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Thanks I'll have to go back and read that part of the 8k again. I guess I missed it because I didn't think they were going to issue any more notes before the 10K or anytime soon for that matter.
Does not really matter to me, if they converted already they would have converted about 50M shares which is peanuts compared to the 2.3B share float. How do you know they converted, do you have proof?
That's great I think it would be stupid to take out a note to pay another. GLTY
It's obviously in addition, but to pay off the other note, only the company knows. Funny thing is that it has the same delinquent filings clause as the previous 2 notes. So now if they don't have the 10k filed by the end of the day on the 18th they will be in default on possibly three notes totalling $1.6M and they issued this note most likely knowing full well they would be late on the 10K. Good luck to all the longs here.
It's not in the 8K. Exhibit 10.2 attached to the 10k. The actual note, is where it's listed. I have posted exact copy and paste text from the note at least three or four times before, and you know it.
Check the terms of the last note from January. They have until the 18th to rectify the delinquency or the interest rate goes from 4 to 24% among other terms, oh the September note has the same terms. So if this isn't rectified they'll have two notes with a combined $250k+ interest due per year on top of penalties and fees. It's all in the text of the notes filed with the 8Ks. Sec.gov
A top 5 (was it 5?) accounting firm with over 100 offices around the country isnt going to burn the candle at both ends over a long weekend for a brand new client who hired them at the 11th hour.
That was me that posted my issues with the January note and I got brutally attacked for it, when I just stated facts in the filings. The specific clause was in regards to delinquent filings being an event of default. They now have 5 days to overcome the delinquency or the interest rate on the note goes up to 24% and they have daily fines until they are no longer delinquent. The text to my original post follows.
Issues with Jan 9 issued note for $605,000 as promised.
TLDR(too long didn't read):MAJOR TOXIC TERMS IN JAN NOTE.
All this is from the note filed at sec.gov filed Jan 17th
https://www.sec.gov/Archives/edgar/data/1430523/000149315220000750/ex10-2.htm
1. Can convert at a rate of .015 at any time. they do not have to wait until maturity date. Company has no control over this and the performance of the stock does not affect the conversion price. Plus if the company does not perform well as hoped after July 1st. They can convert at .001. The second part shouldn't be an issue if the company follows through.
Quote:
________________________________________
The Holder of this Note is entitled, at its option, at any time, to convert all or any amount of the principal face amount of this Note then outstanding into shares of the Company’s common stock (the “Common Stock”) at a price (“Fixed Conversion Price”) of $0.015 per share. If, at any time after July 1, 2020, the Common stock as reported on the National Quotations Bureau OTC Markets exchange which the Company’s shares are traded or any exchange upon which the Common Stock may be traded in the future (“Exchange”), trades for a price less than $0.025 per share for 5 consecutive days then, the Holder of this Note will be entitled, at its option, to convert all or any amount of the principal face amount of this Note then outstanding into shares of the Company’s Common Stock at a price (“Alternative Conversion Price”) of $0.001 per share.
________________________________________
2. If the company issues another note with better terms before this one is paid off, this one assumes all the more favorable terms of the new note. I hope they don't need more equity funding soon.
Quote:
________________________________________
If the Company offers a conversion discount or other more favorable conversion terms or a lookback period to another party (“Third Party Note”) while this note is in effect, then, the Holder, at its option, may incorporate any or all those terms in this note. If those terms pertain to a conversion discount or lookback period, then the Holder shall be allowed to convert this note at the same price as that which was offered in the Third Party Note.
________________________________________
3. Alternate conversion price of .001 stays even through a reverse split.
Quote:
________________________________________
If the Company effectuates a reverse stock split, the Alternative Conversion Price will not be affected by such split and remain at the price listed in paragraph 4(a).
________________________________________
4. If they don't file the 10K this week(actually some time next week), They are in default on the note.
Quote:
________________________________________
If one or more of the following described “Events of Default” shall occur:
(m) The Company shall be delinquent in its periodic report filings with the Securities and Exchange Commission;
Then, or at any time thereafter, unless cured within 5 days, and in each and every such case, unless such Event of Default shall have been waived in writing by the Holder (which waiver shall not be deemed to be a waiver of any subsequent default) at the option of the Holder and in the Holder’s sole discretion, the Holder may consider this Note immediately due and payable, without presentment, demand, protest or (further) notice of any kind (other than notice of acceleration), all of which are hereby expressly waived, anything herein or in any note or other instruments contained to the contrary notwithstanding, and the Holder may immediately, and without expiration of any period of grace, enforce any and all of the Holder’s rights and remedies provided herein or any other rights or remedies afforded by law. Upon an Event of Default, interest shall accrue at a default interest rate of 24% per annum or, if such rate is usurious or not permitted by current law, then at the highest rate of interest permitted by law.
________________________________________
What happens if this stock pops to .03 and the holder converts their note for ~50M shares and kills any run? or even worse what if the 10 K isn't filed by the 13th or the 18th(they have 5 days to cure the default event)?
Now the company pledges to pay this one off before it's due, but the holder doesn't have to wait until its due and why take out a note with such toxic terms to begin with if they have attracted institutional investors.
Sounds like a pretty good way to have others pay off your debt. Remember they have 7.5 Billion Authorized Shares and haven't updated the OS since September or the float since June. Had any high volume days in the last 5 months? It's almost like they laid out their game plan by filing this note with the SEC. Then again for that amount they probably had no choice. They made it sound like no big deal in the 8k but when you read the terms of the actual note. Well.....
Well, I hadn't looked at L2 in a while, but if you consider 1 bid for 500k @ .0165 and 1 for 400k @.0159 huge bids, that is awesome. I see two parties hoping for the price to go down for a couple tick flip.
If the company has finished the filings and they are holding for any reason that has to do with the stock price, that is manipulation by the company not outside forces. Wow, just WOW!
I haven't tracked my posts for the day, so this could be the last one. Why aren't those huge bids buying on the ask if anything under .02 is copper for gold? Is it possible they could be prop bids by some who don't want the price going lower? Who knows? Not me and not you. Time will tell, in the meantime I will just watch and enjoy. If this does turn out to be the greatest stock ever, there will be plenty of tim to make money off it in the next few years. GLTY!
Nope, just bored at the airport waiting for a flight. I have my reasons for posting here and it isn't to get shares. Not everyone wants a piece of this stock as badly as some want to think. Hope the 10K gets filed today!
To your first point, really? I am sorry I spoke in absolutes yesterday. SMH
To your second point so you are admitting VRUS is sleazy? I mean come on this is the "OTC" LMAO
You are correct, the 15 day extension ends today. They are due today. Doesn't mean they will be filed today. Only time will tell.
What reputable company holds and releases financials to affect the stock price? SMH. They file when they are completed which is why there is a high chance they won't be filed today. They can't magically finish them just because it is the extended due date. If they are holding them to manipulate share price and give some a chance to sell and some a chance to buy, that is scary as hell and illegal to boot. I would rather them just be late because this process takes time.
Yeah prop bids, if they really wanted more of this, they would just buy on the ask. LOL
It isn't hours before the release. It's hours before the hoped release. The 10k isn't being filed this week. My guess is March earliest. The new accountants have only been working on it since Jan 14th and they have to re-audit the previous year also per the company tweet.
I want to update everyone on the timing for the filing of our 2019 10-K. Our new audit firm, which we engaged during the 4th quarter, is required to review our current year and prior year financials. That has added some extra time onto the year-end audit.
— Verus Foods, Inc (@Verus_Foods) January 29, 2020
Plenty of time to get in later if the company is going to do as well as everyone thinks. Why take the risk now, unless this is a One-Shot pony? Let's see the 10k results.
Realistically, can even a top rated accounting firm with thousands of other clients audit 2 years worth of financials from such a massive entity in less than a month!? Remember they have only been able to work on my t since Jan 14th per the filing.
https://www.sec.gov/Archives/edgar/data/1430523/000149315220000626/form8-k.htm
On top of that they even tweeted it would take a while due to having to do 2 years worth.
I want to update everyone on the timing for the filing of our 2019 10-K. Our new audit firm, which we engaged during the 4th quarter, is required to review our current year and prior year financials. That has added some extra time onto the year-end audit.
— Verus Foods, Inc (@Verus_Foods) January 29, 2020
When the 10K is released today, that will answer that question. Oh wait no it won't, it will say the OS as of October 31st 2019. Almost 4 months and ld and when it is not the same as what is on OTC markets, I will LMAO. Maybe with the extra time they are taking making sure to dot the i's and cross the t's they'll add an extra paragraph telling the share structure as of the filing date. LOL
Check the dates next to those numbers. It's been a long time since they've updated those. And if they're still the same it doesn't hurt to update it to give clarity.
You missed the point, it isn't filed yet because it isn't finished. What would be the point of waiting until the last minute to file? They aren't going to magically have it finished for tomorrow just because that is the new extended deadline.
If the 10K isn't filed today, it won't be filed tomorrow. What is the strategy of waiting until the last minute if it is already complete? It hasn't been filed because it's not finished, The are not going to magically have it finished before tomorrow just because that's the new due date. Remember the tweet that said they have to audit the previous year's financials as well as last years, not likely possible to be done in a month. That's why they usually give Ks the 90 day deadline instead of the normal 45 for a Q. They just officially hired on the new accounting firm less than a month ago. Read the filings.
If the 10K isn't filed today, it won't be filed tomorrow. What is the strategy of waiting until the last minute if it is already complete? It hasn't been filed because it's not finished, The are not going to magically have it finished before tomorrow just because that's the new due date. Remember the tweet that said they have to audit the previous year's financials as well as last years, not likely possible to be done in a month. That's why they usually give Ks the 90 day deadline instead of the normal 45 for a Q. They just officially hired on the new accounting firm less than a month ago. Read the filings.
You're responding to the wrong person, I didn't make the point you're responding to.
Oh I trade other stocks, just not this one. This one is for entertainment purposes.
Yes a stock on the NASDAQ can have a large SS and do fine. Thank s is the OTC. Try finding OTC examples to back up your statements. Might be difficult.
They'll be cheap for a long time, I'll never buy any! LOL
Green, red, I could care less, I am enjoying this public discourse.
Don't expect to see the 10K this week. Last year they filed the NT-10K on 1/31 and didn't file the 10K until 3/19. Oh and they didn't change accounting firms to do the audit right before it was due last year.
Home Depot is not on the OTC. It has also been around for over 40 years. Apple has 4 billion shares. AMD has 1.2 billion shares. Intel has 4.2 billion shares. What do all these companies have in common with VRUS. Absolutely nothing. Stop comparing this pile to highly successful public companies that have proved their worth over the years. VRUS has a long way to go before they even deserve a slight comparison.
That's funny, keep telling yourself that. How many shares have traded since September? Not that hard to update it even if no change to give investors a warm fuzzy that they haven't bloated even more. Someone should ask Mark in IR about that. Oh well when the 10K is filed today or tomorrow, we should see what the new share structure is.
And no one knows what the share structure is. OS hasn't been updated since September, float hasn't been updated since June. Isn't that hard to update OTC markets. Wonder why they're not keeping their investors informed?
The problem with comparing to beyond and other companies is that VRUS isn't on the NASDAQ, its on the OTC. No OTC stock is going to get as much support and credibility as new hyped stocks that IPO'd to the NASDAQ. Those stocks also had multiple rounds of private equity financing before going public.
Lofty goals! Go VRUS!
And what if they don't? Hopes and dreams.
I don't know the answer to that, because if I have faith in a stock I just buy it. Why be greedy for a few ticks?
Unlike the millions in revenue they brought in during Q4 and Q1? How has that helped them?
If this was going as high as everyone says it's going to go why would anyone need to try for a lower entry point? SMH
Thanks, still doesn't explain though why they needed the Jan note if their revenues were so large and increasing, and if they had an institutional investor on board.