Bioelectronics Corp (BIEL)

[Det_Robert_Thorne]

McLeod's $72K note added 240M shares

I wasn't talking about total debt, but was alluding to the fact that BIEL continues to issue convertible notes that rapidly increase the number of outstanding shares upon conversion.

According to the filing to which I linked, the $72K McLeod note, which became convertible starting sometime in the third quarter, has a conversion price of $0.0003, which means that 240M shares were likely issued upon note conversion.

Nearly $500K of notes were issued in 2Q/18. $360K were issued with a conversion price of $0.0013, which means another 277M shares, while the remaining $135K issues at a conversion price of $0.0001 will add 135M more, for a total of 412M new shares, minimum, in 4Q/18.