of Independent States.
Comment - OZSC cannot sell these designs to anyone else.
One more comment on this.... Additionally, PCTI shall receive an ongoing 10% royalty fee of products it produces for and are sold by PPP.
For OZSC to get $124 million, PPP would need to make a profit ( not revenue ) of 1.24 BILLION. From a company with a handful of employees and $2 million total funds.
What does it NOT say
No forecast of ANY revenue, just that OZSC would need to create prototypes. No $124 million
No indication what happens if OZSC spends considerable time / money building a prototype, but none are sold. No mention that PPP would provide funding... This is a Major risk for OZSC.. all the costs, potentially ZERO reward. No real risk to PPP. They just offloaded their development costs.
Remember PPP is a Micro company.
Nothing will come of this.. except possibly development costs followed by zero revenue. $124 million is not mentioned in the 8k for a good reason... it will never exist... the 8k tells you this.
The India deal is fluff.. nothing will come of it.
The Director of PPP is under legal investigation for tax fraud ( fake invoices ). It’s also a Micro company with just 2 million in funds.
OZSC is a debt ridden toxic mess run by a habitual serial scammer who should be in Prison.
$124 million is a made up number, based on both sales and products that don’t exist.
Think it through why $124.. why not 100 or 150 even 200.. it was chosen to give the impression it was carefully calculated based on real projections. It wasn’t ... read the 8K knowing it’s a scam, nothing in there will make you think it’s real.
If the entire company is worth 1.5 million.
How can a tiny part be valued at 25 Million.
RAD-M has not produced any Romeo’s beyond their demo bot, which we have no idea how functional it is ( it could just be a shell ). The Video was mostly Rendered.
Reality will bite soon enough. Public holiday today, so possibly no Dilution to drive down the Share price
As for Very Popular... 11 investors so far looking like the offer is going to be a failure.
This needs millions in proper financing, not gimmicks
Follow here
https://us.trucrowd.com/equity/offer-summary/RAD-M
$15k. 9 investors so far (22 days left)
Assuming this offer goes as expected, RAD-M will raise about 100k ( less than they pay Waypoint ). About 10% of the upper target.
Those that have given away their money, should consider them charity donations. The shares they own are not publicly listed, and are unlikely to ever be. Nasdaq etc is a joke. There is simply no way to cash out. It’s literally money thrown away.
AITX will never be bought out, it a toxic mess of a stock and at 1.5 million is extremely over valued. It’s short term story will be a 0.001 stock price / NOBID and a 3rd RS. They the dilution will continue as before.
Saying RAD-M is valued at 25 Million is simply unbelievable. Any serious investor would see right through this.
There is zero value here. Only Dilution.. Only good money after bad.
It is surprisingly a really low min target $10k I think.
If they sell only that many, it would not seem worth the paper work.
The fees for Waypoint are $10k per month. They would save more by dropping the pointless IR firm.
Track the current ‘Charity Donations’ here
https://us.trucrowd.com/equity/offer-summary/RAD-M
Currently at $6800 total
7 investors. 23 days remaining.
Why would you want to invest in this crowd sourcing, to buy such a tiny percentage of RAD-M when you could just buy the common shares of AITX.
The entire MarketCap of AITX is 1.5 million and falling by the day.
When it hits 0.001 it should be closer to 1 million.
He is trying to raise the entire MarketCap of the company ( that includes RAD-M ) by selling 4% of a subsidiary.
The Exit strategy is for RAD-M ... spin it off to another ticker. You can’t do that with AITX ( today you would need a 4 billion market cap to get the $4 share price required)
Also you cant list just 4%... so this is the start
2.5 million shares created.
First 100k on offer (4%)
This does not hold together. Nobody in their right mind would pay over 25x the price for something they can’t trade and has been given such a crazy high valuation.
He based the valuation on Knightscope, a company that actually makes and sells mobile robot security systems. RAD-M is concept. Not a single one has been built / sold ( beyond a demo bot )
Most of the promotional video was rendered
This should have all investors worried.
Exit Strategy
RAD-M’s high profitability and low-cost structure should create a desirable acquisition target for a variety of large multinational companies and private equity groups. A sale of this manner is one of the two potential exit strategies. Furthermore, the company is considering a NASDAQ listing as another potential exit strategy.
This is RAD-M Exit Strategy ( Not AITX ) .. either sell to a bigger buyer, so people get potentially more than their initial $10 or Listing on NASDAQ and get a new ticker so they can register their shares with a broker and trade.
The RAD-M side of AITX is gone... if enough people go for this crowd source, upto 40% will be gone ( nothing stopping them selling off the other 60% )
2,500,000 shares created
Up to 1,000,000 to be sold at $10 each
6000 sold so far..
All investors should be hoping this falls flat.
RAD-M has spun off 2,500,000 shares at $10 each.. valuing it at $25 million (Way way overvalued).
The shares you buy via crowd funding are not tradable on the open market ( no ticker yet ), but you own them
The 2,500,000 hold 100% of the voting power, only 1 million are on offer.
So Steve has given RAD-M away for free ( no value to AITX )
He has done exactly what I said he would do. If people would take time to read, you could question why AITX investors think this is a good thing.
Track the current ‘Charity Donations’ here
https://us.trucrowd.com/equity/offer-summary/RAD-M
Currently at $6050 total
4 investors. 24 days remaining.
This looks very much like they are spinning off RAD-M
Offering separate common shares at $10
Very much predicted, but maybe not quite like this. I cant see why anyone would go for this. Selling un-tradeable shares.
Ok the big idea to get funding for the company is Crowd Sourcing.. I confess I have no idea how this works in a business context. I have seen it before where you may want a Film or Game produced, but that approach makes no sense for a security robot. It’s almost like asking for charity donations.. please give us some money so we don’t go broke..
I will read through when I get some time, but please share thoughts. To me it’s just odd..
I did see they valued AITX at $25 million which is ridiculous. Total Market Cap is only 1.5 million and that is WAY overvalued for a company in such a toxic mess.
Buying at 0.001 is extremely dangerous. At NOBID an investor will be locked in unable to sell. Volume will fall of a cliff until the inevitable RS is actioned. After the RS you will see a 90%+ drop within seconds of trading post split.
For example after the last split the price dropped from $2 to 0.16 within the first few minutes. Retail was locked as the MMs sold what they could for the Diluters.
Showing 0.001 as the new low... few days left till nobid
Remember you cant sell your shares under NOBID.. no buyers left...
Diluters cant sell either, but every time a buyer shows up, Diluters get first dibs.. Retail trading will be dead.
OS number in context.
08/24/2018 Reverse 1:100
03/27/2020 Reverse 1:10000
3rd RS expected early 2021
Mid April. 400k. ( following 10000:1 RS was 4 billion)
Mid May. 2.3 Million
Mid June 17.2 Million
Mid July 152 million (Restated 196 Million)
Mid August 446 million
End September 843 Million
October 1.117 Billion ( Updated Daily )
Since April for every share in existence, they have diluted over 2000
OS prediction for End of October . 1.2 Billion ( now looking very low )
Share Price expectation 0.001 and NO BID in October
New OS 1,117,828,097 another 60 million
I am looking into that deal, from what I can tell OZSC needs to pay several instalments. If they have no money, how can they... Will be interesting on next filing if they are making payments.
This from May 2020
WARWICK, N.Y., May 13, 2020 (GLOBE NEWSWIRE) -- Ozop Surgical Corp. (OZSC), (“Ozop” or the “Company”), today announces that it has successfully reduced the number of active convertible note holders from 18 down to 4 and expects that number to be down to 3 shortly.
“I’m glad the number of noteholders has been significantly reduced, and we are looking forward to shifting our focus towards the closing of Power Conversion Technologies, Inc.” said Brian Conway, CEO. “We are on track towards completing the first payment to PCTI at the end of the month”.
About Ozop Surgical Corp.
—-
Very clear here they are stating a significant reduction to the Toxic Notes. Stated on Waypoint at the time they were looking to keep the OS below 100 million. As we know that didn’t happen ( Currently 3.1 billion ). So how soon after clearing down all the Toxic Debt, did they start issuing new notes.
For May / June alone here is the note activity. Clearly that PR was sent to deliberately mislead investors
On May 4, 2020, the Company issued a 12% convertible promissory note, (the “Note”) in the principal amount of $110,000, pursuant to a Securities Purchase Agreement we entered into with an investor. This note matures 12 months after the date of issuance. This note is convertible into shares of the Company’s common stock beginning on the date which is 180 days from the issuance date of this note, at a conversion price equal to the lower of $0.50 or 58% multiplied by the average of the two lowest closing trading price or bid price during the 20- trading day period ending on the last completed trading date in the OTC Markets prior to the date of conversion. The Company received proceeds of $96,250 on May 6, 2020, and the Company reimbursed the investor for expenses for legal fees and due diligence of $13,750. This note proceeds will be used by the Company for general working capital purposes. In conjunction with this note, the Company issued a warrant to purchase 3,666,666 shares of common stock at an exercise price of $0.015, subject to adjustments and expiring on the five-year anniversary of the Issuance Date. The embedded conversion feature included in this note resulted in an initial debt discount of $100,000, interest expense of $5,526 and an initial derivative liability of $105,526. For the six months ended June 30, 2020, amortization of the debt discounts of $18,792 was charged to interest expense. As of June 30, 2020, the outstanding principal balance of this note was $110,000 with a carrying value of $16,042, net of unamortized discounts of $93,958.
On May 5, 2020, (the “Issuance Date”) the Company issued a 12% convertible promissory note, (the “Note”) in the principal amount of $162,000, to an investor. This note matures 6 months after the Issuance Date. This note is convertible into shares of the Company’s common stock beginning on the Issuance Date at $03 for the first three months after the Issuance Date. After the first three months after the Issuance Date, the conversion price shall be equal to the lower of (i) $.03 or 50% of the lowest trading price for the thirty-five trading days prior to the conversion. The Company received proceeds of $100,000 on May 13, 2020, and this note included an original issue discount of $62,000. This note proceeds will be used by the Company for general working capital purposes. The embedded conversion feature included in this note resulted in an initial debt discount of $100,000, interest expense of $151,512 and an initial derivative liability of $251,512. For the six months ended June 30, 2020, amortization of the debt discounts of $54,000 was charged to interest expense. As of June 30, 2020, the outstanding principal balance of this note was $162,000 with a carrying value of $54,000, net of unamortized discounts of $108,000. In conjunction with this note, the Company issued a warrant to purchase 4,325,000 shares of common stock at an exercise price of $0.02, subject to adjustments and expiring on the five-year anniversary of the Issuance Date.
On May 7, 2020, the Company issued a 15% convertible redeemable note in the principal amount of $30,000. This note matures on May 7,2021 and is convertible into shares of common stock at a conversion price equal to 50% of the lowest traded price for the twenty-five prior trading days including the day upon which a conversion notice is received by the Company. The Company received proceeds of $25,000 on May 7, 2020, and this note included an original issue discount of $5,000, which was recorded as a discount against the debt to be amortized into interest expense through maturity This note proceeds will be used by the Company for general working capital purposes. The embedded conversion feature included in this note resulted in an initial debt discount of $25,000, interest expense of $17,828 and an initial derivative liability of $42,828. For the six months June 30, 2020, amortization of the debt discounts of $4,375 was charged to interest expense. As of June 30, 2020, the outstanding principal balance of this note was $30,000 with a carrying value of $4,375, net of unamortized discounts of $25,625.
On May 7, 2020, an investor (the “Purchaser”) pursuant to a Debt Purchase Agreement, purchased a convertible note issued by the Company on October 24, 2019, with a maturity date of October 24, 2020 (see above). The Purchaser acquired $200,000 of this note. This note, as amended, is convertible into common stock at a conversion price equal to a 70% discount to the lowest closing prices of the common stock for thirty prior trading days including the day upon which a notice of conversion is received. The embedded conversion feature pursuant to this agreement resulted in an initial debt discount of $200,000, interest expense of $111,128 and an initial derivative liability of $311,128. For the six months ended June 30, 2020, amortization of the debt discounts of $200,000 was charged to interest expense. For the six months ended June 30, 2020, the investor converted a total of $200,000 of the face value and $16,922 of accrued interest and fees into 92,332,507 shares of common stock at an average conversion price of $0.00218. As of June 30, 2020, the outstanding principal balance of assigned note was $-0-.
On May 15, 2020, an investor (the “Purchaser”) pursuant to a Debt Purchase Agreement, purchased a convertible note initially issued by the Company on January 8, 2020, with a maturity date of January 8, 2021 (see above). The Purchaser paid $52,000 for the note. This note, as amended, is convertible into common stock at a conversion price equal to a 70% discount to the lowest closing prices of the common stock for thirty prior trading days including the day upon which a notice of conversion is received. For the six months ended June 30, 2020, the Company recorded additional interest expense of $63,500 due to defaults of this note and the amount was added to the principal balance owed the Purchaser. The embedded conversion feature pursuant to this agreement resulted in an initial debt discount of $100,000, interest expense of $526,507 and an initial derivative liability of $626,507. For the six months ended June 30, 2020, amortization of the debt discounts of $25,000 was charged to interest expense. For the six months ended June 30, 2020, the investor converted a total of $66,454 of the face value and $5,246 of accrued interest and fees into 53,110,926 shares of common stock at an average conversion price of $0.00129. As of June 30, 2020, the outstanding principal balance of assigned note was $83,546, with a carrying value of $8,546, net of unamortized discounts of $75,000. This note was fully converted as of August 13, 2020.
On May 15, 2020, an investor (the “Purchaser”) pursuant to a Debt Purchase Agreement, purchased a convertible note initially issued by the Company on November 27, 2019, with a maturity date of November 27, 2020 (see above). The Purchaser paid $75,000 for the note. This note, as amended, is convertible into common stock at a conversion price equal to a 70% discount to the lowest closing prices of the common stock for thirty prior trading days including the day upon which a notice of conversion is received. For the six months ended June 30, 2020, the Company recorded additional interest expense of $75,000 due to defaults of this note and the amount was added to the principal balance owed the Purchaser. The embedded conversion feature pursuant to this agreement resulted in an initial debt discount of $77,000, interest expense of $388,385 and an initial derivative liability of $465,385. As of June 30, 2020, the outstanding principal balance of assigned note was $115,500, with a carrying value of $52,398, net of unamortized discounts of $62,563. This note was fully converted as of August 13, 2020.
On May 28, 2020, the Company issued a 15% convertible redeemable note in the principal amount of $30,000. This note matures on May 28, 2021 and is convertible into shares of common stock at a conversion price equal to 50% of the lowest traded price for the twenty-five prior trading days including the day upon which a conversion notice is received by the Company. The Company received proceeds of $25,000 on May 28, 2020, and this note included an original issue discount of $5,000. This note proceeds will be used by the Company for general working capital purposes. The embedded conversion feature included in this note resulted in an initial debt discount of $25,000, interest expense of $19,346 and an initial derivative liability of $44,346. For the six months June 30, 2020, amortization of the debt discounts of $2,500 was charged to interest expense. As of June 30, 2020, the outstanding principal balance of this note was $30,000 with a carrying value of $2,500, net of unamortized discounts of $27,500.
On May 28, 2020, an investor (the “Purchaser”) pursuant to a Debt Purchase Agreement, purchased a convertible note issued by the Company on May 29, 2019 (see above). The Purchaser acquired $67,365 of this note. This note, as amended, is convertible into common stock at a conversion price equal to a 70% discount to the lowest closing prices of the common stock for thirty prior trading days including the day upon which a notice of conversion is received. The embedded conversion feature pursuant to this agreement resulted in an initial debt discount of $67,365, interest expense of $443,420 and an initial derivative liability of $510,785. For the six months ended June 30, 2020, the Company recorded additional interest expense of $83,395 due to defaults of this note and the amount was added to the principal balance owed the Purchaser. For the six months ended June 30, 2020, amortization of the debt discounts of $67,365 was charged to interest expense. For the six months ended June 30, 2020, the investor converted a total of $47,090 of the face value and $3,000 of accrued interest and fees into 39,959,295 shares of common stock at an average conversion price of $0.00118. As of June 30, 2020, the outstanding principal balance of assigned note was $103,671. This note was fully converted as of August 13, 2020.
24
On June 1, 2020, (the “Issuance Date”) the Company issued a 12% convertible promissory note, (the “Note”) in the principal amount of $127,500, to an investor. This note matures 6 months after the Issuance Date. This note is convertible into shares of the Company’s common stock beginning on the Issuance Date at $0.025 for the first three months after the Issuance Date. After the first three months after the Issuance Date, the conversion price shall be equal to the lower of (i) $.025 or 50% of the lowest trading price for the thirty-five trading days prior to the conversion. The Company received proceeds of $100,000 on June 1, 2020, and this note included an original issue discount of $27,500. This note proceeds will be used by the Company for general working capital purposes. The embedded conversion feature included in this note resulted in an initial debt discount of $100,000, interest expense of $103,250 and an initial derivative liability of $203,250. For the six months ended June 30, 2020, amortization of the debt discounts of $21,250 was charged to interest expense. As of June 30, 2020, the outstanding principal balance of this note was $127,500 with a carrying value of $21,250, net of unamortized discounts of $106,250. In conjunction with this note, the Company issued a warrant to purchase 6,375,000 shares of common stock at an exercise price of $0.02, subject to adjustments and expiring on the five-year anniversary of the Issuance Date.
On June 11, 2020, the Company issued a 12% convertible promissory note, (the “Note”) in the principal amount of $53,000, pursuant to a Securities Purchase Agreement we entered into with an investor. This note matures 12 months after the date of issuance. This note is convertible into shares of the Company’s common stock beginning on the date which is 180 days from the issuance date of this note, at a conversion price equal to 58% multiplied by the lowest closing bid price during the twenty trading day period ending on the last completed trading date in the OTC Markets prior to the date of conversion. The Company received proceeds of $50,000 on June 12, 2020, and the Company reimbursed the investor for expenses for legal fees and due diligence of $3,000. This note proceeds will be used by the Company for general working capital purposes. The embedded conversion feature included in this note resulted in an initial debt discount of $50,000, interest expense of $2,218 and an initial derivative liability of $52,218. For the six months June 30, 2020, amortization of the debt discounts of $2,849 was charged to interest expense. As of June 30, 2020, the outstanding principal balance of this note was $53,000 with a carrying value of $2,849, net of unamortized discounts of $50,151.
On June 23, 2020, an investor (the “Purchaser”) pursuant to a Debt Purchase Agreement, purchased a past-due convertible note initially issued by the Company on October 6, 2017 (see above). The Purchaser paid $60,000 for the note. This note, as amended, is convertible into common stock at a conversion price equal to a 70% discount to the lowest closing prices of the common stock for thirty prior trading days including the day upon which a notice of conversion is received. For the six months ended June 30, 2020, the Company recorded additional interest expense of $52,500 due to defaults of this note and the amount was added to the principal balance owed the Purchaser. The embedded conversion feature pursuant to this agreement resulted in interest expense of $658.093 (since the purchased note was past its’ maturity date and was in default) with the offset recorded to derivative liabilities. For the six months ended June 30, 2020, the investor converted a total of $91,579 of the face value and $42,071 of accrued interest and fees into 99,000,000 shares of common stock at an average conversion price of $0.00133. As of June 30, 2020, the outstanding principal balance of assigned note was $20,921. This note was fully converted as of August 13, 2020.
On June 30, 2020, (the “Issuance Date”) the Company issued a 15% convertible promissory note, (the “Note”) in the principal amount of $129,500, to an investor. This note matures 6 months after the Issuance Date. This note is convertible into shares of the Company’s common stock beginning on the Issuance Date at $0.025 for the first three months after the Issuance Date. After the first three months after the Issuance Date, the conversion price shall be equal to the lower of (i) $.025 or 50% of the lowest trading price for the thirty-five trading days prior to the conversion. The Company received proceeds of $102,000 on July 1, 2020, and this note included an original issue discount of $27,500 and lender costs of $2,000. This note proceeds will be used by the Company for general working capital purposes. The embedded conversion feature included in this note resulted in an initial debt discount of $100,000, interest expense of $107,122 and an initial derivative liability of $207,122. As of June 30, 2020, the outstanding principal balance of this note was $129,500 with a carrying value of $-0-, net of unamortized discounts of $129,500. In conjunction with this note, the Company issued a warrant to purchase 6,375,000 shares of common stock at an exercise price of $0.02, subject to adjustments and expiring on the five-year anniversary of the Issuance Date
Here is a question. A PR dated back to May 2020.
https://finance.yahoo.com/news/ozsc-power-conversion-technologies-inc
OZSC: Power Conversion Technologies, Inc. – Ships Order for Fortune 500 Engineering Company
Commented Catherine Chis, President of PCTI “Our global naval customers have trusted our equipment to provide power to in-hull submarine systems for more than 20 years to global naval organizations. In the history of the company, this particular project was one of the most impressive, sophisticated projects we have had the opportunity to engineer and manufacture. It was an accomplishment for our entire team.”
This was in May 2020 which is covered in the current filing ended June 2020.
Zero Revenue recorded in that filing for the last 6 months.
How can fulfilling orders produce zero revenue unless they are fake orders.
OS 1,056,594,768 .. another 40 million