"So how does settling debt fit in to the scam? That's cold hard cash, man."
The problem is that it's not cold hard cash from 'sales revenues'...it's new cash they obtain from the sale of 'new convertible notes'. The $33,000 note sold to Emunah Funding on Jan 31, 2019 went into 'default' July 1 and carried a 100% default penalty, so the note holder got the original principle, plus a default penalty of another $33,000, plus 6 months interest, for a total of a $77,800 debt payment. Not a bad return for loaning these crooks the use of $33,000 for 6 months. The 40 million shares that the original note it would have supposedly converted into (at the June 30 manipulated share price), was then swapped back for a return of the supposedly converted shares. Emunah Funding agrees to buy a new convertible note for XXXXX from SIML using the profit they just made.
And then they "misled" shareholders by saying they had "retired" $400,000 in Convertible Debt?
"SIML Retires $400,000 in Convertible Debt With Sales Over $20M During the First Half of 2019
San Francisco, California, Aug. 07, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Simlatus Corporation (OTC PINK: SIML) ("Simlatus" or the "Company") today announces that the Company entered into a Release Agreement in July 2019 and agreed to pre-pay the entire balance of a convertible note dated January 31, 2019 with the original principal amount of $33,000 between Emunah Funding, LLC and SIML. The current principal amount of the Note is $77,800. Upon the full execution of the Agreement, the Holder released and returned to treasury 40,000,000 shares of common stock valued at $400,000."
All of this just created dilution of shareholder value... Do you see the scam now?? No verified sales of any product...just share selling.
From the last 10-Q:
"15. SUBSEQUENT EVENTS
On July 22, 2019, the Company entered in a Convertible Promissory Note with BHP Capital NY in the amount of $37,950. The note is unsecured, bears interest at 8% per annum, and matures on July 22. 2020.
On July 22, 2019, the Company entered in a Convertible Promissory Note with Emunah Funding LLC in the amount of $37,950. The note is unsecured, bears interest at 8% per annum, and matures on July 22. 2020.
On July 22, 2019, the Company entered in a Convertible Promissory Note with Fourth Man LLC in the amount of $37,950. The note is unsecured, bears interest at 8% per annum, and matures on July 22. 2020.
On July 23, 2019, the Company’ Board of Directors and the Majority Stockholders owning a majority of the Company’s voting securities, approved a resolution authorizing the Company to amend the Articles of Incorporation to increase the number of authorized Common Shares from 975,000,000 to 1,500,000,000 shares at par value $0.00001 per share. "
GLTY and JMO
