"As of February 28, 2018, the company had $652,200 of long term debt. $281,692 of this debt is owed to R Holdings 9 originally dated August 30, 2011, representing money advanced to James Ballas, the company president, Blue Crush Marketing Group and or its subsidiaries. $187,008 of this debt in the form of several notes dated from 2013 through, 2017, owed to Common Sense Holdings, LLC representing money advanced to James Ballas, the company president, or subsidiaries of the company during the period covering September 2013 to October, 2017 for expenses of the company. $50,000 is owed to J Gamemm, LLC for monies advanced to James Ballas the company president during June and July of 2014 for expenses on behalf of the company. $65,000 is owed to J Gamemm, LLC for monies advanced to a subsidiary of the company during 2017 for expenses on behalf of the company. $50,000 is owed to Beacon Capital for monies advanced to James Ballas the company president during March of 2014 on behalf of the company. The Promissory Notes provide for interest at rates between 8% and 10% per annum that are payable on maturity dates in 2018 and 2019. These notes contain a conversion feature whereby the notes are convertible in whole or in part, at the sole discretion of the holder, into shares of common stock at a conversion price of $.001 per share or the company “par” value."
652k, Not much debt if they'd pay it in cash. Instead, they will pay it with (at current share prices) about 6.5 million dollars worth of shares.
It's a pretty sweet setup for Common Sense Holdings, and of course the other loan sharks. Some of which are not now, and were not at the time of the loan, even in business.
