Tuesday, August 21, 2018 5:07:29 PM
On March 28, 2018, the Company entered into an amended agreement of conversion (“Conversion Agreement”), with Black Ice Advisors, LLC (the “Holder”) of a note in the principal amount of $62,380 (the “Note”) with an original issuance date of March 24, 2015; whereby, the Holder of the Note agreed to convert the entire note and interest, based on a fifty percent discount to a share price of $0.03 per share, instead of using the Note’s original conversion price of a fifty percent discount to the lowest traded price of the Common Stock over a ten trading day look back period, which would have given the Holder a conversion price of $0.005 per share. Based upon the Conversion Agreement the Company issued 4,982,466 shares to the Holder for the complete extinguishment of that Note.
At the time of issuance, it was almost 2.5% of the company. I don't know if audited financials will take the restriction off, but I do know holding for one year usually does. This wouldn't be that worrisome if they didn't have the FAST program. Most brokers wouldn't take their paper certs but this program distributes them electronically. I wanted the stock to run today, because it seems like the best chance of running is when the shares remain restricted. Once they are not, especially the 5 million, we are going to see pressure, and this guys breakeven is at .005.
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