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Thursday, May 25, 2017 5:54:22 AM
New toxic notes
Effective May 15, 2017, we issued and delivered to Eagle Equities, LLC an 8% convertible note in the principal amount of $115,000. The note was issued at a discount, resulting in our receipt of $105,000. We can redeem the note at any time prior to 90 days from the issuance date at a redemption price of 125% plus accrued interest. The redemption price thereafter increases to 135%, plus accrued interest, until the 120th day from issuance, and thereafter increases to a redemption price of 150% plus accrued interest until the 180th day after issuance. The holder of the note, at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of our common stock at a price of $.03 per share of common stock until the 180th day after issuance and thereafter at a price 40% discount from the average of the three lowest trading prices during the 25 days prior to conversion. The note also contains penalty provisions in the event of our default in repayment of the note (if not converted by the holder into shares of common stock) on the first anniversary after issuance.
Effective May 16, 2017, we issued and delivered to Crown Bridge Partners, LLC an identical note in the principal amount of $60,000, with an original issue discount of $6,000 (resulting in our receipt of $54,000).
Old toxic notes
"Convertible notes payable, currently in default, net of discount of $2,594 and $0 at January 31, 2017 221,089"
O/S on 1/31/17 - 900 Million
O/S on 3/28/18 - 2.5 BILLION
When you think "there can't be that many people falling for this", remember the Bernie Madoff story and recall that over $50 BILLION of smart money fell for a great story.
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