living, You say lenders will get 1 to 2 million in BK...I say Takeover group offered them at least that amount (1 to 2 Million) in Cash and the lenders can hold on to their converted RXPC common shares. The combined lenders own 32 per cent of the outstanding. The creeping takeover groups own around 56 per cent and the retailers own 12 percent..It would be safe to say that the Seal Strong Longs own around 9 percent of the 12 percent. Can you say the law of supply and demand..imo Wolf
Have you seen the deep pockets in ProvistaDX..They can raise 2 million in a heart beat..There are 34 Angel Investors that William could have persuaded to buy RXPC shares at a discount blue light midnight special you understand.
livinginsv Saturday, 07/05/14 03:47:55 AM
Re: guardiangel post# 23803
Post # of 23804
the debt as of 6/15/2012 . . . converting ALL shares at .0002 is less than a million . . . debt doesn't magically disappear . . .
filings do speak for themselves:
As of June 15, 2012, we had the following approximate amounts of outstanding short term indebtedness:
· Accrued interest of approximately $1,054,088;
· Approximately $46,000 in unsecured convertible notes bearing interest at 10% per annum increased to 18% per annum due to failure to pay the Notes by September 29, 2010;
· Approximately $25,000 in senior unsecured convertible promissory notes bearing interest at 18% interest, payable quarterly in cash, which became due between December 2010 and May 2011;
· Approximately $8.0 million in legal settlement promissory notes, bearing interest at 8% per annum. We are obligated to retire the Notes in monthly installments, commencing January 31, 2012, by payment in cash or (at our sole option) by delivery of shares of our common stock in an amount equal to 6.25% of the initial principal amount of each Note, plus accrued interest; CONVERTED DEBT INTO EQUITY(Common Shares)
· Approximately $4.8 million in outstanding November Notes and $3.4 million in Series B and $500,000 Series C convertible preferred stock which, unless converted into our common stock, matures or is subject to mandatory redemption on November 29, 2012; and CONVERTED DEBT INTO EQUITY (Common Shares)
· Approximately $300,000 in unsecured convertible notes bearing interest at 4% per annum that matures on April 30, 2015.
and
· Approximately 313,000,000 of outstanding warrants at a weighted average exercise price of $0.07 per share (subject to adjustment), including approximately 307,754,000 Series A warrants at a weighted average exercise price of $0.055825 per share (subject to adjustment);
· Approximately 12.9 million options outstanding and vested within sixty days at a weighted average exercise price of $0.38 per share;
· Approximately $13.1 million in convertible notes;
· Approximately $3.4 million in outstanding Series B Convertible Preferred Stock;
· Approximately $500,000 in outstanding Series C Convertible Preferred Stock.
