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Trying to get board views? Lol
Yeah right, its lettuce, not gold. They dont have nearly enough product to supply a major distributer. Probably why they have do much convertible debt hitting. Starts today and runs through March 2016.
URBF
On February 10, 2015, the Company issued a promissory note for $166,000 to one investor, less deferred financing charges of $12,000. Pursuant to the agreement, the amount owing is unsecured, bears interest at 8% per annum, and is due on February 12, 2016. The amount owing is convertible into shares of the Company’s Class A common stock 180 days after the date of issuance of the debenture (August 9, 2015) at a conversion rate of 70% of the average of the three lowest closing bid prices of the Company’s Class A common stock for the twelve trading days ending one trading day prior to the date a notice of conversion is sent by the holder to the Company. As at April 30, 2015, the Company recorded accrued interest of $2,874 (July 31, 2014 - $nil), which has been included in accounts payable and accrued liabilities.
(b)
On March 23, 2015, the Company issued a promissory note for $115,000 to one investor, less deferred financing charges of $15,000. Pursuant to the agreement, the amount owing is unsecured, bears guaranteed interest at 7% per annum, and is due on March 23, 2016. The amount owing is convertible into shares of the Company’s Class A common stock at a price of $0.021 per share or 65% of the lowest closing bid price of the Company’s Class A common stock for the twenty trading days ending one day prior to the date a notice of conversion is sent by the holder to the Company. As at April 30, 2015, the Company recorded accrued interest of $8,050 (July 31, 2014 - $nil), which has been included in accounts payable and accrued liabilities.
The Company was required to classify the conversion feature contained within the convertible debenture as a derivative liability. As such, the Company recorded a derivative liability related to the convertible debt equal to the estimated fair value of the conversion feature of $115,000 with an equivalent discount on the convertible debenture.. The Company records accretion over the term of the convertible note up to its face value of $115,000. During the nine months ended April 30, 2015, the Company recorded accretion expense of $838 increasing the carrying value of the convertible debenture to $838. During the nine months ended April 30, 2015, the Company recorded a loss on the change in fair value of the conversion option derivative liability of $48,154 and as at April 30, 2015, the fair value of the conversion option derivative liability was $163,154.
F-9
URBAN BARNS FOODS INC.
Notes to the Consolidated Financial Statements
(expressed in U.S. dollars)
(unaudited)
5.
Convertible Notes (continued)
(c)
On March 23, 2015, the Company issued a promissory note for $27,500 to one investor, less deferred financing charges of $2,500. Pursuant to the agreement, the amount owing is unsecured, bears guaranteed interest at 7% per annum, and is due on March 23, 2016. The amount owing is convertible into shares of the Company’s Class A common stock at a price of $0.021 per share or 65% of the lowest closing bid price of the Company’s Class A common stock for the twenty trading days ending one day prior to the date a notice of conversion is sent by the holder to the Company. As at April 30, 2015, the Company recorded accrued interest of $1,925 (July 31, 2014 - $nil), which has been included in accounts payable and accrued liabilities.
The Company was required to classify the conversion feature contained within the convertible debenture as a derivative liability. As such, the Company recorded a derivative liability related to the convertible debt equal to the estimated fair value of the conversion feature of $27,500 with an equivalent discount on the convertible debenture. The Company records accretion expense over the term of the convertible note up to its face value of $27,500. During the nine months ended April 30, 2015, the Company recorded accretion expense of $200 increasing the carrying value of the convertible debenture to $200. During the nine months ended April 30, 2015, the Company recorded a loss on the change in fair value of the convertible option derivative liability of $11,515 and as at April 30, 2015, the fair value of the conversion option derivative liability was $39,015.
6.
Derivative Liabilities
The conversion options of the convertible debentures payable, as disclosed in Note 5, are required to be recorded as derivatives at their estimated fair values on each balance sheet date with changes in fair value reflected in the statements of operations.
The fair value of the derivative liabilities for the March 23, 2015 convertible debenture for $115,000 and the March 23, 2015 convertible debenture for $27,500 were $163,154 and $39,015 on vesting, respectively. The fair values as at April 30, 2015 and July 31, 2014 are as follows:
April 30, July 31,
2015 2014
$ $
Derivative liabilities:
March 23, 2015 convertible debenture for $115,000 163,154 –
March 23, 2015 convertible debenture for $27,500 39,015 –
202,169 –
During the period ended April 30, 2015, the Company recorded a loss on the change in fair value of derivative liabilities of $59,669 (2014 - $140,048).
The fair value of the derivative financial liabilities was determined using the Black-Scholes option pricing model using the following assumptions:
Expected Expected
Expected Risk-free Dividend Life (in
Volatility Interest Rate Yield years)
At the issuance date:
March 23, 2015 convertible debenture for $115,000 86% 0.24% 0% 1.00
March 23, 2015 convertible debenture for $27,500 86% 0.24% 0% 1.00
As at April 30, 2015:
March 23, 2015 convertible debenture for $115,000 86% 0.24% 0% 0.90
March 23, 2015 convertible debenture for $27,500 91% 0.24% 0% 0.90
7.
Note Payable
As at April 30, 2015, the Company owed $184,054 (Cdn$223,000) for a promissory note that was issued on October 29, 2014. The note is secured against the Company's net assets, bears interest at a rate of 12.68% per annum, and due the earlier of: (i) the Company raising Cdn$1,000,000 or more through issuance of equity or debt; or (ii) October 29, 2015. As at April 30, 2015, $11,212 (Cdn$13,585) (2014 - $nil) is owed for accrued interest, which is included in accounts payable and accrued liabilities.
F-10
URBAN BARNS FOODS INC.
Notes to the Consolidated Financial Statements
(expressed in U.S. dollars)
(unaudited)
8.
Related Party Transactions
(a)
As at April 30, 2015, the Company owed $4,448 (July 31, 2014 - $15,436) to the President of the Company which is unsecured, non-interest bearing, and due on demand.
(b)
As at April 30, 2015, the Company owed $nil (July 31, 2014 - $8,259) to the Vice President of the Company which is unsecured, non-interest bearing, and due on demand.
(c)
As at April 30, 2015, the Company was owed $1,551 (July 31, 2014 - $nil) from the Vice President of the Company relating to a prepayment of expenses.
(d)
As at April 30, 2015, the Company owes $49,521 (Cdn$60,000) for a loan payable to a director of the Company. The loan is secured against the Company’s assets, bears interest at a rate of 12.68% per annum and due on the earlier of i) the Company raising Cdn$1,000,000 or more through issuance of equity or debt or ii) December 18, 2015. As at April 30, 2015, $2,274 (Cdn$2,755) is owed for accrued interest.
(e)
As at April 30, 2015, the Company owed $49,521 (Cdn$60,000) for a loan payable to a director of the Company. The loan is secured against the Company’s assets, bears interest at a rate of 12.68% per annum and due on the earlier of i) the Company raising Cdn$1,000,000 or more through issuance of equity or debt or ii) January 7, 2016. As at April 30, 2015, $2,026 (Cdn$2,455) is owed for accrued interest.
(f)
As at April 30, 2015, the Company owed $3,302 (July 2014 - $3,673) to a company controlled by the former President of the Company which is unsecured, non-interest bearing, and due on demand.
(g)
As at April 30, 2015, the Company had deferred compensation of $12,420 (July 31, 2014 - $37,352) incurred to directors and officers of the Company. During the nine months ended April 30, 2015, deferred compensation of $24,932 (2014 - $187,397) was charged to operations and included in general and administrative expenses.
(h)
During the nine months ended April 30, 2015, the Company incurred professional fees of $nil (2014 - $12,600) to the spouse of the former President of the Company.
(i)
During the nine months ended April 30, 2015, the Company incurred consulting fees (included in general and administrative expenses) of $135,173 (2014 - $146,988) to directors and officers of the Company.
(j)
During the nine months ended April 30, 2015, the Company incurred consulting fees (included in general and administrative expenses) of $1,802 (2014 - $nil) to the daughter of the President of the Company.
Urbf read 10q. Debt conversion today.
URBFAs at April 30, 2015, the Company owed $184,054 (Cdn$223,000) for a promissory note that was issued on October 29, 2014. The note is secured against the Company's net assets, bears interest at a rate of 12.68% per annum, and due the earlier of: (i) the Company raising Cdn$1,000,000 or more through issuance of equity or debt; or (ii) October 29, 2015. As at April 30, 2015, $11,212 (Cdn$13,585) (2014 - $nil) is owed for accrued interest, which is included in accounts payable and accrued liabilities.
URBFAs at April 30, 2015, the Company owed $184,054 (Cdn$223,000) for a promissory note that was issued on October 29, 2014. The note is secured against the Company's net assets, bears interest at a rate of 12.68% per annum, and due the earlier of: (i) the Company raising Cdn$1,000,000 or more through issuance of equity or debt; or (ii) October 29, 2015. As at April 30, 2015, $11,212 (Cdn$13,585) (2014 - $nil) is owed for accrued interest, which is included in accounts payable and accrued liabilities.
URBF As at April 30, 2015, the Company owed $184,054 (Cdn$223,000) for a promissory note that was issued on October 29, 2014. The note is secured against the Company's net assets, bears interest at a rate of 12.68% per annum, and due the earlier of: (i) the Company raising Cdn$1,000,000 or more through issuance of equity or debt; or (ii) October 29, 2015. As at April 30, 2015, $11,212 (Cdn$13,585) (2014 - $nil) is owed for accrued interest, which is included in accounts payable and accrued liabilities.
URBF As at April 30, 2015, the Company owed $184,054 (Cdn$223,000) for a promissory note that was issued on October 29, 2014. The note is secured against the Company's net assets, bears interest at a rate of 12.68% per annum, and due the earlier of: (i) the Company raising Cdn$1,000,000 or more through issuance of equity or debt; or (ii) October 29, 2015. As at April 30, 2015, $11,212 (Cdn$13,585) (2014 - $nil) is owed for accrued interest, which is included in accounts payable and accrued liabilities.
It gets better, read the last 10q... You all are getting played hard. Something important is dated for today....
URBF As at April 30, 2015, the Company had 31,473,472 (July 31, 2014 - 12,237,027) potentially dilutive shares outstanding.
Who did you speak to, what was their position, and what was the phone #? I'd like to contact them personally and verify your info.
Yes sir, and it's already up over its previous high of the year which was .0006
NECAUP 75% and thin
NECA UP 75% 7s almost gone.
NECA UP 50% and thin!
NECA ELTP
Only if etrade list $20 reports in the research section they offer.
URBT CEO Joseph Collins is trying to get private investors to buy in at a par value of .20. When asked why would anyone purchase a sub penny stock for .20 he stated that he believes that is what the value of the stock should be. He verified the share structure and Saud he won't take on any kind of toxic financing.
Reuters analysis of URBT
PAGE 4-key ratios and statistics (cont)
Top right corner of the page shows the eps and numbers they used to come to that conclusion.
The analysis is dated 10/10/15 but some of the Info is from a while ago. I figured that since it was updated 12 days ago the original numbers are still valid. Giving Reuters the benefit of the doubt.
URBT 92.4mil float, EPS .08 (currently .0018) Per REUTERS research (10/10/15).
A little buying pressure and this goes nuts.
Open your eyes! People don't sell off nor does the pps drop hundreds of percent after good filings. The Vgtl nonsense is ridiculous, the only thing being said on that board is that the CEO is "the real deal" and news is comming soon.
URBT up 12.5% on 15k vol. 92.4mil float, EPS .08 (currently .0018) Per REUTERS research (10/10/15).
A little buying pressure and this goes nuts.
Very nice. Check out URBT- OS 139 mil,float 92.4 Million, EPS .08 -Per REUTERS. current pps .0018
URBT up 12.5% on 15k vol. 92.4mil float, EPS .08 (currently .0018) Per REUTERS research (10/10/15).
A little buying pressure and this goes nuts.
URBT up 12.5% on 15k vol. 92.4mil float, EPS .08 (currently .0018) Per REUTERS research (10/10/15).
A little buying pressure and this goes nuts.
URBT up 12.5% on 15k vol. 92.4mil float, EPS .08 (currently .0018) Per REUTERS research (10/10/15).
A little buying pressure and this goes nuts.
URBT up 12.5% on 15k vol. 92.4mil float, EPS .08 (currently .0018) Per REUTERS research (10/10/15).
A little buying pressure and this goes nuts.
REUTERS lists the float at 92.4 million and gave URBT a eps of .08. That Info was updated on 10/10/15.
Hold on folks, when this goes it'll go fast and big.
Surprised to see it so quiet here. For a stock that's gone up .60 from its new yearly low this place is a ghost town.
Closed above 50 day ma and the upper Bollinger band. Still see this going up a little more before a sell off settles the rsi. We are encroaching on overbought territory.
ACOL news-gross sales protected to exceed 1.5 million. A 350% increase from Sept 14-Sept15
I already acknowledged that I used the wrong wording so....god job repeating what I already said capt obvious.
Perhaps you can explain why the pps is red today with such great news as you have said. You should know, you read it 10 times.
Nice private message, real mature. You're a child and I bet you loose your ass trading stocks.
"Regarding the state of the Company’s finances, including fundraising and liabilities, we have been communicating with its creditors (primarily note holders and vendors) in an effort to renegotiate debts, extend deadlines, and stave off possible legal action in order to give us the breathing room needed to restart the company"
This means that there is possible legal actions that could be taken against VGTL as of right now. Forgive me for using the wrong word, they both start with P. Furthermore, they have to clear it all up before they can "restart the company" as it clearly states.
So, as it reads, they have to renegotiate debts which may not be successful, extend deadlines which again, is not guaranteed,and stave off possible lawsuits, which they may currently be expecting. We don't know the terms they agreed to and may already be in violation of.
I dont care how many times you've read it. If you didn't derive that Vgtl cannot continue to operate under current terms, and must get extensions not to default then you good sir are smoking drugs.
Either way, even if they are successful they are restarting the company. Per the CEO's own admission.
Keep name calling and acting childish. Unacceptable by the TOS btw.
KEEP CHUGGING THE KOOL AID HAHA HAHA
Ha ok, perhaps you should read it again. It clearly states that without going into detail. The current pps reflects that. How's that good news treated you? Name calling is the last resort of a weak intellect without a valid rebuttal.
You left out the part about needing to resolve pending lawsuits before rebuilding the company.
Question-How is this good news? All I got from that release is that they arent current and are trying to stave off law suits suits so that they can start rebuilding the company.
To me that means that VGTL can't do anything pending resolution of law suits and even if that gets worked out then they are starting from square one.
Not a basher, been waiting for news to get back in.
People want in cheaper here. Dont let fear make you panic.
Investor sentiment drives the otc for the most part. Speculation is what most people rely on. Anyone who's been trading pennies long knows this. Very few companies listed in the otc and pink sheets ever amount to anything and shouldn't be considered for long term investment.
However, money can still be made. So you may be right, this company could be garbage or a scam. All I know is that I've made a lot of $$ off of stocks that had craps share structures and much less going for them than URBT.
Less than 600,000 shares traded today and it's up 35%. L2 is one of the thinnest I've seen. A day with sustained buying pressure and over 10 million shares purchased will take this over a penny. Check out the last pop. Up almost 100% on just a couple million shares.
***URBT HIGHLIGHTS***
-"We do not have nor will we take on any toxic debt. This is why we are raising 5 million dollars to create investor confidence and build a base that is interested in growing a media Company. We are satisfied with our approximately 130 million shares outstanding and a reverse split of URBT stock at this time would be counter-productive to our business model."
NO TOXIC DEBT AND NO PLANS TO REVERSE SPLIT!!! I HOPE YOU GUYS REALIZE HOW BIG THIS IS IN PENNYLAND!!!
-"On Friday, July 24, 2015, URBT entered into contract with advertising agency Golden Air Time. Golden Air Time places direct response advertising on television networks such as TNT, BET, Lifetime and ESPN to name a few, and is excited to provide URBT with 52 weeks of advertising"
ADVERTISING CONTRACT INKED AND ALREADY PAID FOR 52 WEEKS OF ADVERTISING!!! CAN YOU SAY NEW 52 WEEK HIGHS?!?
-"Investors will be able to determine that we are building a media Company that could move from the OTCMKTS to NASDAQ"
COMPANY PLANS TO UPLIST!!!
Anything available in the low to mid 2s is a gift here. We know news will make this run to mid 4 or above.