I'm still reading to see who the 5% holders are but from what I've read so far it looks different than a typical pinky.
Stuff like this is very encouraging -
During the quarter ended June 30, 2014, Toomey advanced the Company an aggregate of $20,000 on April 24, 2014 and another $20,000
on May 22, in exchange for two convertible promissory notes in favor of Toomey for the principal amount thereof, bearing fixed interest rates
of 3.5% per annum, payable from the date of the actual loan. Each of these promissory notes is convertible into the common stock of the
Company by Toomey when, and if, sufficient shares of authorized common stock exists under the Company’s certificate of incorporation.
However, we do not currently have a sufficient number of authorized shares to convert the promissory notes issued pursuant to the October
2014 Note Agreement and as of the date hereof the underlying promissory notes have not yet been converted into shares of our common stock.
Although we agreed in the October 14, 2014 Note Agreement to promptly submit an amendment to the Company’s certificate of incorporation
to increase the number of authorized shares, Toomey has agreed to waive that requirement until June 30, 2016.
3.5% per year is about as low as I've seen and the waiver to require an increased AS - that huge IMO
AI
