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Wednesday, March 24, 2021 9:20:24 AM
“During the nine months ending September 30, 2020, the Company received proceeds from new convertible notes of $698,540, and reclassified accounts payable of $44,000 into convertible notes payable. The Company recorded no payments on their convertible notes, default penalties of $194,920 and conversions of $1,184,909 of convertible note principal. The Company recorded loan fees on new convertible notes of $87,460, which increased the debt discounts recorded on the convertible notes…”
https://www.otcmarkets.com/filing/html?id=14751438&guid=H0RpUp2DVh5pLth
The default penalties alone are worth more than the amount of stock they claimed to buy back.
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