Thursday, September 10, 2015 7:25:43 PM
Converts at a substantial discount, .0025 a share. $300k will convert to over $140,000,000.
It's discussed in the lastest financials, Qs and K
4. NOTES PAYABLE
In August 2002, the Company received a loan from an unrelated individual amounting to $180,000. Interest on this loan is $1,050 per month and payable monthly. The loan was due and payable on October 30, 2007. In May 2014, the Company issued a replacement convertible promissory note to the holder of this debt in the principal amount of $335,850, reflecting the principal and accrued interest of the August 2002 note payable through March 31, 2014. The convertible promissory note accrues interest at 6% per annum and permits the holder to convert principal and accrued interest, subject to a 9.99% ownership limitation, into shares or common stock at a conversion price of $0.0025 per share.
On November 15, 2014, the Company received a conversion notice requesting the issuance of 5,081,734 shares upon conversion of $12,704.34 of the note’s outstanding balance, leaving a principle amount of $323,145.66. The Company issued out 5,081,734 shares on January 6, 2015.
On April 6 2015, the Company received a conversion notice requesting the issuance of 5,790,000 shares upon conversion of $14,475.00 of the note’s outstanding balance, leaving a principle amount of $308,670.66. The Company issued out 5,790,000 shares on April 6, 2015.
On June 19, 2015, the Company received a conversion notice requesting the issuance of 6,315,200 shares upon conversion of $15,788.00 of the note’s outstanding balance, leaving a principle amount of $292,882.66. The Company issued out 6,315,200 shares on June 19, 2015.
FEATURED ZenaTech, Inc. (NASDAQ: ZENA) First US Trial of IQ Nano Drone for Inventory Management • Oct 15, 2024 8:21 AM
Kona Gold Beverages, Inc. Announces Strategic Progress and Corporate Evolution • KGKG • Oct 15, 2024 9:00 AM
One World Products Secures First Order for Hemp-Based Reusable Containers, Pioneers Renewable Materials for the Automotive Industry • OWPC • Oct 15, 2024 8:35 AM
CBD Life Sciences, Inc. Announces Strategic MOU with U.S. Armed Forces for Groundbreaking Mushroom Supplement • CBDL • Oct 15, 2024 8:00 AM
HealthLynked Files Non-Provisional Patent for AI-Powered Healthcare Assistant, ARi • HLYK • Oct 15, 2024 8:00 AM
ZenaTech, Inc. (NASDAQ: ZENA) Launchs IQ Nano Drone for Commercial Indoor Use • HALO • Oct 10, 2024 8:09 AM