GD Entertainment and Technology Inc (GDET)

[Toxic Avenger]

Read filing before investing in GDET.
Lots of toxic shares being dumped.
http://www.otcmarkets.com/financialReportViewer?symbol=GDET&id=143304

On January 15, 2010, portions of the Promissory Note were assigned to third parties and the Company issued 32,000,000, 22,000,000,
2,500,000 and 5,500,000 shares of common stock upon the conversion of the principal amounts of $32,000, $22,000, $2,500 and $5,500,
respectively.
On November 18, 2014, $42,500 of the Note was assigned to a third party and the assignee subsequently converted the assigned amount into 42,500,000 shares of the common stock of the Company.
On December 9, 2014, $40,000 of the Note was assigned to a third party pursuant to a Debt Securities Assignment and Purchase Agreement and Securities Exchange and Settlement Agreement (“Debt Assignment”). Pursuant to the Debt Assignment, the Assignee is permitted to convert any portion of the assigned debt at any time until the assigned Note is no longer outstanding. Further, the Assignee is permitted to receive eligible conversions at the lesser of $0.0004 or a 50% discount from the lowest intra-day trading price for the 20 days prior to a conversion notice submitted to the Company’s Transfer Agent.
On December 18, 2014, the Company issued 53,350,000 shares of common stock upon the conversion of the principal amount of $5,350 at a conversion price of $0.0001 per share. A principal balance of $34,650 remains outstanding after said conversion.
On January 29, 2015 $5,000 of the Note was assigned to a third party and the assignee subsequently converted a portion of the assigned amount into 164,500,000 shares of the common stock of the Company.
As at year ended May 31, 2015, a principal balance of $67,500on the original Promissory Note and accrued interest of $168,166 remain unpaid.