Tuesday, May 26, 2015 12:12:01 AM
Unrelated party notes as of March 31st at 8% annum are $330,432 outstanding (These would be more of a toxic loan)
Furthermore,
"11,750,000 shares of common stock were retired and replaced by 11,750,000 shares of Series A convertible preferred stock."
"4,000,000 shares of common stock were cancelled by related parties and returned to the Company, to be available for new share issuances."
It seems the friendly "related parties" are helping preserve the capital structure despite the debt.
Next,
"During the period ended March 31, 2015, the Company issued the following shares of common stock:
1,592,055 shares in exchange for debt of $15,000 and accrued interest of $921.
1,000,000 shares in exchange for services valued at $38,400.
Subsequent to March 31, 2015, and through to date of this form, the Company issued the following shares of common stock and preferred stock:
388,777 shares of common stock to a non-affiliated company for loan and accrued interest of $5,268.
250,000 shares common stock to a contractor for accrued liabilities of $9,600."
We have approx. 3.2 mm shares issued compared to 16mm shares returned, per last Q.
Worse case scenario we see an A/S increase to 500mm but this does not appear to be a company that will become too dilutive. The increase in revs and business development will offset any increase in capital structure, IMO.
Glidelogic Corp. Announces Revolutionary AI-Generated Content Copyright Protection Solution • GDLG • Jul 26, 2024 12:30 PM
Southern Silver Files NI43-101 Technical Report for its Updated Preliminary Economic Assessment for the Cerro Las Minitas Project • SSV • Jul 25, 2024 8:00 AM
Greenlite Ventures Completes Agreement with No Limit Technology • GRNL • Jul 19, 2024 10:00 AM
VAYK Expects Revenue from First Airbnb Property Starting from August • VAYK • Jul 18, 2024 9:00 AM
North Bay Resources Acquires Mt. Vernon Gold Mine, Sierra County, California, with Assays up to 4.8 oz. Au per Ton • NBRI • Jul 18, 2024 9:00 AM
Nightfood Holdings Signs Letter of Intent for All-Stock Acquisition of CarryOutSupplies.com • NGTF • Jul 17, 2024 1:00 PM