Wednesday, August 31, 2016 5:03:41 PM
Things are pretty quiet here lately, so it's a good chance for all
of the diligent ALLMers to review the recent 10-Q. I figure that this
is a good lull to review the legal filings while ALLM works on
their next press release in their attempt to pump it up! I'm guessing
that the next press release will say how they're working on biofuel
rocket fuel to enable man to go to Mars! So keep an eye out for something like that.
But in the meantime, if you're interested in your financial well being,
it will behoove all ALLMers to be aware of the recent death spiral financing listed in their recent 10-Q:
<<On April 25, 2016, the Company entered into a 12 month convertible debenture with JMJ Financial with a principal balance of $555,556. The note carries a 10% one-time interest charge, a 10% original issue discount and a 75% warrant coverage. The note may only be paid up to 98% of the balance due within the first 180 days at a 30% premium. After 180 days, the note cannot be repaid without the holders consent. The note is convertible after 180 days at a 25% discount to the lowest trade price in the preceding 10 trading days. To obtain the note, the Company issued the investor 1,388,886 warrants with a 5 year term and a cashless exercise price equal to the lesser of $0.30 per share or the lowest trade price in the 10 preceding trading days. As of June 30, 2016, using a Black-Scholes asset pricing model, these warrants were valued at $471,303.>>
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11542171
So it looks like a lot of shares might flood the market for sale
after October 25, 2016 at a DISCOUNT to the market price at that
point in time!
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- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/07/2023 05:43:21 PM
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