Howaboutnow:
You wrote:
Interesting. I thought it was convertibles that have been hurting the otc markets because of the discount to market with a look back clause. Driving the price down to get more shares at a better price.
I didn’t see that Sgmd had ever done a 3a10 in their filings that’s why I was asking.
Here are the facts:
SGMD does not file the 3a10, that is filed by the ones who received the shares. Once someone pays SGMD's debt, the debt is paid to a 3rd party SGMD debt holder that ALWAYS reroutes back to the CEO. That way he gets the debt paid to him through another entity.
Once the certificate (restricted) leaves Jimmy hands when debt is paid, SGMD does not have to do anything other than post the increased issued (eventually if ever)
When the debt payers get the cert, they file to prove they paid debt and they force the restrictions lifted so they can sell them cheap but far more then they paid.
All this TALK of convertible notes is FALSE. Remember those telling you about them being convertible notes are the same people saying SGMD would go to NASDAQ and end up $8.00 per share.
These OTC's set up the scheme, dump shares high on initial PR, over sell the shares, increase the authorized, add 3rd party debt. Debt is paid (Fractions of the shares price) and dumped into dilution and the CEO gets the debt 3rd party money.
Simple, legal and is how its done by all OTC pumped tickers.
All the chatter about:
Convertibles
Note holders
NASDAQ
Mergers
Acquisitions
Those words are used to detract from the debt conversions. PLUS the bonus is people end up accusing the convertible note holders of dumping the shares when the fact is, it is the COMPANY!
