Creation of a direct financial obligation, such as a convertible debenture, is specifically mentioned as requiring an 8K. Anyone saying differently is simply acting as a straw man for a secretive management who refuses to abide by the disclosure rules.
I guess they could somehow make the argument that any single debenture is immaterial. That is blatantly a false argument since a low share price could and probably did result in 250 million shares or more being issued on the conversion of a single debenture. Anyone arguing a number of shares like that as being is immaterial would likely argue that this debt wasn't toxic and that oil prices don't affect ERHC at all.
Below is the requirement and as we know it has to be within 4 business days. ERHC has been in violation repeatedly and is probably still hiding from us that even more debentures have been issued.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
(a) If the registrant becomes obligated on a direct financial obligation that is material to the registrant, disclose the following information:
(1) the date on which the registrant becomes obligated on the direct financial obligation and a brief description of the transaction or agreement creating the obligation;
(2) the amount of the obligation, including the terms of its payment and, if applicable, a brief description of the material terms under which it may be accelerated or increased and the nature of any recourse provisions that would enable the registrant to recover from third parties; and
(3) a brief description of the other terms and conditions of the transaction or agreement that are material to the registrant.
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