Bioxytran Inc (BIXT)

[lucky, mydog]

On April 16, 2020 SEC ordered, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading of BIXT is suspended for the period April 16, through April 29, 2020.



As a result of the SEC ordered suspension the Company defaulted on outstanding Convertible Notes; resulting in an increase of the interest to 21% and the principal to increase to 168% of principal loan amount. The convertible debt increased to approximately $1,604,856 and the interest accrual to approximately $28,960/month.



The variable conversion rate component requires that the Defaulted Notes be valued at its stock redemption value (i.e., “if-converted” value) pursuant to ASC 480, Distinguishing Liabilities from Equity, with the excess over the undiscounted face value being deemed a premium to be added to the principal balance and amortized to additional paid-in capital over the life of the Notes. As such, the Company recorded a premium of $475,598 as a reduction to additional paid-in capital based on a discounted “if-converted” rate of $0.14 per share (65% of the lowest trading price during the 20 days preceding the note’s issuance), which computed to 4,454,213 shares of ‘if-converted’ common stock. The debt premium amortization is recorded as an increase to additional paid-in capital.



The Company’s management is taking all reasonable steps to get the Company traded on the OTCQB exchange again, in accordance with regulations as outlined by the SEC, see further:


https://www.sec.gov/oiea/investor-alerts-and-bulletins/ib_tradingsuspensions


https://www.sec.gov/investor/alerts/tradingsuspensions.pdf