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Friday, February 17, 2017 10:05:03 AM
On October 1, 2016, our President and Chief Executive officer converted $1,157,500 of accrued
salary and $123,825 in accrued payroll taxes for a total of $1,281,325 in to a long term note payable
bearing an interest rate of seven percent (7%) per annum, and with a maturity date of October 1,
2018. The note is convertible in shares of our common stock at a rate of $0.027 per share.
So this means that the shareholders are going to be paying him $90k a year in interest on top of his already ridiculous salary. And then he will have the option to convert the note into almost 50 million shares!
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