Secure Point Technologies Inc (fka IMSCQ)

[zeynoc]

PREPAID INTEREST ON CONVERTIBLES UNTIL JUNE 30th: Take a look at the black line version page 24, the paragraph that starts with "The prepayment by us of all interest to be accrued from the March 31, 2016 through June 30, 2016, amounted to $119,400 on the account of March 2009 note, $450,000 on the September 2012 note and $450,000 on the February 2013 Note"
So what does this mean, let's take a look:
March 2009 Note: Evil 8 cent converts which has a principal balance of $3,184,000. This note accrues 15% interest per annum and 3.75% per quarter. $3,184*3.75%=$119,400
Do the same for $12mn each notes for 3.75% per quarter=$450k!
What they have done is simply, they paid the interest in cash until June 30th and ended the dilution. Therefore, the buyer now has clear idea on how many shares are out there. All coincidental to pay the interest until June 30th, stop dilution and extend the maturity of non converts by June 30th? Only blinds can believe in that in my opinion.
They have been paying the interest on convertible debt as cash and accrued interest I.e. Share count has not been increasing and this is due until June 30th!