easily get paid off huh?
did you read the filing?
an unpaid note for only $30,000 became $273,000 debt after accrued interest and penalties.
They didnt pay that note for 5 years..I doubt that they paid it all of a sudden....and there were 7 new notes sold in the first 3 quarters last yr
On November 18, 2011, the Company signed a $30,000 convertible promissory note with a third party. The note bears interest at 8% per annum and was due on August 18, 2012. The note has conversion rights that allow the holder of the note to convert after 180 days all or any part of the remaining principal balance into the Company’s common stock at a price equal to 58% of the average of the lowest six trading prices for the Common Stock during the most recent ten-day period. The conversion feature was determined to exist and was recorded at the time of issue as a derivative liability, but has been fully amortized in prior periods. This note is in default. According to the terms of the note upon default the balance due is 150% of the unpaid principal balance. In addition, from the date of default the notes bear interest at 22% per annum.
The investor may in its sole discretion convert the default amount into equity. During 2016, the Company issued 8,000,000 shares of common stock to convert $200,000 of the outstanding balance of this note. The total balance outstanding on this note at December 31, 2016 was $273,650, which included $243,650 of accrued interest and penalties.
Theoretical physics can prove an elephant can hang from a cliff with its tail tied to a daisy, but use your eyes -- your common sense ----
please DD before you buy or sell
Jimstr
AI
