Service Team Inc (SVTE)

[winmeny]

I think this guy had converted his $7,500 into 10M shares. It's no big deal. The CEO said he will not engage in this type of financing anymore in the future. He probably sold most of his 10M shares today already.

On May 12, 2016, the Company issued a convertible note to U.S. Affiliated, Inc. (a related party) for $7,500 of cash consideration. The note bears interest at 6%, matures on September 12, 2016, and is convertible into common stock at 50% of the average bid price of the stock during the 30 days prior to the conversion. The Company recorded a debt discount equal to $7,500 due to this conversion feature and amortized $1,159 during the three months ended May 31, 2016, with a remaining debt discount balance of $6,341 as of May 31, 2016. The note had accrued interest of $23 and $0 as of May 31, 2016 and August 31, 2015, respectively.