Paychest Inc (PYCT)

[poopscooper]

Right you hold while preferred shares convert and get sold at 0001 or 0002 if they lucky to get clowns to bite.

Why convert the 545K of preferred shares for commons if they don't plan on selling them.




Under a 2011 agreement with LIG, the Company's lenders, and preferred shareholders converted 545,000 preferred shares
at $0.0001 resulting in 5,450,000,000 common shares being issued. As part of this in September 2011 the Company
increased its authorized common shares to 28,000,000,000. 565,000 new preferred shares were also issued, 400,000 of
which were to various parties that collectively are referred to as LIG. The proceeds were used to bring down debt.
In previous