Southern Concepts Restaurant Group Inc (RIBS)

[wholelotamoney]

$RIBS - OUCH! Bloated Piggy!
On December 29, 2016, the Company entered into a Note Conversion Agreement with Bourbon Brothers #14, LLC. The Company owed a debt of $1,300,000 to Bourbon Brothers #14, LLC originating from a promissory note dated December 31, 2014 in an original principal amount of $1,250,000. Pursuant to the Note Conversion Agreement, the Company will issue 65,000,000 shares of its Common Stock as full conversion and repayment of the promissory note. The Company issued 20,000,000 of the 65,000,000 shares on January 3, 2017. The Company plans to increase its authorized shares as soon as practicable, but not more than 60 days from December 29, 2016, in order to issue the remaining 45,000,000 shares.

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