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Monday, September 27, 2021 9:58:40 PM
Ballas gave Dillon 6.4 BILLION shares 2nd quarter in return for $300K loan of which none of it had been paid off.
The numbers just don’t add up!! The O/S was maxed out just before the amendment to increase the A/S. I assume all the note holders converted (unrestricted shares) since no more shares are outstanding. Let’s take the worst case scenario and assume that these note holders sold at 0.0001:
“These notes contain a conversion feature whereby the Conversion Price shall beequal to the lesser of a 50% of the lowest tradingprice in the twenty tradingdays prior to the day the Holder requests conversion or $.0001”
That mean Alex Dillion converted all his 8 + 6= 14 BILLION shares at say 0.0001 (worst case). The proceeds from such a sale would give him $1.4 million dollars worst case but conceivably two or three times more.
But according to the quarterlies, a measly $100,000 of the $780,000 loan from Dillon has been paid off, and the other $680,000 is outstanding!!! What happen to the other $1,300,000 dollars from the conversion of 14 billion shares@0.0001??? I understand there are interest payments but there is still conceivably several million dollars that is not accounted for. And to add insult to injury, only $22K gross profit for this quarter!!!
Am I missing something?
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