WARNING PENNY SCAM ALERT; INVESTOR ALERT;
READ THIS MASSIVE TOXIC LOAN DUE SOON..
On September 13, 2021, the Company entered into a securities purchase agreement with a non-related party. Pursuant to the agreement, the Company received cash proceeds of $2,000,000 on September 13, 2021, in exchange for the issuance of an unsecured promissory note in the principal amount of $2,400,000, which was inclusive of a $400,000 original issue discount and bears interest at 9% per annum to the holder and matures June 20, 2022. If the note is not paid in full before December 12, 2021, an additional $100,000 of guaranteed interest will be added to the note. An additional $100,000 of guaranteed interest will be added to the note on the 12th day of each succeeding month during which any portion of the note remains unpaid. Any principal or interest on the note that is not paid when due or during any period of default bears interest at 24% per annum.
In the event of a default, the note is convertible at the price that is equal to a 40% discount to the lowest trading price of the Company’s common shares during the 30-day trading period prior to the conversion date.
THE DUE DATE IS 35 DAYS AWAY AND THE NOTE ADDED 600K IN INTEREST ALREADY
.045 x 0.60 is .027
And 3000000 / .027 is 111,111,111
Shares issued
IT'S STILL NOT PAID PER THE OUTSTANDING
INDEBTEDNESS PAGE IN THE 10Q FILING
The ceo has always let convertible notes go into default they can pay with free shares since they don't have any cash.
Look at all that interest money charged Plus 2.4 milly.
These clowns don't have millions in cash
They can't even sell one car
Meanwhile management gives themselves massive pay increases and annual bonuses
Board of directors got paid almost a million dollars last year
That money comes out of the toxic loans like this one.. yep it's a money making scam for boss
