I didn't pass over anything.
DID YOU READ MY POST? I copied it below so you can read it. It says what the proceeds are for. To pay back Scott for the money he lent the company. Read it.
was16 Member Level Monday, 09/09/19 01:30:30 PM
Re: Huggy Bear post# 27240 0
Post #
27249
of 27262
You are posting misinformation.
There isn't anything in Section 16 of the Form D supporting your claim of a promotion. The money in section 16 is to pay back Mr. Scott for money he lent the company.
16. Use of Proceeds
Provide the amount of the gross proceeds of the offering that has been or is proposed to be used for payments to any of the persons required to be named as executive officers, directors or promoters in response to Item 3 above. If the amount is unknown, provide an estimate and check the box next to the amount.
$ 250000 USD x Estimate
Clarification of Response (if Necessary)
We may replenish line of credit taken out by Charles Scott and we may begin a salary for Charles Scott, but that decision will be made by the Board in the future after the compensation committee has been established.
From the 5/20 10Q:
The Company has advanced funds from an Equity Line of Credit (LOC) secured by the home of Mr. Scott. The LOC allows for draws up to $200,000 through August 2024 with a repayment period through August 2044. Interest is charged at an annual percentage rate of 6.84% and 5.91% as of March 31, 2019 and 2018, respectively. Funds advanced to the Company through the LOC were $200,262 and $200,406 as of March 31, 2019 and December 31, 2018, respectively.
