If an Event of Default occurs, the Conversion Price shall be equal to 70% multiplied by the average VWAP for the preceding four Trading Days prior to the date notice of conversion is delivered to the Company by the Holder (the “Default Conversion Price”).
I found this to be a confusing document, as well as long, "event of default" defined, then applies to section 4, so on, then lose the trail, I give up.
The patent collateral exhibit is missing, but guessing it's the portfolio? But it's against the success of the company so of little concern imo, just collateral.
I think the 10% interest is the $100,000 off the top, then conversions start later, I think 6 months, but I'm not sure of that.
I don't think it's clear whether the note will convert at 150%, or at 70%, or what exactly the repayment schedule will be.
Warrants are a great idea because they are non-dilutive at present.
I expected this, and don't like it. It adds certain dilution to the waiting game.
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