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As expected, the terms of the "elimination" of

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loanranger Member Level  Thursday, 04/15/21 10:32:57 AM
Re: None
Post # of 80376 
As expected, the terms of the "elimination" of $2.4M of debt were left out of the Report. But what we did learn was this:
"Subsequent to December 31, 2020, the Company entered into a series of convertible promissory agreement with a single lender. The notes are convertible into shares of common stock of the Company at an exercise price of $1.50, bears interest at 5% and matures one year from the date of issuance. The note cannot be converted until six months from the date of issuance. In the event of a forward or reverse stock split following the issuance of the note, the conversion price will remain at $1.50. The Company received proceeds of $5,000,000 related to these agreements."

Sound like a good deal to you?
The key element of the deal is this:
"In the event of a forward or reverse stock split following the issuance of the note, the conversion price will remain at $1.50."
A reverse split, which seems likely if the Company wants to continue to pay their bills with shares (currently there are 59M shares out and 60M authorized), is certain to move the share price up to a point that will allow for conversion.

Wait and see.




It's morally wrong to allow a sucker to keep his money.
......W. C. Fields
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