On 2/11/16 Iconic wanted to convert $15,000 of the original $540K 12/30/15 convertible loan in exchange for 46,153,846 shares of ARYC @ 0.000325 under the terms of the convertible note.
Pursuant to the terms of the Exchange Note, the Holder is entitled, at its option, at any time, to convert all or any part of the outstanding and unpaid principal and accrued interest into shares of the Company’s common stock at a price per share equal to 65% of the lowest closing bid of the Company’s common stock during the 15 day consecutive trading days prior to the date on which the Holders elects to convert all or part of the Exchange Note.
Arrayit smartly did not allow it. In August 2016 Iconic sued for breach of contract. Arrayit transferred the 6.6M AVDX shares collateral instead to Iconic. Case was unexpectedly dropped by Iconic on 1/17/2018.
Now imagine if in 2016 Iconic had tried to convert the whole $540K loan @ 0.000325 or lower. That would have equated to more than 1.6 billion ARYC shares. Try selling that in the market.
In 2018 Iconic tried again to convert the loan, this time the pps had gone much higher and the exchange rate would be 0.01815. 71M shares worth. This time Arrayit sued. That's the pending case.
IMO Since April 2016 Arrayit has been delinquent with the fins filings to make it hard for Iconic to convert and sell shares. IMO ARYC will continue to be fins delinquent until this Iconic matter is resolved once and for all.
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