Sorry Penny,I don't see the cash.
They will be out of cash by the end of February.
They plan on limping along,financing month to month.
Only $600,000 of debt has been converted.
"From January 1, 2017 through February 17, 2017, $599,620 in June 8, 2016 promissory notes and related interest that were in default have been converted into 127,484,915 shares of common stock. The Company anticipates that additional outstanding debt will be converted into common shares from available authorized common stock. "
They still have another...
"Due to the notes becoming in default in October 2016, thus triggering the conversion feature, and the price protection feature of the conversion feature, the embedded conversion features were considered to be derivative liabilities. As such, the Company recorded a derivative liability and additional debt discount of $390,774,"
Plus the Series O-2 notes that are in default also.
The only thing that saves this is...
"At this time, potential accredited investors have indicated that they will await the issuance of a purchase order for the Company’s nano iron from an ammonia plant before considering investing in the Company’s 8% Series A convertible preferred stock."
Something else caught my eye.....
"General and administrative expenses decreased by $1,273,058 in the three months ended December 31, 2016 compared to the three months ended December 31, 2015. The decrease resulted from decreases of $738,463 in consultants and outside services (primarily for investor relations), $355,115 in board members compensation...."
$355,000/quarter going to BOD compensation??????????
WTF?
Scoop
