Note the bottom part of this post. Are the new convertible preferred being dumped into the share pool (common)? How many common equal $180,000-worth of preferred at $0.0001? Almost 2 billion shares? That ought to max-out the common and more.
Do they have enough authorized? The rest below is all the stuff they were doing with convertible preferred and are capable of doing soon, given a reverse split or increase in authorized to 56 billion shares. Anyone dumping at 0.0001 would probably love a PR or two promising that US Hospitals are "interested".....lol
I think that the "sales" might just be free stuff paid for by part of the $500K advanced (200K already advanced, per financials). Unfortunately, it would probably take $6-10 million to market something. Look closely at the wording in their announcement of "funding". Look to see if more convertible preferred is eventually used to secure future dilution.
On February 1st, 2010 the Company issued a Convertible Note for $600,000 to Rich Capital International Enterprise Ltd of Hong Kong for services. The Note attracts 5% simple interest commencing September 1st 2010. Payments for interest and principal commence only when Company revenues reach $3,000,000. On or after September 1, 2012 the recipient can convert payments due into common shares at 75% of the market price at that time. The maturity date of the Note is September 1, 2015.
On February 1st, 2010 preferred shares were sold for $200,000 the proceeds of which were advanced to fund operational activities of the business and reduce the burden on the Lender and management, who have exclusively been funding the Company to date.
In October 2011, LIG the group of investors arranged or led by Liani Holdings Ltd. exchanged $300,000 of debt for convertible preferred shares of the Company, convertible at $0.0001 no earlier than 12 months from the date of issue. The preferred shares carry no coupon.
In December 2011 the Company paid Cardiff Bay Holdings Ltd $90,000 in Preferred Class B Shares as an advance payment to continue the licensing of the flushable products technology. The Agreement for this technology is reviewed in the first half of 2012. Following the removal of the chill by DTC on April 30, 2014 the Company has restarted discussions for the continuation of this license.
In December 2011 the Company sold $175,000 of Preferred Class B Shares using the proceeds to pay down debt and accounts payable.
In October 2014 the Company issued $180,000 of Preferred Class B Shares in exchange for aiding or costs associated with setting up commercial production.
