"ECOS will go forward with the debt conversion and issuance of shares since they have no way to repay the outstanding debt."
Exactly, and my guess is, once they get current, MS plans to sell some new toxic notes to Fife and take out the Hanscom K note listed below (due November 1 with 16% interest) meaning it will be paid back with funds lifted directly out of the hip pockets of naive and uninformed retail shareholders, via more dilution. JMHO
NOTE 8 – RELATED PARTY TRANSACTIONS - From 2016 10K
During the six month period ended June 30, 2016, notes payable to the stockholders increased by $225,000. The additions are for accrual of unpaid salaries and not actual cash proceeds. These loans carry an interest of 5.00% and are payable on demand.
For the periods ended June 30, 2016 and 2015, interest accrued to related parties totaled $59,257 and $55,448.
During the six month period ended June 30, 2016, the Company received $66,453 in loans from Hanscom K Inc. The amount owed to Hanscom K Inc. at June 30, 2016 is $377,940. These loans are non-interest bearing and are payable on demand.
NOTE 9 – SUBSEQUENT EVENTS
During the first two quarters of 2017, the following convertible debt owners converted loans plus accrued interests into common shares of the Company.
Tonaquint (note 4)
$96,311
Interest $85,990
shares - 2,157,581,572
GSM Capital Group LLC (note 4)
28,790
shares - 436,527,302
LG Capital (note 4)
19,500
interest 7,444
shares - 197,116,728
Totals
$144,601
$93,434
Shares - 2,791,225,602
In February 2017, the Company and Hanscom K Inc. jointly and severally entered into a loan agreement for an amount $485,000 which is subject to annual interest of 16% and matures on November 1, 2017.
During May 2017, an aggregate of $108,220 in loans from stockholders were converted into 541,100,000 shares of the common stock.
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