APT MotoVox Group Inc. (MTVX)

[diannedawn]

Besides...we owe them the Claim Amount of $2,377,000 + 7% agent fee + reasonable attorney's fees.

Nope!
We do not owe them any certain amount of $$$
The dollar amount is ONLY USED TO CLACULATE THE NUMBER OF SHARES THEY GET. PERIOD!

Again, let me show you the 2 examples that I am quite familiar with...BOTH set up by SCHISSLER!!!
CBAI
the "claim amount" from the court docs

the wording from the 13G
"Pursuant to an Order Approving Stipulation for Settlement of Claims between Ironridge Global IV, Ltd. (“IV”) and the issuer on August 17, 2011, in settlement of $260,695.20 accounts payable of the issuer owned by IV, IV is entitled to 100,000 shares of the issuer’s common stock plus that number of shares equal to the claim amount and reasonable attorney fees divided 70% of the volume weighted average price as reported by Bloomberg over a period of time beginning on the date shares are received into IV’s account and ending on the date on which the aggregate trading volume of the issuer’s common stock is equal to $1,042,708.80. Based on the issuer’s $0.08 closing share price on August 26, 2011, that would equate to approximately 4,933,843 shares. At no time may the reporting persons collectively own more than 9.99% of the total number of shares of common stock outstanding"
http://www.sec.gov/Archives/edgar/data/1289496/000114420411050352/v233675_sc13g.htm

What CBAI really ended up paying...
"In August of 2011, Ironridge Global IV, Ltd. (“Ironridge”), the holder of certain claims against the Company in the amount of $260,695.20 due for services provided to us which had not been paid, filed a complaint against us in Superior Court of California, County of Los Angeles. On August 17, 2011, the Court approved our settlement of the complaint in exchange for issuing 7,000,000 shares of our common stock pursuant to Section 3(a)(10) of the Securities Act of 1933 as amended. In accordance with the approved settlement, the number of shares to be issued to Ironridge was subject to adjustment. In accordance with the settlement, the Company issued 7,000,000 shares to Ironridge on August 17, 2011, and an additional 2,179,018 shares on November 4, 2011, pursuant to the adjustment required under the settlement agreement. "
http://www.sec.gov/Archives/edgar/data/1289496/000135448811005261/cbai_s1a.htm

look back at the chart and I think you will see that IronRidge
MORE THAN recouped their $260,695.20 + fees!
ROTFLMAO!!!
Here is how CBAI wrote it off...
This is from and answer to an SEC inquiry...
"Comment 1

We note the line item “Interest expense on Ironridge Global Transaction” in the amount of $570,960 is presented as a cash flow from operating activities. Based on your disclosures on pages 21 and 27, it appears that this amount relates to the court-approved settlement of the claim through your issuance of shares. Accordingly, if this line item represents a non-cash adjustment to net loss, please revise your line item description to clarify. If this line item represents something else, please revise to clarify what it represents. In addition, please explain to us the basis for classifying settlement amounts in excess of the originally recorded claim as “interest expense” or revise to recharacterize this line item

Response to SEC Comment 1

The basis for classifying the value of the shares issued to Ironridge Global in excess of the originally recorded claim in connection with the settlement agreement as “interest expense” is because entering into a settlement agreement was the method by which the transaction was effectuated. Ironridge Global, an unrelated party, purchased from certain 3rd parties $260,695.20 in amounts owed by the Company to these 3rd parties. Such amounts due to these creditors were recorded in accounts payable of the Company until such time as this transaction took place. The transaction was akin to borrowing money to repay such creditors and issuing shares as repayment for the borrowing. As such, the difference between the fair value of the shares issued and the value of the originally recorded claims represents interest expense (finance charge). As such, the $570,960 is properly classified as “interest expense”, presented with the non-cash adjustments to reconcile net loss to net cash used in operating activities."
http://www.sec.gov/Archives/edgar/data/1289496/000135448812002733/filename1.htm

here is BORK's...
BORK is still in the "calculation period" over a year later!
08/30/12; Ironridge Global IV, Ltd; 35,000,000; Shares for debt
03/07/13; Ironridge Global IV Ltd; 8,500,000 Shares for debt
08/02/13: Ironridge Global IV Ltd; 15,000,000 Shares for debt
10/10/13: Ironridge Global IV Ltd; 19,000,000 shares for debt
12/20/13: Ironridge Global IV Ltd; 14,000,000 shares for debt

These were their terms
"On August 22, 2012, Bourque Industries, Inc. and Ironridge Global IV, Ltd. settled $778,624 in current accounts payable of the Company, in exchange for shares of Company common stock. Ironridge recently agreed to purchase the payables from Company creditors for full face value in cash.

Pursuant to an order approving stipulation for settlement of claims, Ironridge is entitled to receive 250,000 Bourque common shares, plus that additional number of shares which have an aggregate “agreed” value equal to the debt amount, plus third party agent fees in the amount of ten percent, plus reasonable attorney fees, divided by a price per share equal to a 20% discount to a calculated Bourque “formula” share price.
The formula share price is based upon the volume weighted average price of the Company’s common stock over that number of consecutive trading days following the date of receipt of an initial advance of shares, required for the total aggregate trading volume of all Company shares traded on the over-the-counter market to exceed $5 million. In calculating total aggregate trading volume, each daily volume used is not to exceed the arithmetic average of the individual daily volume weighted average prices of any five trading days during such period.
By way of example only, if the Company’s average trading volume were $50,000 per day, the calculation period would be 100 days. If the volume weighted average price of the Company’s common stock during that period were $0.12 per share (which was the closing share price on August 22, 2012), and the arithmetic average of the individual daily volume weighted average prices of any five trading days during such period were also $0.12 per share, then Ironridge would be entitled to retain a total of 9,333,560 shares in exchange for settling $778,624 in debt. Based on a $0.12 per share assumed value, the Bourque Common shares received would have a $1,120,027 value, and would be received as full compensation for the $778,624 debt extinguished.
In connection with the transaction, Ironridge is prohibited from receiving at any one time shares of common stock that would cause it in the aggregate with other shares then held, to be deemed to beneficially own more than 9.99% of the Company’s total outstanding shares. Ironridge received as an advance, an initial issuance of 35,000,000 shares, which is equal to 9.99% of the total outstanding shares after such issuance. Based on the above example, Ironridge would be required to return 25,666,440 of these shares advanced to the Company for cancellation at the end of the formula calculation period. If the stock price during the calculation period were higher, it would be required to return more shares. If it were lower, Ironridge may be entitled to return fewer shares or to be issued more shares. The final number of shares to be retained by Ironridge will not be calculated until the end of the calculation period.
Ironridge agreed not to hold any short position in the issuer’s common stock, and not to engage in or effect, directly or indirectly, any short sale until at least 180 days after the end of the calculation period, and it is prohibited from doing so. This provision means that Ironridge can only trade advanced shares it reasonably appears to have earned under the formula; it could not trade all 35 million shares unless there was a very sizable drop in the Bourque share price in the market. Ironridge also cannot vote any shares of common stock, exercising any dissenter’s rights, execute or solicit any proxies, or engage or participate in any plans relating to any extraordinary corporate transaction or change of control.
The shares were issued without registration under the Securities Act of 1933, as amended, pursuant to the exemption from registration provided by Section 3(a)(10) of the Act, as securities issued in exchange for one or more bona fide outstanding claims or property interests, where the terms and conditions of such issuance and exchange are approved, after a hearing upon the fairness of such terms and conditions at which all persons to whom it is proposed to issue securities in such exchange shall have the right to appear, by any court, or by any governmental authority expressly authorized by law to grant such approval. As a result, the shares are free trading and not restricted shares.
As of the date of the issuance of these financial statements the final accounting for the stock issued to settle debt was not yet completed or due from Ironridge, but a total of 81,500,000 common shares have been issued by the Company to Ironridge under this Agreement to date."