breakdown of convertible debt left (if any)
for those that did not see it yesterday.
first I'd like to say, according to the 10Q on 11/23/15, there is no NEW convertible debt in relation to the previous 10Q from August. I interpreted this as the company expects significant revenue in the near term, and has no need for anymore toxic CD's. Note the LAST CDs were from July. This says a lot to me.
now lets get down to the convertible notes. this is difficult to assess, but we can make a good guess based on issuance date and conversion eligible dates.
first, lets take into account the following,
During the six months ended June 30, 2015, Convertible notes holders converted principal of $104,138 into 23,545,080 shares of the Company’s common stock.
During the nine months ended September 30, 2015, Convertible notes holders converted principal of $360,864 into 203,056,400 shares of the Company’s common stock.
Subsequent to September 30, 2015, the Company issued the following shares:
-215,182,465 shares of common stock for the conversion of $264,559 of principal and accrued interest on convertible notes.
subtract out first 6 months..between June 30,2015-September 30,2015 - $256,726 of principal was converted into 179,511,320 shares
do some more math...This means that from June 30,2015-November 20,2015 a principal of $521,285 was converted into 394,693,785 shares
so what does this all mean?
It means that any note that was eligible to be converted into shares AFTER June 30th is paid off(partially or fully) in the total amount of $521,285.
this conversion eligibility time frame(6/30/15-11/20/15) would include notes issued from the beginning of January up to November 20,2015. Some notes issued in this time frame were eligible to convert instantly from date of issuance, others had 180 day restriction.
where it gets difficult is saying this specific note is payed(unless otherwise stated by the 10Q)
So, I will compare the $$ value of notes received by the company since January 1, 2015 and subtract out what was converted AFTER June 30, 2015.
For the Nine Months Ended September 30, 2015, the company received proceeds from convertible notes of $524,210.
The company (paid off) converted a principal of $521,285 AFTER June 30, 2015.
This would leave a difference of $2,925 principal left to convert.
What is the takeaway from this? the majority of notes received in 2015 are paid off.
