ERHC Energy Inc (ERHE)

[Julius Erving]

Is this correct from Seek?

Here is what I see in the 10Q:

The Company had the following convertible debt outstanding at June 30, 2014:

Face Value Discount Net Convertible Note Payable
$ 611,500 $ 242,693 $ 397,867

This debt was bought by 7 different investment firms and the Face value is the amount that will be converted into common plus shares issued to pay taxes. The discount is charged to expenses because that is really what it cost the company to raise the $600,00. Leaving interest and principle of $ 397, 868.

Then 4 different investment firms bought $317,750 face amount in July and August 2014 and this is the amount that will be converted into common plus the shares required to pay the interest.

The balance sheet in the 10Q is as of the end of June 2014, and does not include anything past that date. But no matter what the discounts are the face amount is what will be converted into shares.


So the Total to be converted is $917,750.

Now the case is closed.