Over the past years, other advances had been provided by other unrelated third parties, contractors, services providers, and agents fees etc. to our subsidiaries with some in promissory notes or agreements at no fixed term of repayment and interest free; and with some are at interest rate calculated from 3% up to 8% for tenure 2 to 5 years; and some are by verbal arrangement. These sums amount to $13,616,967 unpaid and outstanding as of March 31, 2018 after the settlement of $3,941,211 by the issuance of 5,515,925 shares at an average of $0.72 / share during Q1 2018.
Shares issued during Q1 2018 through the one-month period ended April 30, 2018.
During Q1 2018 and through April 30, 2018 there were a total of 5,588,375 shares issued for a sum of $4,054,233 for the following payments: (i) 1,606,854 shares were issued to 6 professionals and consultants firms and / or individuals for services rendered in 2015, 2016 and 2017, the total amounting to $1,184,385 (cost average: $0.74 / share); (ii) 72,450 shares were issued to 8 staff members for services rendered in 2017, the total amounting to $113,022 (cost average: $1.56 / share), and (iii) 3,909,071 shares were issued to five unrelated third parties for repayment of debts incurred in past years from 2014 to 2017 recorded under Other Payables, Non-Current Liabilities, the total amounting to $2,756,826 (cost average: $0.71 / share). Typically, repayments to the Company’s unrelated third parties are compensated in cash, but due to tight cash-restraints throughout the past quarter, the Company had been required to meet its minimum debt obligation to these lenders in the form of share compensation. All shares issued during the period held a cost average greater than the market-price at the time of issuance.
So they paid them $3,9 million by giving them 5,5 million shares, (these are the shares that's been dumped) and there's still a $13,6 million debt for these guys to collect??!? This must be solved!!
And they made 5,7 million in profits during this Q, Solomon you need to make better settlements.. Geez
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