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Thursday, March 25, 2021 9:41:17 PM
Your numbers are off.
The convertible debt is more than $440k as of January.
If you read their filings it states...
"On December 10, 2019, the Company entered a settlement agreement and issued a replacement note to La Jolla IPO
Inc. (“La Jolla “). The replacement note has a principal amount of $110,000.00 and bears interest at the rate of 8%. La
Jolla originally acquired this debt from V Group, Inc. on April 6, 2018. During the year ended December 31, 2020, the
Company issued 1,836,653 common shares upon the conversion of principal in the amount of $55,000. As of December
31, 2020, the principal balance of this note was $55,000 with accrued interest of $8,830."
So just half of that principal, $55,000, turned into over 1.8 million shares on conversion.
As the notes build up over time, the principal, interest, and default penalties if they're not paid off, start to bury these companies alive.
And look at the conversion rates so far on the Preferred A Stock...
"On April 1, 2020, the holder of 15,000 shares of Series A Preferred stock converted such shares into 1,500,000
shares of common stock.
On December 8, 2020, the holder of 5,000 shares of Series A Preferred Stock converted such shares into
1,812,903 shares of common stock.
On December 11, 2020, the holder of 9,100 of Series A Preferred Stock converted such shares into 1,816,387
shares of common stock.
As far as your last point, you shouldn't have to guess or have theories as a shareholder. They chose to run the $12 million PR to attract stock buyers.
If it's delayed then they should say so. Refusing to answer questions just makes the alarm bells start ringing imo.
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