Elray Resources Inc (ELRA)

[Taylor Orion]

Wow. The conversion rates on the notes issued are despicable. Either these guys are downright desperate in necessity to raise funds, or they are supremely confident they can pay the notes quickly. The latter looks to be rather unlikely, to be honest here. Quite disappointed in the ongoing business model of a company that is supposed to be on the verge of generating significant revenues. 841 MM shares issued for conversion of old notes should have cleared the majority of it up, but due to conversion terms, it does not appear that a majority of debt has been repaid. They had better have some damned good numbers for the month of November, and I am speaking of an exponential increase, if there is going to be any hope for a good recovery. Like I said, very disappointed. Just an honest opinion.