Thursday, September 22, 2016 2:00:05 AM
The most concerning part is the conversion price on the share conversions being used to pay off the debt (I highlighted the ones with 4 zeroes):
Jabro Funding Corp is a NY entity that I know had been taking over a lot of old Asher Enterprises debt after Asher ran into some problems with FINRA and the SEC.
LG Capital is also a very common toxic financier.
As you can see IFLM has no problem going well under $.0001/share to pay back the debt owed to those two entities. As of the last 10Q, Jabro Funding Corp was still owed $41,545 plus interest and LG Capital was still owed $66,775 plus interest. At similar conversion prices in the $.00005 - $.00006 range we are talking 1,969,454,545 free trading shares of stock to pay back that debt.
VanCal Partners LLC is attorney John D Thomas of Utah. I couldn't even tell when VanCal Partners LLC started to be owed money by IFLM or how much IFLM might still owe them, but according to the IFLM filings, John D Thomas is separately owed $7,500 for legal services he provided to IFLM in the past.
That $7,500 was turned into a debt Note that gets an even more sickening conversion ratio of $.00001/share.
According to the last 10Q John D Thomas was still owed $7,500 along with $77 in interest on the Note.
At $.00001/share $7,577 = 757,700,000 free trading shares of stock just to pay back a mere $7,577. That's scary.
Syndicate Consulting, Inc gets a set conversion price of $.00005/share on all of the debt owed to them.
As of the last 10Q Syndicate was owed $29,765 plus $2,217 in interest. $31,982 at $.00005/share = 639,640,000 free trading shares of stock.
How scary is that? 3,366,794,545 free trading shares of stock needed just to pay back $147,879.
And that doesn't even take into account the other $345,000+ in past due 3rd party debt and $355,000+ in interest due on that 3rd party debt. Just imagine how many billions of shares it will take to pay back that $700,000+ if it is going to take 3,366,794,545 shares just to pay back $147,879 to John D Thomas, Syndicate Consulting Inc, Jabro Funding, and LG Capital.
Scary situation here. I hope people were smart enough to take profits when they were available and didn't chase this thing up too high.
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