Friday, May 05, 2017 8:35:05 PM
much - diluting their shareholders into oblivion:
<<The warrant agreement also contains a down round ratchet
provision allowing the holder to increase its warrant count. The number of warrants to issue is calculated by dividing
the aggregate value by the lower of $0.30 or the lowest trade price in the 10 preceding trading days. As of December 31, 2016, JMJ Financial has
converted $393,892 at $0.135825 per share into 2,900,000 shares of common
stock. In addition, JMJ Financial has exercised its warrant agreement
ratchet rights, resulting in 3,067,668 [$416,666 / $0.135825 = 3,067,668] warrants outstanding. As of December 31, 2016, the holder had exercised
warrants to purchase 11,043 of Company common stock. Using a Black Scholes Floating Strike Lookback Call Option model, these warrants were valued at $580,000 along with a derivative liability of $214,000 at December 31, 2016.>>
Check page F-15:
https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11997817
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