GeneSYS ID Inc fka GNID

[Toxic Avenger]

The details of the lawsuit by RX Safes against Kodiak and its former transfer agent.
http://www.plainsite.org/dockets/download.html?id=235289184&z=3b648c49

Latest status "***NOTICE TO ATTORNEY REGARDING DEFICIENT PLEADING. Notice to Attorney Mazin Sbaiti to RE-FILE Document No. 24 Amended Complaint. The filing is deficient for the following reason(s): the wrong party/parties whom the pleading is against were selected. Re-file the pleading using the event type Amended Complaint found under the event list Complaints and Other Initiating Documents - attach the correct signed PDF - select the individually named filer/filers - select the individually named party/parties the pleading is against. (moh)"

What I find interesting is that the suit suggests the note was not convertible until the pre-payment period had lapsed, yet subsequent notes seem to say they're convertible immediately upon issuance (see below). In addition, the leak-out agreements seem to be fairly broad for new notes.

"On January 12, 2016, the Company entered into an agreement Crown Bridge Partners LLC to invest $36,000 into the Company in exchange for the issuance of a $40,000 convertible promissory note. All outstanding interest and principle is due and payable January 12, 2017. Unpaid balance bears an interest at the rate of 22%. The note is convertible by Crown Bridge Partners into shares of the Company’s common stock at any time on or after the Issuance Date. The conversion price for each share is equal to 65% of the lowest trading prices of the Common Stock on the OTC Market for the 20 prior trading days. The Company has the option to repay this note up to 180 days after issuance.

On January 19, 2016 Auctus Fund LLC converted $13,260 of the principal on its convertible promissory note into a total of 20,000 shares of our common stock, subject to the terms of a leak-out agreement.

On January 20, 2016, the Company entered into an agreement Yoshar Trading LLC to invest $30,000 into the Company in exchange for the issuance of a $31,100 convertible promissory note. The note bears interest at the rate of 8%. All outstanding interest and principle is due and payable January 20, 2017. The note is convertible by Yoshar into shares of the Company’s common stock at any time on or after the Issuance Date. The conversion price for each share is equal to 65% of the lowest trading prices of the Common Stock on the OTC Market for the 20 prior trading days. The Company has the option to repay this note up to 180 days after issuance.

On January 22, 2016, the Company entered into an agreement Auctus Fund LLC to invest $77,750 into the Company in exchange for the issuance of a convertible promissory note. The note bears interest at the rate of 8%. All outstanding interest and principle is due and payable October 22, 2016. The note is convertible by Auctus into shares of the Company’s common stock at any time on or after the Issuance Date. The conversion price for each share is equal to 70% multiplied by the lowest trading price of the Common Stock on the OTC Market for the 20 prior trading days.

On February 12, 2016 Auctus Fund LLC converted $13,000 of the principal on its convertible promissory note into a total of 25,000 shares of our common stock, subject to the terms of a leak-out agreement.

On February 28, 2016, the Company entered into an agreement with APG Capital Holdings, LLC to invest a total of $63,000 into the Company in exchange for the issuance of 2 convertible promissory notes, each $31,500. The first $31,500 note is a front end note and was purchased by APG Capital Holdings, LLC on February 28, 2016. The second $31,500 note is a back end note and will be funded no later than October 29, 2016. The Company has the option to cancel the back end note and any obligation thereof by giving 30 days written notice of cancellation no later than the 5 th month anniversary of the issuance of the front end note. The notes bear interest at the rate of 8%. All outstanding interest and principle on the front end note is due and payable February 28, 2017. The note is convertible by APG Capital Holdings, LLC into shares of the Company’s common stock at any time on or after the Issuance Date. The conversion price for each share is equal to 65% multiplied by average of the lowest trading price of the Common Stock on the OTC Market for the 20 prior trading days. The Company has the option to prepay this note up to 180 days after issuance

On February 29, 2016, the Company entered into an agreement Auctus Fund LLC to invest $77,750 into the Company in exchange for the issuance of a convertible promissory note. The note bears interest at the rate of 8%. All outstanding interest and principle is due and payable November 29, 2016. The note is convertible by Auctus into shares of the Company’s common stock at any time on or after the Issuance Date. The conversion price for each share is equal to 70% multiplied by the lowest trading price of the Common Stock on the OTC Market for the 20 prior trading days.

On March 10, 2016 Auctus Fund LLC converted $50,996 of the principal and interest on its convertible promissory note into a total of 97,991 shares of our common stock, subject to the terms of a leak-out agreement. "