KinerjaPay Corp (fka KPAY)

[John23V]

COVI-GUARD and how I found KPAY $3,720,000.

Product: https://kmall.id/covi-guard-oral-sanitizer

Manufacturer: https://www.oralshields.com/

The article: https://finance.yahoo.com/news/nutralife-biosciences-inc-finalizes-product-130000220.html

The above article was published on December 18th, 2020. KPAY bought all 25,000 units, and the second order was already in for the other 87,500. Why not mention KPAY then as the buyer? Why wait until a PR on February 11th? The PR on the 11th made it sound like it was such a big sales success, KPAY reordered more. When this article points out the second batch was already ordered in December. Not relevant to this post, just asking.

Anyway, guess who formed a joint-venture with Nutralife on 6-18-2020?
Answer: 27Health
Who is 27Health a subsidiary of?
Answer: Lord Global Corp (LRDG)

From KPAYs 10k:
"On September 23, 2019 the Company entered into a convertible note receivable with Bigfoot Project Investments, Inc., n/k/a Lord Global Corporation (“LRDG”) in the principal amount of $20,000, with a maturity date of March 23, 2020. The note bears interest at 10%, which increases to 22% upon an event of default. In certain events of default as set forth in the note, the outstanding principal balance increases by 50%. During the first 180 days the convertible note receivable is in effect, the borrower may redeem the note at amounts ranging from 120% to 145% of the principal and accrued interest balance, based on the redemption date’s passage of time from the date of issuance of the debenture. The note is convertible beginning on the date 180 days following the issuance date, at a variable conversion price of 50% of the lowest trading price of LRDG’s common stock over the thirty days prior to the conversion date."

From LRDG 10Q:
"NOTE 7 – CONVERTIBLE DEBT
On September 23, 2019, the Company entered into a convertible promissory note with KinerjaPay Corp. in the principal amount of $20,000 (the “KPAY Note”), which had a maturity date of March 23, 2020 and was in default as of April 30, 2020 (subject to maximum default interest rate allowed by law plus penalties). The KPAY Note bears an annual interest rate of 10% per year payable on maturity date in cash or shares of common stock at the Company’s option (subject to certain conditions), and is convertible into shares of common stock at the conversion rate equal to 50% multiplied by the Market Price, as defined in the KPAY Note, subject to penalties in the event of default. (see Note 8 – Subsequent Events, for details of the Settlement Agreement between the Company and KinerjaPay Corp. pursuant to which the KPAY Note including principal, interest and all default penalties were satisfied in full in consideration for the issuance of 50,000 shares of common stock and 1,500 shares of newly authorized Series G Convertible Preferred Stock)."

This note went into default. Look at what KPAY has, 50,000 shares common stock and 1,500 series G.

From LRDG 10Q:
"During May 2020, in connection with the execution of a Settlement Agreement between the Company and KinerjaPay Corp., an unaffiliated third party (“KPAY”), the Company issued to KPAY 50,000 shares of common stock and 1,500 shares of Series G Convertible Preferred Stock (“Series G Preferred”), each of which is convertible into 1,000 shares of common stock. Pursuant to the Settlement Agreement, the 50,000 shares of common stock and 1,500 shares of Series G Preferred were issued in exchange for full consideration and satisfaction of payment of KPAY’s convertible note balance outstanding principal, accrued unpaid interest, and penalties, collectively, as of the date of conversion. The outstanding balance of the convertible promissory note prior to conversion including unpaid interest and penalties was approximately $50,000."

From LRDG 10Q:
"Series G Convertible Preferred Stock
During the nine months ended April 30, 2020, the Company authorized 60,000 shares of Series G Convertible Preferred Stock (“Series G Preferred”) pursuant to a Series G Certificate of Designation.

The Series G Preferred Convertible Stock have, among other rights and privileges, the right to convert the shares of Series G Preferred into 1,000 shares of common stock.

The Series G Preferred has, in addition to the above conversion rights, a beneficial ownership limitation provision which states, in substance, that in no event may a holder of shares of Series G Preferred convert into common stock a number of Series G Preferred if, as a result of such conversion, the holder would own in excess of 4.99% of the Company’s then outstanding shares of common stock.

During the nine months ended April 30, 2020, on March 25, 2020, the Company issued 550 shares of Series G convertible preferred stock (“Series G Preferred”) to CNLT, LLC in exchange for approximately $330,000 cash consideration (see Note 1 and Note 4). None of these shares of Series G Preferred were converted into common stock as of April 30, 2020 or as of the date of this Report. See Note 8-Subsequent Events with respect to the issuance in May 2020 of 1,500 additional shares of Series G Preferred to an unrelated third party as part of a Settlement Agreement."

Even in the above example with CNLT LLC, they gave $330,000 for 550 shares of Series G ($600 a share). Converted to common shares they would get 550,000 shares. They could sell those today for over $1mil.

Series G 1,500x1000= 1,500,000 common shares. Plus the 50,000 equals 1,550,000 shares.

LRDG stock:https://finance.yahoo.com/quote/LRDG/ ($2.40)

1,550,000 x $2.40 = $3,720,000

LRDG has delayed their 10K. This is info is from their last 10Q filed on 6-22-2020.

LRDG did a 100,000:1 reverse split on 1/30/2020. This settlement was well after that in May.

So where is this money? Better yet why wasn't it converted and sold in August when the share price was $11?

Why are we selling oral sanitizer, when we should have converted and sold all the LRDG stock and got KFUND running?

Why is Edwin filing this 8K?:
https://www.otcmarkets.com/filing/html?id=14668770&guid=JSZKUakD_rYi_yh
"The purpose of this Form 8-K, as referenced in the Explanatory Note above, is to summarize the Company’s operations in the United States, as follows: (i) the Company only makes investments, whether in the form of convertible note or convertible preferred stock transactions, in select U.S. public companies with whom it has a strategic relations to market their products and services in SE Asia (the “U.S. Strategic Partners”); (ii) the Company utilizes cash generated from its investments in U.S. Strategic Partners to make additional equity and debt investments either in the form of convertible preferred stock or convertible notes. The proceeds generated from the conversion of the convertible preferred stock or convertible notes from U.S. Strategic Partners is used almost exclusively for reinvestment in existing U.S. Strategic Partners or new public companies with whom the company is negotiating distribution and marketing agreements for SE Asia and, to a far lesser extent, to advance funds to the Company in Indonesia for its professional fees, such as audit and legal expenses, or other administrative business expenses."

Watch for KPAYs 10K. This is the first info you want to look for. Whether he converted and sold these shares, and where the money went (professional fees, admin fees).

LRDG last 10Q: https://www.streetinsider.com/SEC+Filings/Form++10-Q+++++++Lord+Global+Corp++++++++++For%3A+Apr+30/17032263.html