Too much toxic lending!!! I was hoping the one being converted right now would be all. Turns out there is a few hundred thousand dollars worth after that. At least we got the financials out, hopefully there's a nice little recovery in October since those prices determine how many shares people get when they convert. Looks like the float is going to be over 800,000,000 once these conversions happen if price stays where it is. Not the end of the world, but not ideal. Thank goodness for Brett Rosen. Had he never gotten involved, we'd be sunk, as opposed to the reasonably good spot we're in.
I think we have potential to turn the corner and unlike two years ago where we went reverse-parabolic on the toxic debt, I think there's a good shot of holding above a penny and gaining now that we're current and as success starts to come from the wells. If we can hold above a penny for the rest of the year and not get into a big mess, we can come out the other side.
I don't expect any big gains for a while, not with potentially toxic debt hanging out there, but that's ok. We really need to make some $ and be done with that stuff. The revenue looked reasonable and hope to see more in Q3. Furthermore, subsequent events looked really good... For the last month or two we haven't been taking on more debt, but rather settling what was out there, including a payoff 8 days ago. That tells me money is flowing in, which is an awesome sign.
So... Glad this got done. Overall mildly positive albeit frustrated by the new toxic loans. Seems like we're headed in a good direction now and I hope that keeps up, and I think we see mild but positive price movement in weeks ahead. Holding my shares for now. We shall see.
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x) On March 26, 2021, the Company entered into a convertible promissory note with a non-related party for $83,000, of which $3,000 was an original issue discount resulting in cash proceeds to the Company of $80,000. The note is due on March 24, 2022 and bears interest on the unpaid principal balance at a rate of 12% per annum. Stringent pre-payment terms apply (from 15% to 40%, dependent upon the timeframe of repayment during the note's term) and any part of the note which is not paid when due shall bear interest at the rate of 22% per annum from the due date until paid. The Note may be converted by the Lender at any time after 180 days of the date of issuance into shares of Company's common stock at a conversion price equal to 61% of the lowest trading price during the 15-trading day period prior to the conversion date. As the stock price at the issuance date was lesser than the effective conversion price, it was determined that no beneficial conversion feature exists. As the note is not convertible until 180 days following issuance, no derivative liability was recognized as of June 30, 2021.
y) On April 5, 2021, the Company entered into a convertible promissory note with a non-related party for $43,000, of which $3,000 was an original issue discount resulting in cash proceeds to the Company of $40,000. The note is due on April 5, 2022 and bears interest on the unpaid principal balance at a rate of 12% per annum. Stringent pre-payment terms apply (from 15% to 40%, dependent upon the timeframe of repayment during the note's term) and any part of the note which is not paid when due shall bear interest at the rate of 22% per annum from the due date until paid. The Note may be converted by the Lender at any time after 180 days of the date of issuance into shares of Company's common stock at a conversion price equal to 61% of the lowest trading price during the 15-trading day period prior to the conversion date. As the stock price at the issuance date was lesser than the effective conversion price, it was determined that no beneficial conversion feature exists. As the note is not convertible until 180 days following issuance, no derivative liability was recognized as of June 30, 2021.
z) On April 14, 2021, the Company entered into a convertible promissory note with a non-related party for $200,000. The note is due on April 14, 2022 and bears interest on the unpaid principal balance at a rate of 5% per annum. The Note may be converted by the Lender at any time after 180 days of the date of issuance into shares of Company's common stock at a conversion price of $0.10. As the stock price at the issuance date was lesser than the effective conversion price, it was determined that no beneficial conversion feature exists. As the note is not convertible until 180 days following issuance, no derivative liability was recognized as of June 30, 2021.
aa) On May 3, 2021, the Company entered into a convertible promissory note with a non-related party for $128,000, of which $3,000 was an original issue discount resulting in cash proceeds to the Company of $125,000. The note is due on May 3, 2022 and bears interest on the unpaid principal balance at a rate of 12% per annum. Stringent pre-payment terms apply (from 15% to 40%, dependent upon the timeframe of repayment during the note's term) and any part of the note which is not paid when due shall bear interest at the rate of 22% per annum from the due date until paid. The Note may be converted by the Lender at any time after 180 days of the date of issuance into shares of Company's common stock at a conversion price equal to 61% of the lowest trading price during the 15-trading day period prior to the conversion date. As the stock price at the issuance date was lesser than the effective conversion price, it was determined that no beneficial conversion feature exists. As the note is not convertible until 180 days following issuance, no derivative liability was recognized as of June 30, 2021.
