Notes are converted for twice their face value given the price protections. Not only that they are awarded warrants with every note with anti dilution price protections. The interest for this company's notes is as high as 12% and is typically paid up front from the net proceeds delivered to the company. With the notes in the December 2020 8K those note holders have options for direct share purchases of ARIA. The LABRYS note maturing November 30th as has 100 million shares in warrants with price protections, crazy stuff and shows how weak the company is that is unable to attract better terms.
Ethem (GRST) doesn't even own ARIA after all the capital that has been burned by this company. They still don't own a treatment center after years of operating. $47 million in accumulated losses. $780K in convertions become eligible in November for the two financing note entered into May and June 2021. With the price protections you can pretty much say around 800 million shares in the next 6 months if the price doesn't increase, more if it declines.. With $19 million in liabilities that isn't the only conversions that will need to be done during that period.
Again, a percent ownership from ARIA and real estate in Canada isn't going to get the traders speculation juices flowing. There has been a huge accumulation in the mid .002s and those converting will keep working this range as long as they can get the volume. They pretty much have the selling to themselves. Price isn't too high for profit taking and retail are still believers and not selling heavily at this level. That two day volume of 400 million off the last PR helped clear it out and those flippers are reloading to give support for this stock. When the story fails to deliver the the volume and those short term traders back off this will have a real problem in my opinion.
"On November 30, 2020, the Company entered into a Securities Purchase Agreement with Labrys pursuant to which the Company issued a convertible promissory note in the aggregate principal amount of $275,000.00 for net proceeds of $239,050.00 after an OID of 27,500.00 and legal and brokerage fees of $8,450.00. The note has a maturity date of November 30, 2021 and bears interest at 12% per annum...."
"On May 7, 2021, the Company, entered into a Securities Purchase Agreement with Labrys, pursuant to which the Company issued a Convertible Promissory Note in the aggregate principal amount of $550,000 for net proceeds of $477,700 after an original issue discount of $55,000 and certain legal expenses of $17,300. The Note has a maturity date of May 7, 2022 and bears interest at the rate of eleven percent per annum from the date on which the Note was issued until the same became due and payable, whether at maturity or upon acceleration or by prepayment or otherwise. The Company has the right to prepay the Note in terms of agreement. The outstanding principal amount of the Note was convertible at any time and from time to time at the election of Labrys during the period beginning on the date that is 180 days following the issue date into shares of the Company’s common stock at a conversion price equal to $0.005, subject to anti-dilution adjustments."
"On June 2, 2021, the Company, entered into a Securities Purchase Agreement with Labrys, pursuant to which the Company issued a Convertible Promissory Note in the aggregate principal amount of $230,000 for net proceeds of $200,000 after an original issue discount of $23,000 and certain legal expenses of $7,000. The Note has a maturity date of June 2, 2022 and bears interest at the rate of eleven percent per annum from the date on which the Note was issued until the same became due and payable, whether at maturity or upon acceleration or by prepayment or otherwise. The Company has the right to prepay the Note in terms of agreement. The outstanding principal amount of the Note was convertible at any time and from time to time at the election of Labrys during the period beginning on the date that is 180 days following the issue date into shares of the Company’s common stock at a conversion price equal to $0.004, subject to anti-dilution adjustments."
anti-dilution adjustment based on par value for conversion is .01
1.1 Conversion Right. The holder on any calendar day, at any time on or following the issue date, to convert all or any portion of the then outstanding and unpaid Principle Amount and interest (including any Default Interest) into fully paid and non-assessable shares of Common Stock.
1.2 Conversion Price
(a) Calculation of Conversion Price The per share conversion price into which Principle Amount and interest (including any Default Interest) under this Note shall be convertible into Common Stock hereunder (the “Conversion Price”) shall equal $0.005. If at any time the Conversion Price as determined hereunder for any conversion would be less than par value of the common stock, then at the sole discretion of the Holder, the conversion price hereunder may equal such par value for such conversion and the Conversion Amount for such conversion may be increased to include Additional Principle, where “Additional Principle” means such additional amount to be added to the conversion amount to the extent necessary to cause the number of conversion shares issuable upon such conversion to equal the same number of conversion shares as would have been issued had the Conversion Price not been adjusted by the Holder to the par value price.
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