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Tuesday, September 23, 2014 10:20:55 AM
As indicated in the schedule of convertible debentures as of June 30, 2014, several of the convertible debentures are delinquent. We believe we have good relationships with the debenture holders, and continue to have discussions with them regarding the extension of maturity dates. - what they do not state is that implied with an extension of a maturity date is a renegotiation of the conversion price.
To fund our operations subsequent to June 30, 2014, we incurred additional indebtedness totaling $82,500, consisting of convertible debentures totaling $77,500 and short-term advances of $5,000. - terms of the debt were not disclosed.
The numbers also do not reflect the potential conversion of preferred shares which could be a huge number.
Regarding your concern of the $0.0025 convertible notes - the next one is not due until October 1 - so you have 5 worry free trading days....
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