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Thursday, August 19, 2021 12:37:26 PM
From the most recent 10Q
...convertible into shares of common stock of the Company at the Holder’s option at a variable conversion price calculated at 65% of the market price defined as the average of the lowest two trading prices during the fifteen (15) trading day period ending on the latest complete trading day prior to the conversion date
For an example. Assume a $35,000 note is converting. If share price continues to close at no lower than $.02 then the conversion price is $.013. For $35,000 that means just under 2.7 million shares will be issued to the lender to satisfy the note.
If closing price reaches $.01 for at least 2 days the conversion price becomes $.0065. To satisfy a $35,000 loan the lender would receive almost 5.4 million shares to flood/dilute the market with.
AKA - Toxic Note Death Spiral
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