Mexus Gold US (MXSG)

[gitreal]

Yes, as 1manband pointed out, proceeds from the toxic note were directed towards entities owned by family members. Disclosed in the last quarterly, but missed by most (including me). Thankfully, someone read them in detail.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=140227185

That is not the case. The claim that "no funds have been used" is absolutely incorrect. PT DID take cash from the toxic death spiral convertible note and put it in his own pocket. The SEC filings prove it.

I already showed the disclosure directly from the 2 most recent 10-Q's which state that PT paid himself and his son cash:

For Taurus, PT's company:

Notes due to Taurus Gold, Inc. are unsecured, non-interest bearing and due on demand. These notes were accumulated through a series of cash advances to the Company. Taurus Gold, Inc. is controlled by Paul D. Thompson, the sole director and officer of the Company. As of September 30, 2017 and March 31, 2017, notes payable due to Taurus Gold Inc. totaled $46,620 and $67,224, respectively.

Notes due to Taurus Gold, Inc. are unsecured, non-interest bearing and due on demand. These notes were accumulated through a series of cash advances to the Company. Taurus Gold, Inc. is controlled by Paul D. Thompson, the sole director and officer of the Company. As of December 31, 2017 and March 31, 2017, notes payable due to Taurus Gold Inc. totaled $4,514 and $67,224, respectively.

For those that don't understand how to read 10-Q's, between September 30 and December 31, Mexus paid PT $42,106 in cash. Cash that came from the toxic death spiral note which was issued during the period.

And here is the disclosure about North Pacific Gold, PT's son's company:

Notes due to North Pacific Gold were accumulated through a series of cash advances to the Company. North Pacific Gold is controlled by Paul Thompson, Jr., an immediate family member of Paul D. Thompson, the sole director and officer of the Company. This loan was due in 90 days and is in default, unsecured and bears interest of 6% per annum and is repayable in cash or Company common stock at market value at the option of the Company. As of September 30, 2017 and March 31, 2017, notes payable due to North Pacific Gold totaled $19,887 and $19,531, respectively.

Notes due to North Pacific Gold were accumulated through a series of cash advances to the Company which are unsecured, non-interest bearing and due on demand. North Pacific Gold is controlled by Paul Thompson, Jr., an immediate family member of Paul D. Thompson, the sole director and officer of the Company. As of December 31, 2017 and March 31, 2017, notes payable due to North Pacific Gold totaled $9,227 and $19,531, respectively.

For those that don't understand how to read 10-Q's, between September 30 and December 31, Mexus paid PT's son $10,660 in cash. Cash that came from the toxic death spiral note.

And how do we know it was cash? From the Cash Flow Statement:

Payment of notes payable from related party (73,014)

It certainly looks like PT knew all along about the mess with the contractor and the property and screwed the shareholders by entering into a disastrous toxic death spiral note to raise cash which he paid to himself and his son before the Company released the bad news and made it more difficult to find more shareholders willing to buy the Company's stock to continue to finance this fiasco.