Seaniemac International Ltd (fka BETS)

[stockinvestor01]

I would like Barry Brookstein, CEO, to explain to shareholders exactly what services he has rendered that equate to this (see below from most recent 10Q)?

So, per the excerpt from the 10Q below, if he converted today, per the closing price of .0001, the company has to issue its own CEO $155,000 worth of stock at a 50% discount which would be $155,000 / .00005 = 3.1 billion shares. Is my math off? Let's hope they can pay him his unpaid salary for 'services rendered' by the end of March 2017 deadline.

On September 30, 2016, the Company issued to Barry Brookstein (“Barry Brookstein”) a Convertible Promissory Note (the “Note”) in the original principal amount of $155,000 (the “Purchase Price”) which Note bears interest at 12% per annum and is compounded daily. The note was issued in exchange for unpaid salary owed to Barry Brookstein as of September 30, 2016 for services rendered. The principal amount and accrued interest under the Note is convertible into the Company’s common stock, $0.001 par value (the “Common Stock”), at Barry Brookstein’s option, at any time beginning 180 days after the date of issuance at a 50% discount of by the lowest trading price for the Company’s common stock during the 20 trading day period prior to conversion (the “Conversion Price”). All outstanding principal and accrued interest on the Note is due and payable on the maturity date, which date is September 30, 2017 (the “Maturity Date”). The conversion price is subject to adjustment in the event the Company sells or grants any option to purchase or sells or grants any right to reprice, or otherwise disposes of or issues (or announces any sale, grant or any option to purchase or other disposition), any common stock or common stock equivalents entitling any person to acquire shares of Common Stock at an effective price per share that is lower than the conversion price in effect on the date of such issuance. In addition, the Conversion Price is subject to proportional adjustment in the event of stock splits, stock dividends and similar corporate events.

The principal balance of the Note may be prepaid at any time after 10 days’ prior written notice by the Company to Barry Brookstein by paying Barry Brookstein an amount equal to the Prepayment Percentage (as hereinafter defined) multiplied by the sum of the principal amount due, accrued interest and any other amounts due under the Note. The Prepayment Percentage is (i) 125% during the period beginning on the date the Note is issued and ending 180 days thereafter. After the expiration of the 180 days after the date the Note issued, the Company has no right of prepayment.