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this is who bets is going to use https://www.playtech.com/
u heard it here first,,,go big or go broke,,since shane will not say I will tell all of u..lol
call bets they are the ones that did it to the shareholders
I own shares ,,I just another bag holder,,,lol just not as much as some of these bagholders..
I think bets should say we are happy to cost everybody there jack...lol
its in the 10q
wait for .0004
the only thing would help bets was if bets would have stopped taking toxic loans...but know they just went right back for more,,,,bets will be doing a r/s
how good has the leekout agreement worked
I know that but they will convert it in oct 17
just remember the last 10q has done bets in,,,,everybody thought bets was going to stop taking the toxic loans but april just 1 month after getting current they took 200 thousand at 60 percent discount,,,so shane this has know they have no deal in place are selling out shareholders for nothing,,,,and everybody that read the 10q knows the same thing ,,,just remember seawas said go big or go broke....july just around the corner,,,lol lets see what shane doing to do...lol
just think july 1 the leekout agreement will be over,,then the real dump will drive it to .0004 easy then they get 60 percent discount so they be selling at .000175 bets is done with r/s just around the corner.....2 weeks bets will be at .0004....then shane will open his mouth and Apollo will fill it with shares at any time they want to sell...where the bozo that said they not shares to dump.....lol
just remember go big or go broke....lol
.0004 coming to bets let shane know...he already knows..
mm's got bets exactly where they wanted bets they will drain every share out of them,,,just remember bets when up to .0025 that was to draw these fools into buying never to see .0025 again all last winter ,,they dropped bets lower lows now lower lows now reaching alltime lows .0004 will be reached.. the mm,s will take all the money everybody will be broke...its coming to a town near u...seawas would say go big or go broke.lol
everytime news comes bets get dump on ..so remember just 700 mill shares left to dump....starting in aug sept oct nov dec jan 2017 barry will call for special meeting for r/s....lol its coming to a town near you as sewas would say go big or go broke...lol
1,675,457 799,583 down seaniemac no site
492,000 82,000 down apollobet was 350,000
the websites are losing ground falling fast
the real truth is setting in everybody know this...lol just think bets has been selling to toxic lenders for the last 3 years then they say we will have to do a r/s split ,,its coming seawas was right bets is a go big or go broke,,,llol
everybody leaving this sinking ship
big as. hol in the bottom ..lol
just think bets was at .0025 now its at .0008 all these people are getting cleaned out,,,,loss after loss lol
come on guys gets this pig over .05 no 10 cents no .001 lol
gets this thing to .05 cents buy buy buy
same thing thru leekout agreement..lol
the best bets can do is get cash from apollo then Apollo gets 300 percent on payment ,,shareholders will get a r/s...shane does not have the shares to stop the r/s barrys can and will r/s then barry will ...barry like taking money and splitting r/s the mm,s will never let this go up ,,,could reach .002 if lucky...they want as much as they can get for the website without paying it back...shane a stoole pigeon he knows it too..bets junk co
2 bill shares getting closer every day should be at 1.3 bill now ..leekout agreement in july 1 ,,Apollo will be ready to take it to 2 bill then r/s coming soon everybody knows this now 100 percent for sure...lol I last pop nd r/s
looks like it will take a 500 mill day to move bets up 1 or 2 ticks this thing has nothing buy pump and dump ...shane should knows it time for the r/s show down,,,everybody was hoping bets was done with Apollo but just after 30 days being current they can not stop free money cost sharholders ..watch they will lose it all here....could have I jump but it will be a dump after,,,bets could hit .003 maybe .005...I would never think it wil go to .01..never happen...but you never know,,,lol bets needs a big website and millions of clients then its could happen..lol barry greg are a joke
after reading the 10q they are doing to let u own 20 mill 40 mill 100 mill share ,,,,they will take all those shares back...why would they let u own the shares when they can just use u for the last 3 years to get what they want is your money,,then do a r/s take the rest of your money and its coming,,soon they just need u for 700 mill more shares and they already took the money from Apollo april 2016 200,000 that's just one ...u might get lucky get a jump just to bring in more losers and they will be losers,,,,the only thing that can save bets is they fire greg barry shane buys bets and the new website is a big hit,,,but then greg and barry is not leaving they are ,,,lol the website better be great and draw millions of new clients then bets could make it ,,but the chases are 2 percent now,,lol
Item 1. Legal Proceedings.
On August 14, 2014, the Company agreed to the entry of an Order Instituting Cease and Desist Proceedings Pursuant to Section 21C of the Securities and Exchange Act of 1934 (“Agreed Order”), with the SEC. The agreement with the SEC was subsequently modified on September 17, 2014 and is pending final approval from the SEC. Pursuant to the Agreed Order, the Company acknowledged that it was delinquent in its filing requirements in that it had failed to file its annual report on Form 10-K for the year ended December 31, 2013, its quarterly reports on Form 10-Q for the quarters ended March 31, 2014 and June 30, 2014 and a current report on Form 8-K. Moreover, the Company has agreed to pay civil penalties in the total amount of $50,000 as a result of these delinquent filings. The Company is diligently working toward completing and filing its delinquent reports. The penalty of $50,000 was expensed during the third quarter of 2014. On September 23, 2014, the Company deposited $25,000 in an escrow account with its legal counsel. During 2014, $20,000 of these funds was used to partially pay the civil penalties of $50,000 that are due the SEC. During the year ended December 31, 2015, the Company paid $12,000 toward the penalty. The remaining balance due is $18,000.
In January 2016, a judgment in the amount of $72,540 was entered against us in the Supreme Court of the State of New York, County of Suffolk (Index No.: 612058/2015) in favor of Rotenberg, Meril, Solomon, Bertiger & Guttilla, P.C. The judgment stems from accounting services they performed on our behalf in addition to prejudgment interest and costs.
On April 5, 2016 Iliad Research and Trading, L.P. (“Iliad”) made a demand on the Company to issue 64,660,484 shares of the Company’s common stock (the “Delivery Shares”) issuable upon exercise of warrants issued to Iliad on December 2, 2013 (the “Iliad Warrant”) and for damages due to Company’s failure to deliver the Delivery Shares to Iliad pursuant to the terms of the Warrant, late fees in the amount of $2,000.00 per trading day (the greater of $2,000.00 and 2% of the product of the number of Delivery Shares not delivered to Investor (64,660,484) multiplied by the closing sales price of the Common Stock on the last trading day the Company could have delivered the Delivery Shares to Iliad without breaching the terms of the Warrant (which closing sale price was $0.0011 according to Iliad’s demand) have been accruing since April 1, 2016 (the “Late Fees”). The Company has been notified by Apollo that Apollo Capital Corp. believes that it acquired the Warrants when it acquired the Note on December 18, 2015 as discussed in Note 12 to the Company’s financial statements despite Iliad’s demand for issuance of the Delivery Shares. The Company has elected to withhold issuance of the Delivery Shares until the dispute between Iliad and Apollo regarding ownership of the Warrants and the rights to the Delivery Shares has been resolved. The Company is, however, subject to possible late fees and damages as a result of its failure to issue the Delivery Shares to Iliad in the event Iliad is deemed the owner of the Warrant.
We are not presently a party to any other material litigation, nor to the knowledge of management is any litigation threatened against us that may materially affect us.
Item 1A. Risk Factors.
Our business is subject to certain risks and events that, if they occur, could adversely affect our financial condition and results of operations. For a discussion of these risks, please refer to the “Risk Factors” section of our annual report on Form 10-K for the year ended December 31, 2015. In connection with its preparation of this quarterly report on Form 10-Q, management has reviewed and considered these risk factors and has determined that there have been no material changes to our risk factors since the date of filing the annual report on Form 10-K for the year ended December 31, 2015.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
During the three months ended March 31, 2016, $155,127 of debt and accrued interest was converted to 155,126,983 shares of common stock.
- 14 -
On January 10, 2016, the Company entered into a one-year Consulting and Representation Agreement with an unrelated third party to issue 60,000,000 shares of the Company’s common stock in exchange for services valued at $54,000 based upon the closing price of the Company’s stock on January 10, 2016 of $0.0009 per share.
On February 11, 2015 the Company entered into a one-year Consulting and Representation Agreement with Corporate Ads, LLC to issue 15,000,000 shares of the Company’s common stock plus $10,000 paid in cash in exchange for services. The shares were valued at $43,500 based upon the closing price of the stock on February 11, 2015 of $0.029 per share.
These shares of our common stock were issued in reliance on the exemption from registration provided by Sections 3(a)(9) and 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”).
Item 3. Defaults upon Senior Securities.
B. Financing
On April 18, 2016, the Company issued to Apollo Capital Group, LLC (“Apollo Capital”) a Convertible Promissory Note (the “Note”) in the original principal amount of $220,000 (the “Purchase Price”) which Note bears interest at 12% per annum and is compounded daily. The Company sold the Note to Apollo Capital for $200,000 with $20,000 retained by Apollo Capital as an original issuance discount for due diligence and legal expenses related to the transaction. The principal amount and accrued interest under the Note is convertible into the Company’s common stock, $0.001 par value (the “Common Stock”), at Apollo Capital’s option, at any time beginning 180 days after the date of issuance at a 50% discount of by the lowest trading price for the Company’s common stock during the 20 trading day period prior to conversion (the “Conversion Price”). All outstanding principal and accrued interest on the Note is due and payable on the maturity date, which date is October 17, 2016 (the “Maturity Date”). The conversion price is subject to adjustment in the event the Company sells or grants any option to purchase or sells or grants any right to reprice, or otherwise disposes of or issues (or announces any sale, grant or any option to purchase or other disposition), any common stock or common stock equivalents entitling any person to acquire shares of Common Stock at an effective price per share that is lower than the conversion price in effect on the date of such issuance. In addition, the Conversion Price is subject to proportional adjustment in the event of stock splits, stock dividends and similar corporate events.
F- 35
SEANIEMAC INTERNATIONAL, LTD. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
March 31, 2016
(Unaudited)
The principal balance of the Note may be prepaid at any time after 10 days’ prior written notice by the Company to Apollo Capital by paying Apollo Capital an amount equal to the Prepayment Percentage (as hereinafter defined) multiplied by the sum of the principal amount due, accrued interest and any other amounts due under the Note. The Prepayment Percentage is (i) 150% during the period beginning on the date the Note is issued and ending 90 days thereafter or (ii) 200% during the period beginning 91 days after the Note is issued and ending 180 days thereafter. After the expiration of the 180 days after the date the Note issued, the Company has no right of prepayment.
C. Iliad Warrants
On April 5, 2016 Iliad made a demand on the Company to issue 64,660,484 shares of the Company’s common stock (the “Delivery Shares”) issuable upon exercise of warrants issued to Iliad on December 2, 2013 (the “Iliad Warrant”) and for damages due to Company’s failure to deliver the Delivery Shares to Iliad pursuant to the terms of the Warrant, late fees in the amount of $2,000.00 per trading day (the greater of $2,000.00 and 2% of the product of the number of Delivery Shares not delivered to Investor (64,660,484) multiplied by the closing sales price of the Common Stock on the last trading day the Company could have delivered the Delivery Shares to Iliad without breaching the terms of the Warrant (which closing sale price was $0.0011 according to Iliad’s demand) have been accruing since April 1, 2016 (the “Late Fees”). The Company has been notified by Apollo that Apollo Capital Corp. believes that it acquired the Warrants when it acquired the Note on December 18, 2015 as discussed in Note 12 above despite Iliad’s demand for issuance of the Delivery Shares. The Company has elected to withhold issuance of the Delivery Shares until the dispute between Iliad and Apollo regarding ownership of the Warrants and the rights to the Delivery Shares has been resolved. The Company is, however, subject to possible late fees and damages as a result of its failure to issue the Delivery Shares to Iliad in the event Iliad is deemed the owner of the Warrant.
**
F- 36
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Our Business
SeanieMac International, Ltd. (the “Company”) maintain a website for online gambling, including sports betting and casino gaming on the apollobet.com website following our acquisition of assets from Apollo Betting and Gaming Ltd (“Apollo Betting”) discussed below. Following our acquisition of Apollo Betting, we closed down the seaniemac.com website which we launched in May 2013.
Recent Developments
On February 10, 2016, the Company and its wholly owned subsidiary SeanieMac Holdings Ltd., (“Holdings”), entered into an agreement (the “Apollo Agreement”) with Apollo Betting, pursuant to which Holdings purchased Apollo Betting’s online gambling and betting business carried in the United Kingdom, via a purchase of Apollo Betting’s assets related to that business. The purchase has an effective date of February 1, 2016. The Company is a guarantor of Holding’s obligations under the Apollo Agreement.
In exchange for the assets, Holdings agreed to pay Apollo Betting a total of $2,000,000, as follows: (i) $80,000 was paid at the closing; (ii) $10,000 to be paid to Apollo Betting within two business days of the date on which Apollo Betting delivers to Holdings audited accounts of Apollo Betting for the year ended March 31, 2014; (iii) $10,000 to be paid to Apollo Betting within two business days of the date on which Apollo Betting delivers to Holdings audited accounts of Apollo for the year ended March 31, 2015; and (iv) $1,900,000 to be paid to Apollo Betting upon the migration of the acquired business onto a new operating platform which is capable of delivering the online betting services provided by Apollo Betting in substantially the same way as provided by Apollo Betting as of the closing, and the successful use of the new platform in connection with a bet placed by any person who is included on Apollo Betting’s database of customers as of the closing, with the amounts payable under this clause (iv) being paid from the combined net profits Holdings and Seaniemac Limited, which is also a wholly owned subsidiary of the Company.
On February 25, 2016, the Company issued to Apollo Capital Group, LLC (“Apollo Capital”) a Convertible Promissory Note (the “Apollo Note”) in the original principal amount of $35,500 (the “Purchase Price”), which Apollo Note bears interest at 12% per annum and is compounded daily. The Company sold the Apollo Note to Apollo Capital for $30,000 with $5,500 retained by Apollo Capital as an original issuance discount for due diligence and legal expenses related to the transaction. The principal amount and accrued interest under the Apollo Note is convertible into the Company’s common stock, at Apollo Capital’s option, at any time beginning 180 days after the date of issuance at a 60% discount of by the lowest trading price for the Company’s common stock during the 30 trading day period prior to conversion (the “Apollo Conversion Price”). All outstanding principal and accrued interest on the Apollo Note is due and payable on the maturity date, which date is August 25, 2016 (the “Apollo Maturity Date”). The Apollo Conversion Price is subject to adjustment in the event the Company sells or grants any option to purchase or sells or grants any right to reprice, or otherwise disposes of or issues (or announces any sale, grant or any option to purchase or other disposition), any common stock or common stock equivalents entitling any person to acquire shares of common stock at an effective price per share that is lower than the conversion price in effect on the date of such issuance. In addition, the Apollo Conversion Price is subject to proportional adjustment in the event of stock splits, stock dividends and similar corporate events.
The principal balance of the Apollo Note may be prepaid at any time after 10 days’ prior written notice by the Company to Apollo Capital by paying Apollo Capital an amount equal to the Prepayment Percentage (as hereinafter defined) multiplied by the sum of the principal amount due, accrued interest and any other amounts due under the Apollo Note. The Prepayment Percentage is (i) 150% during the period beginning on the date the Apollo Note is issued and ending 90 days thereafter or (ii) 200% during the period beginning 91 days after the Apollo Note is issued and ending 180 days thereafter. After the expiration of the 180 days after the date the Apollo Note issued, the Company has no right of prepayment.
So long as the Company has any obligation outstanding under the Apollo Note, the Company may not make distributions on its capital stock, repurchase shares of its common stock, borrow funds except debts existing as of the date of the Apollo Note, indebtedness to trade creditors or financial institutions incurred in the ordinary course of business or sell, lease or otherwise dispose of any significant portion of its assets outside the ordinary course of its business.
So long as the Company shall have any obligation under the Apollo Note, the Company shall not, without Apollo Capital’s written consent, lend money, give credit or make advances to any person, firm, joint venture or corporation, including, without limitation, officers, directors, employees, subsidiaries, and affiliates of the Company, except loans, credits or advances (a) in existence or committed on the date hereof and which the Company has informed Apollo Capital in writing prior to the date hereof, (b) made in the ordinary course of business, or (c) not in excess of $100,000.
The Company granted Apollo Capital a five business day right of first refusal to provide the Company with any and all of the Company’s future capital needs until Apollo Capital has converted the Apollo Note in full or until the Company’s obligations to Apollo Capital hereunder are otherwise satisfied in full. The Company will give Apollo Capital 10 business days’ prior written notice by email, receipt requested, of all capital needs during the period of such right of first refusal.
- 4 -
At the inception of the Apollo Capital note, the Company determined the aggregate fair value of $18,758 of embedded derivatives. Subsequent to the December 31, 2015, the Company recorded an additional fair value of $13,369 for the additional funding received subsequent to the year end. The fair value of the embedded derivatives was determined using the Binomial Option Pricing Model based on the following assumptions: (1) dividend yield of 0%; (2) expected volatility of 205.06%, (3) weighted average risk-free interest rate of 0.11%, (4) expected life of 1.00 year, and (5) estimated fair value of the Company’s common stock of $0.00024 per share. The determined fair value of the debt derivatives of $8,500 was charged as a debt discount up to the net proceeds of the note with the remainder of $10,258 charged to current period operations as non-cash interest expense. The charge of the amortization of debt discounts and costs for the three months ending March 31, 2016 and 2015 was $8,426 and $0, accounted for as interest expense
On January 10, 2016, the terms a GE Park demand note totaling $35,000 was modified and assigned to Apollo Capital. This note became convertible at 35% of the lowest traded price utilizing a 30-day look-back period. The determined fair value of the debt derivatives of $81,216 was charged as a loss on debt modification for three months ended March 31, 2016.
On February 25, 2016, the Company issued to Apollo Capital Group, LLC (“Apollo Capital”) a Convertible Promissory Note (the “Note”) in the original principal amount of $35,500 (the “Purchase Price”) which Note bears interest at 12% per annum and is compounded daily. The Company sold the Note to Apollo Capital for $30,000 with $5,500 retained by Apollo Capital as an original issuance discount for due diligence and legal expenses related to the transaction. The principal amount and accrued interest under the Note is convertible into the Company’s common stock, $0.001 par value (the “Common Stock”), at Apollo Capital’s option, at any time beginning 180 days after the date of issuance at a 60% discount of by the lowest trading price for the Company’s common stock during the 30 trading day period prior to conversion (the “Conversion Price”). All outstanding principal and accrued interest on the Note is due and payable on the maturity date, which date is August 25, 2016 (the “Maturity Date”). The conversion price is subject to adjustment in the event the Company sells or grants any option to purchase or sells or grants any right to reprice, or otherwise disposes of or issues (or announces any sale, grant or any option to purchase or other disposition), any common stock or common stock equivalents entitling any person to acquire shares of Common Stock at an effective price per share that is lower than the conversion price in effect on the date of such issuance. In addition, the Conversion Price is subject to proportional adjustment in the event of stock splits, stock dividends and similar corporate events.
The principal balance of the Note may be prepaid at any time after 10 days’ prior written notice by the Company to Apollo Capital by paying Apollo Capital an amount equal to the Prepayment Percentage (as hereinafter defined) multiplied by the sum of the principal amount due, accrued interest and any other amounts due under the Note. The Prepayment Percentage is (i) 150% during the period beginning on the date the Note is issued and ending 90 days thereafter or (ii) 200% during the period beginning 91 days after the Note is issued and ending 180 days thereafter. After the expiration of the 180 days after the date the Note issued, the Company has no right of prepayment.
So long as the Company has any obligation outstanding under the Note, the Company may not make distributions on its capital stock, repurchase shares of its common stock, borrow funds except debts existing as of the date of the Note, indebtedness to trade creditors or financial institutions incurred in the ordinary course of business or sell, lease or otherwise dispose of any significant portion of its assets outside the ordinary course of its business.
So long as the Company shall have any obligation under the Note, the Company shall not, without Apollo Capital’s written consent, lend money, give credit or make advances to any person, firm, joint venture or corporation, including, without limitation, officers, directors, employees, subsidiaries, and affiliates of the Company, except loans, credits or advances (a) in existence or committed on the date hereof and which the Company has informed Apollo Capital in writing prior to the date hereof, (b) made in the ordinary course of business, or (c) not in excess of $100,000.
The Company granted Apollo Capital a five (5) business day right of first refusal to provide the Company with any and all of the Company’s future capital needs until Apollo Capital has converted this Note in full or until the Company’s obligations to Apollo hereunder are otherwise satisfied in full. The Company will give Apollo Capital ten (10) business days’ prior written notice by email, receipt requested, of all capital needs during the period of such right of first refusal.
At the inception of the Apollo Capital note, the Company determined the aggregate fair value of $126,760 of embedded derivatives. The fair value of the embedded derivatives was determined using the Binomial Option Pricing Model based on the following assumptions: (1) dividend yield of 0%; (2) expected volatility of 177.05%, (3) weighted average risk-free interest rate of 0.11%, (4) expected life of 1.00 year, and (5) estimated fair value of the Company’s common stock of $0.00032 per share. The determined fair value of the debt derivatives of $30,000 was charged as a debt discount up to the net proceeds of the note with the remainder of $96,791 charged to current period operations as non-cash interest expense. The charge of the amortization of debt discounts and costs for the three months ended March 31, 2016 and 2015 was $3,606 and $0, accounted for as interest expense
F- 29
SEANIEMAC INTERNATIONAL, LTD. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
March 31, 2016
(Unaudited)
On March 17 2016, the Company issued to Apollo Capital Group, LLC (“Apollo Capital”) a Convertible Promissory Note (the “Note”) in the original principal amount of $50,000 (the “Purchase Price”) which Note bears interest at 12% per annum and is compounded. As of March 31, 2016 the Company received $45,650 of the convertible note. The Company sold the Note to Apollo Capital for $30,000 with $5,000 retained by Apollo Capital as an original issuance discount for due diligence and legal expenses related to the transaction. The principal amount and accrued interest under the Note is convertible into the Company’s common stock, $0.001 par value (the “Common Stock”), at Apollo Capital’s option, at any time beginning 180 days after the date of issuance at a 60% discount of by the lowest trading price for the Company’s common stock during the 30 trading day period prior to conversion (the “Conversion Price”). All outstanding principal and accrued interest on the Note is due and payable on the maturity date, which date is September 17, 2016 (the “Maturity Date”). The conversion price is subject to adjustment in the event the Company sells or grants any option to purchase or sells or grants any right to reprice, or otherwise disposes of or issues (or announces any sale, grant or any option to purchase or other disposition), any common stock or common stock equivalents entitling any person to acquire shares of Common Stock at an effective price per share that is lower than the conversion price in effect on the date of such issuance. In addition, the Conversion Price is subject to proportional adjustment in the event of stock splits, stock dividends and similar corporate events.
At the inception of the Apollo Capital note, the Company determined the aggregate fair value of $107,085 of embedded derivatives. The fair value of the embedded derivatives was determined using the Binomial Option Pricing Model based on the following assumptions: (1) dividend yield of 0%; (2) expected volatility of 176.67%, (3) weighted average risk-free interest rate of 0.11%, (4) expected life of 1.00 year, and (5) estimated fair value of the Company’s common stock of $0.00032 per share. The determined fair value of the debt derivatives of $45,650 was charged as a debt discount up to the net proceeds of the note with the remainder of $136,415 charged to current period operations as non-cash interest expense. The charge of the amortization of debt discounts and costs for the three months ended March 31, 2016 and 2015 was $867 and $0, accounted for as interest expense
On March 29, 2016 the Company entered into a Leak-Out agreement with Apollo Capital Corp. The agreement will remain in effect until July 1, 2016. According to the agreement Apollo Capital Corp can trade no more than 18.5% of the daily number of cash volume of the common stock traded either of (i) the prior calendar week (Sunday – Saturday) or (ii) the prior seven calendar days, in each case as reported by OTC Markets Group, Inc. In addition, the daily limit is cumulative and applied in aggregate and not for each of the security and derivate security of the Company owned of record or beneficially by each Holder.
On December 18, 2015, the remaining balance of $302,185 of principal and $17,872 in accrued interest was assigned to Apollo Capital Corp from Iliad Research and Trading, L.P. A loss of $576,431 resulted from the debt modification. The remaining balance as of December 31, 2015 is $320,057. On December 18, 2015, the Company issued to Apollo Capital Group, LLC (“Apollo Capital”) a Convertible Promissory Note (the “Note”) in the original principal amount of $320,057 (the “Purchase Price”) which Note bears interest at 12% per annum and is compounded daily. The principal amount and accrued interest under the Note is convertible into the Company’s common stock, $0.001 par value (the “Common Stock”), at Apollo Capital’s option, at any time beginning 180 days after the date of issuance at a 65% discount of by the lowest trading price for the Company’s common stock during the 30 trading day period prior to conversion (the “Conversion Price”). All outstanding principal and accrued interest on the Note is due and payable on the maturity date, which date is June 18, 2016 (the “Maturity Date”). The conversion price is subject to adjustment in the event the Company sells or grants any option to purchase or sells or grants any right to reprice, or otherwise disposes of or issues (or announces any sale, grant or any option to purchase or other disposition), any common stock or common stock equivalents entitling any person to acquire shares of Common Stock at an effective price per share that is lower than the conversion price in effect on the date of such issuance. In addition, the Conversion Price is subject to proportional adjustment in the event of stock splits, stock dividends and similar corporate events.
For the three months ended March 31, 2016, the Company converted $36,850 of principal into 106,555,555 shares of common stock, the related derivative liability of notes.
As of March 31, 2016 and December 31, 2015 the remaining balance due to Apollo Capital Corp is $471,562 and $462,780, respectively.
7. GE Park, LLC
On January 10, 2016, the terms a GE Park demand note totaling $50,000 and $4,000 of accrued interest was modified. This note became convertible at 70% of the lowest traded price utilizing a 10-day look-back period. The determined fair value of the debt derivatives of $53,398 was charged as a loss on debt modification for the three months ended March 31, 2016. The note was partially converted into 48,571,428 shares valued at $34,000 during the March 2016. The remaining balance for the three months ended March 31, 2016 is $20,000.
F- 30
apollobet site 491,097 down91,952
started at 350,000 fell 150,00 since going together...bets a dog
seawas I bet looking at this thing is crap at best,,,lol
john u bets is headed for 2 bill shares every time you say no selling,,,then the next day u find out Apollo dump another 40 mill... bets website is a joke they are falling fast...if they do not get the site up soon and it better be a big hit or they are finished..u will get your no bid last time u said no trips...u have never been right,,,lol
john ..bets has did everything wrong ...u will find out is another wgas I know u see that one
that's a good one...lol
john I see a 1 for 1000
bets is headed for a r/s they know it...they said paying off toxic debt then they take on more toxic debt...this thing be lucky if ever goes to .005...everbody think .05 cents after r/s 1 for 1000 only....everbody keep hoping for 5 to 10 cents keep day freaming ...lol
barry the ceo be the guy that signs its all him and greg in the usa ,,,,,,
the problem is these clowns are heading for 2 bill ..lol
bets goal is to sell 2 bill shares get the website up if they have even started yet,,no proof they have started,,,then take all the shares back that everybody been stockpiling,,,then that .0001 will show up 1000 for 1 barry will say that we need to shane will hide,,,lol
I thought u said we are done with trips lol
seaniemac 1,558,457 down 739,914 fell of a cliff
apollobet 478,000 down 88,000 falling fast
shane to buzzy with the concert buzzy to care about what can not control...
seawas better change the outlook on bets for a ,,,,plan....lol