Here is more DD on Whitecastle Capital Corp pulled from the 4-1-2018 filing
"On January 15, 2016, the
remaining outstanding debenture amount of $311,007 was acquired by Whitecastle Capital
Corp. and as of December 31, 2017, the total amount of the debt outstanding with accrued
interest was $324,887."
In the Sept 30, 2020 filing the debt is now shown as:
"On January 15, 2016, the Company received $311,000 from Whitecastle Capital Corp. for a
convertible note with an interest rate of 8% per annum. The note has conversion price of
$0.05, after a 2 year period, and a 4 year term to maturity. As of September 30, 2020, the
total amount of the debt outstanding with accrued interest was $448,671." Note that Whitecastle was not original debt holder and the fact it was "acquired" is now omitted.
Dec 31, 2021 filing the debt is shown as:
"On January 15, 2016, the Company received $311,000 from Whitecastle Capital Corp. for a
convertible note with an interest rate of 8% per annum and has conversion price of $0.05,
after a 2 year period, and a 4 year term to maturity. At the option of the holder, the note was
increased by $600,000 in 2020. As of December 31, 2020, the total amount of the debt
outstanding with accrued interest was $977,281."
Outstanding principal in Sept 30, 2021 filing is now $727,606 after almost a billion shares converted to Whitecastle at .0004
How does the principal on an "outstanding debenture" aquired by a third party more than double when they were not the ones that had the original binding debt contract? Lemme guess "more than one way to skin a cat legally".
