Be careful Here...guys, its official now. 3 lowest closes, 10 trading days prior to mature date, are .0024(today), .003(Fri), .0032(Thurs). Thats an average of a .0028. They then get 58% discount on that putting Vis Vires(VV) getting their next batch of shares at .00120. Sux, but they will get close to 45 Million shares and .0024 is a double on ALL of their money. So as brutal as this toxic dumper is, they pretty much can do what they want. And if it gets dumped on, its expected.
Any day now they can begin to dilute like crazy. Most of these outfits have things ready to go day one because they start the process prior to be effective that mature date. They might even sell some to a third party to dump. Either way they had a 9 month restriction that is up tomorrow and by law they dont have to wait a single day longer. Best best is to see how they look to be doing things and try to time as low as you can get, if wanting this play this still. Just be careful guys, VV is ruthless. I tried to get my post in before open, and before any of those 34s went, but Ihub had posting issues. Some in early are already pretty under water.
We knew in the last hour they were going to get .0012 for their shares now. 58% discount is pretty steep. Heres their deal, and we now know all pieces of the next puzzle. This is just one of four from now till May.
Originated June 8, 2015, unsecured $53,000 convertible promissory note, which carries an 8% interest rate and matures on March 8, 2016 (“Second Vis Vires Note”). The principal and interest is convertible into shares of common stock at the discretion of the note holder at a price equal to fifty-eight percent (58%) of the average of the three lowest closing prices of the Company’s common stock for the ten (10) trading days prior to the conversion date. In the event of default, the minimum amount due is 150% x (outstanding principal plus unpaid interest), and the debt holder is limited to owning 4.99% of the Company’s issued and outstanding shares. The Company paid total debt issuance cost of $4,000 that is being amortized over the life of the loan on the straight line method, which approximates the effective interest method.(less unamortized discount on beneficial conversion feature of $22,791 and $-0-, respectively)
And if $53k now wasnt enough. The next 60 days including tomorrows note is $53k, 38k, 48k, and $110k. Then its good till July/Aug/Sept/Oct. A ton this year. But wow, $249k next two months. Thats a lot when the pps already got crushed and that will now mean a ton of shares to satisfy a quarter million dollars.
Time to maybe just sit and watch this one for awhile.
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