Toxic debt paid $0.0012 per share
WOW, isn't that barely above the par value minimum per share (paper value)?
$28000 loan converted into 22,207,699 shares of common stock
(that's just one of many-many loans at same rate)
Now debt holder can sell their converted shares for $1,332,461 at today's stock price.
Brilliant Bluefire!
Now that's MASSIVE DILUTION!!
But many keep saying there's no dilution?
Uhh, OK. No dilution here, LOL.
Bluefire paid in essence $1.3 million for a $28,000 loan at today's prices. You guys think it's a $1 stock... that would be paying $22 million to borrow $28 grand. Paying $750 per dollar borrowed!
These guys are on top of their game. No problem handling a $300 million plant. They are financial geniuses!!
From the 10q:
upon the initial date the note became convertible and recorded the fair market value of the derivative liability of approximately $28,000, resulting in a discount to the note. The discount was amortized over the term of the note and accelerated as the note was converted. As of September 30, 2014, the entire discount was amortized to interest expense, with no remaining unamortized discount and the note was fully converted into 22,207,699 shares of common stock
