This confirms to me that they have a plan and I am sure its much bigger than whats in the 8K. They are cleaning up the toxic convertible death knell debt by using an interim solution. This must be a first step for something much bigger IMHO. So they draw down $250,000 and pay off all notes. Guess thats what she meant by cleaning up the books and getting rid of all that toxic death debt by the end of the year. I think this is a plan thats doable.
Obviously she is going to be criticized, but I think its a move in the right direction. Take out all the toxic convertible debt with a lower conversion rate, liquidate the balance of the new stock in the market post split......and I am guessing you don't do this unless you have something much bigger in the works. Maybe big market support after the split, maybe a much bigger equity investment, who knows, but I like it nonetheless.
