Just take a look at the notes that converted in the last 2 months based of the 8ks.
Iconic- dec 20, 2013
JMJ- June 13, 2013
Typenex- June 21, 2013
WHC- Dec 05, 2013
JSJ- July 11, 2014
LG- original filing May 30, 2014
That's 6 holders who converted. So did he lie, or just not really know how much was left. Whats worse??.
What makes it even harder to track these notes is they all have a master agreement with many "tranches", each with different maturity dates depending on when they receive funds. However the filings are so butchered its hard to track.
Here look at this from the 10k 2013 as an example:
www.otcmarkets.com/edgar/GetFilingHtml?FilingID=9799250
page 32 of the filing has all the info. Ill give you an idea >
THIS IS THE JMJ NOTE FROM THE 2013 ANNUAL REPORT Convertible promissory note, dated June 13, 2013, original face value of: $33,000, maturing June 13, 2014, 12.0% interest. Master agreement for total funding of $335,000, of which $55,000 has been received to date. Original issue discount, in the amount of $35,000 has been charged at origination per agreement. Conversion price shall be equal to 60% (40% discount) of the lowest trading price of any day during the 25 consecutive trading days prior to the date on which Holder elects to convert all or part of the note.
THIS JMJ INFO IS FROM THE ANNUAL REPORT 2014
On June 13, 2013, we issued a $335,000 promissory note to JMJ FINANCIAL ("JMJ") (the "JMJ Note"). As of February 2014, we received an additional $25,000 installment under our promissory note with JMJ dated June 13, 2013 (the "JMJ Note"), under which JMJ may lend to us an aggregate amount of $335,000 with a $35,000 original issue discount. Each installment by JMJ matures and is due and payable one year after receipt thereof. No interest applies to an installment if payment is made within 90 days from receipt thereof.
It looks as if may be copies and pastes from older reports, but to me it reads as if to the date of this report we only received 80k plus tge 35 k discount so 115 k. Digging through older reports I was able to find quite a few conversions.
28-Jul-15 $26,020.00 75050000 $0.000347
26-Jun-15 $12,500.00 25000000 $0.000500
22-Aug-14 $15,000.00 30000000 $0.000500
24-Jul-14 $25,033.33 55629622 $0.000450
10-Jul-14 $22,500.00 50000000 $0.000450
13-Jun-14 $15,000.00 30000000 $0.000500
Jan/Feb-14 11500000
March/Apr-14 $47,161.67 116747628 $0.000404
The numbers just don't add up.
Typenex, gel, lg, jmj, jsj are the ones we need answers on > as well as WHC and Iconic which should be close.
