OMG they thought they were being sneaky dropping this BS right before a holiday when no one’s pay attention?! I was forced to sell a couple weeks ago to buy something else I guess it worked out! Unbelievable how incompetent these “CEOs” are of these POS OTC companies!!!!
I would expect MASSIVE dilution coming.
Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.
Events of default under a Convertible Promissory Note in the principal amount of $78,000 (the “Note”) payable to Actus Fund, LLC (“AFL”) have occurred and are continuing on account of the Company’s failure to make the required payments of interest and principal when due and failure to file its quarterly reports required under the Securities and Exchange Act of 1934, as amended and other defaults alleged by AFL (collectively, the “Defaults”). AFL has notified the Company that as a result of the Defaults they are demanding payment of $404,376.70 on or before June 29, 2018. The notice from AFL threatens that legal action will be instituted against the Company and others, if such payment is not made by June 29, 2018.
The Company does not have the funds required to meet the payment demanded by AFL at this time and is trying to negotiate a reasonable settlement and an extension to pay. There is no assurance that any reasonable settlement can be effected with AFL. Any lawsuit at this time will have a material adverse affect on the Company and could result in the collapse of its business.
