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Friday, February 26, 2016 10:02:10 AM
(a) a cash payment in the amount of $35,000.00 payable upon execution of the Settlement Agreement Amendment together with 918,386 shares of the Company’s common stock (subject to adjustment as described in the Settlement Agreement Amendment) based on a note conversion amount of $15,000.00 and a conversion price of $0.016333, which shares are to be issued and delivered pursuant to the terms of the Settlement Agreement Amendment and (b) a cash payment on or before March 15, 2016 in the amount of $35,000.00 together with shares of the Company’s common stock based on a note conversion amount of $15,000.00 and a conversion price to be determined in accordance with the Notes, which shares are to be issued and delivered pursuant to the terms of the Settlement Agreement Amendment....
That stock conversion price of 1.6+ cents is the company's first real dilution (given the stock price having been in the 2.5 cents to 3.0 cents range recently). This certainly differs a lot from the enforced conversion that the company did as regards its Gotama debt where the conversion price per terms of the loan was 15 cents per share (again kudos to management for having negotiated thus).
The company really ought to explain what's going on with sales volume and report on what level of sales will be required to break even (including interest expenses) and what the projection is of the time frame to get there. For the current holders of the stock, you can hope that Typenex will not create disorder in the market by trying to sell their shares is large lots.
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