Indeed, Fazync was nothing more than an attempt to distract from the debacle that Crescent became.
Boy did THAT backfire, now that the truth about Fazync has been revealed.
Here's an interesting note from their latest filing, correcting some 10Q errors on convertible notes. Note that this note ALONE will convert into 2 BILLION new shares, NOT including the accrued interest
Convertible note payable to non-related party, interest rate of 10%, unsecured, due on March 24, 2016. Currently in default. May be converted to common stock at the option of the holder at a rate equal to a 45% discount from the lowest trading price during the twenty days prior to conversion but not less than $0.00005. The Company may not repay the convertible note in cash.
To further clarify, the original note resulted in cash proceeds of $50,000 to the Company and contained a $5,000 original issue discount for a total original principal balance of $55,000. Default penalties totaling $73,087 were added to the note principal subsequently resulting in a total balance due, excluding accrued interest, of $128,087 as of September 30, 2017.
"There's a sucker born every minute, 2 to take him and 4 to lend him toxic debt" PT Barnum's investment advisor.
