Okay I got an update on the Note Conversions from alyssamma who had posted earlier on I-Hub this year about the convertible notes. I will just call him Kevin for this post. Kevin had found me on Facebook and we chatted tonight. Kevin wanted me to post all of this information to the board tonight as there has been so much misinformation being posted on the boards about these note conversions. Kevin is one of the accredited investors.
Some note holders were able to convert their shares starting on September 30th. The average share price on September 30th was at .18 cents. This was based on the prior 10 trading days and then take the lowest three of those 10 trading days. With the 50% discount applied the conversion price on September 30th was at .09 cents.
Kevin had Three 10K notes and received over 300,000 shares for his three notes. Kevin did not actually receive his shares until 10/25/2019. Kevin does not know if the other note holders have requested to have their notes converted into shares yet? Kevin also doesn't know any of the other note holders.
Now Kevin told me he has no intentions of selling his shares anywhere near todays prices on the open market. He has also been buying a lot of shares on the open market through E-trade. He wants $4 to $10 before he is willing to sell his shares.
Kevin also sent me an e-mail with the note offering summary, and the convertible note PDF file. This is a 17 page document that I haven't had the time to completely go over yet.
This is a confidential document so I cannot post the document publicly to the board. I do believe Kevin, and I believe this to be real after looking at the documents.
This should give us an idea as to the amount of convertible shares that will be added to the OS. The offering was for 3 million dollars, but they had only sold 1.6 million dollars in notes.
I hope this helps clear up any questions about the note conversions.
Thank You Again Kevin for sharing the information with me tonight.
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