Seeing the word "cheapies" .. ah, the words of a pumper.
The company also increased the Authorized Common share capital to seven billion five hundred million common, with no change to the Preferred share authorized which is fifty million authorized of which 110,000 are issued and outstanding.
The company entered into an Asset/Intellectual Property Purchase Agreement effective May 5, 2014 which included the company providing a convertible Promissory note for the face value of $150,000.00.
Language contained within the convertible promissory note, specifically clause 12 contains a provision where the company is to reserve one billion five hundred million common shares in treasury, without issuance, unless a portion of the note is converted.
"12.
The Company shall issue irrevocable transfer agent instructions reserving 1,500,000,000 shares of its Common Stock for conversions under this Note and another note being issued on the same date herewith (the "Share Reserve"). The reserve shall be replenished as needed to allow for conversions of this Note. Upon full conversion of this Note, the any shares remaining in the Share Reserve shall be cancelled."
The company currently has issued and outstanding 1,067,252,449 common shares. The previous authorized common share threshold was two billion five hundred million requiring the company to expand the authorized share capital to meets it's contracted reserve requirements for this note and other pre-existing notes held by Institutional Investors
That statement is an absolute joke. And I can build a computer for bitcoin mining for under $700, that would earn it's cost back within, liberally, a month or so.
Why, why, why would I believe in such a highly diluted company?
Why should you?
