BlockQuarry Corp (BLQC)

[Carini]

Too many shares indeed... 100MM issued for only $1000 in debt, and as of June 30 there was still $4,764 left on the note with a fixed conversion price of .00001 (yes, that's four zeroes), which comes out to 476,400,000 more shares that can be converted.

http://www.otcmarkets.com/financialReportViewer?symbol=ISBG&id=142557

Common Stock Issuances for Debt Conversions

On March 11, 2015, the Company issued 50,000,000 shares of common stock pursuant to the conversion of $500 of outstanding principal on the First Morrison Note. The $500 of principal on the note was sold and assigned to a third party prior to conversion. The note was converted in accordance with the conversion terms; therefore no gain or loss has been recognized.

On March 10, 2015, the Company issued 50,000,000 shares of common stock pursuant to the conversion of $500 of outstanding principal on the First Morrison Note. The $500 of principal on the note was sold and assigned to a third party prior to conversion. The note was converted in accordance with the conversion terms; therefore no gain or loss has been recognized.

On December 10, 2013, we entered into a Consolidated Convertible Note Agreement with our former CEO, Don Morrison
(“First Morrison Note”), pursuant to which we settled $5,764 of outstanding accounts payable owed to Mr. Morrison in exchange for a convertible promissory note bearing interest at 10% per annum. The Note had a maturity date of January 10, 2015, and is convertible at the lesser of (i) $0.00001 per share or (ii) fifty percent (50%) of the average closing bid price for the Company’s common stock over the ten (10) trading days immediately preceding (a) the Holder’s receipt of shares pursuant to such Conversion or payment, or (b) Notice of such Conversion. The shares of common stock issuable upon conversion of the Note will be restricted securities as defined in Rule 144 promulgated under the Securities Act of 1933. The Note can be prepaid by us at a 150% premium after one year from the origination date of the note with a thirty (30) day written notice.

The note holder sold and assigned $1,000 of the note to a third party who subsequently converted 50 million shares on March 10, 2015 and another 50 million shares on March 11, 2015.

Currently in default [which I'm pretty sure means they can't use the prepay option...]