$600,000 in convertible notes maturing on 7/21/22 (adding about 4 billion shares if converted)
If history is an indicator, we should see a Preferred C series conversion. Perhaps it was delayed one quarter by the Standstill Agreement but it's coming. Series C originally had conversion rate of 16,000 common for 1 preferred, but anti -dilutive provisions bumped that up to 21,000:1 ratio for Q ending 2/28/22 (which JC converted 65,000 Preferred shares). That ratio will likely increase given the lower stock price. But bottom line, it will add another 1.5 billion common shares if converted at same rate.
The Company has an approved Regulation A filing with the SEC to issue 50 billion shares
@ $.0002 for a maximum of $10 million.
Someone (maybe Rees) received 100,000 shares of Series D Preferred stock- issued for brokering the transaction. (although another line item says only 45,000 shares were issued) ,convertible into a 10,000:1 ratio common again subject to anti-dilutive provisions. That is at least 455 million shares.
All the subsidiary companies are paying management fees to Third Bench (when they can), so this is how Fair is making his money.
That is just the behind the scenes going-on. We haven't even talked about all the money TB subs have to come up with each month to meet their normal business operations. I mean if you are selling off A/R to a factoring company at a 25% discount you are hurting hard for cash to meet obligations imo.
