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Monday, January 23, 2017 4:52:19 PM
This 8K was filed FOUR DAYS AFTER the new toxic note was sold:
Filed Oct 17:
On July 15, 2015, the Company received financing in the amount of $80,000 from Typenex Co-Investment, LLC. On July 8, 2016, the Company made a payment of 50% of the balance then due in the amount of $57,000.00, and entered into a Forbearance Agreement with Typenex regarding conversion of the balance of $57,000.00 debt into Shares of Common Stock at an agreed upon discount and frequency of conversions. On October 11, 2016, Typenex submitted its’ final conversion request for the balance owed in the amount of $24,125.48, converted into 10,901,708 shares common. The balance now due on the Typenex note is $0.00, and the Company has now paid off all four of our original convertible debt instruments in full.
Now they tell us this:
On October 13, 2016, the Company received financing in the amount of $85,500 from JSJ Investments with $5,000 original issue discount and incurred $8,000 financing costs. The original issue discount and financing costs are being amortized over the life of the note using the effective interest method. The $85,500 bears 10% interest and matures on July 13, 2017. The holder shall be entitled to convert any portion of the outstanding and unpaid conversion amount in to fully paid and non-assessable shares of Common Stock. Conversion price is the 45% discount to the lowest traded price during the previous 20 trading days to the date of a conversion notice. The Company may redeem the note at rates ranging from 125% to 150% depending on the redemption date. The note was discounted for a derivative (see note 6 for details) and the discount is being amortized over the life of the note using the effective interest method. The Company amortized discount and financing costs of $15,033 for the six months ended November 30, 2016.
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