Hop-On Inc (HPNN)

[PRmaniac]

Hop-On's $7 million debt
I see this same statement in each and every quarterly report from Hop-On, ."..the Company intends to do so in the next quarter, after it makes the requisite filing with the State of Nevada"
So how many quarters does it take for a simple "requisite" filing? Either Hop-On intends to do so or they need to disclose they never intend to do so and have improperly removed the $7 million from its books.
If the new class of preferred are convertible, Hop-On also needs to make sure they have enough common shares authorized to allow conversion. Currently, all classes of preferred (A,B,C, and D) are maxed-out and common shares are almost maxed-out. Something doesn't smell quite right on this one, IMO.

Sure hope none of the debtholders are Richard Weed or Joe Piterra, former associates of Peter's and his so-called companies.
from multiple Hop-On financial reports.....
The Company has agreed with certain debt holders of the Company to convert their debt to preferred equity of the Company. This was announced in a press release on April 30, 2014. The Company has not physically issued the preferred stock certificates as of the date of this filing – the Company intends to do so in the next quarter, after it makes the requisite filing with the State of Nevada to increase its preferred share allotments to accommodate the conversion of the debt.