Moneykey Geordan was awarded a convertible promissory note, which he can either hold and collect interest on or convert into common shares at anytime. The 8k had very little detail as to how the conversion would take place or the potential length of the note before it expires and needs to be converted. Usually they are up to 3 years. AS with the vast majority of convertible notes they are used to award someone equity at a discounted price, it just so happen byoc is at a discounted price. Another thing this 8k doesn't mention is how these shares will be issued, they can either be negotiated transactions on the open market or through an accelerated share repurchase program with an investment bank. I'm not sure which is happening, my guess is its the latter. I see there is little chance of him going this route of taking a convertible note just to be paid on interest rather than converting to common shares vs cash payout really through more dilution. He knows being able to buy common shares down at this level, he's one good pump away from an enormous amount of $$$$. This obvious dilution is being locked up even a blind man can see it the the daily price action, even though we have a couple that refuse to see it.
note On July 19, 2021, Beyond Commerce, Inc., a Nevada corporation (the “Company”), issued a convertible promissory note (the “Note”) in favor of Geordan G. Pursglove, the Company’s Chairman and Chief Executive Officer, in the principal amount of $1,500,000, in satisfaction of Mr. Pursglove’s accrued salary owing in such amount. The Note accrues interest at 2% per annum, with the principal and interest payments due in twelve equal monthly installments.
At the holder’s election, the Note is convertible, into shares of the Company’s common stock, at a price per share equal to 100% of the average closing price of the Company's common stock for the five trading days immediately preceding the date of such conversion (the “Conversion Price”).
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