J. Eason, T. Kim, and myself say your Opinion is Wrong
<<<<< meaning they don't convert at 50% of the share price at MATURITY >>>>>
J. Eason had his conversion price dropped to 50% of the SP on Maturity (conversion date)
"During the first second quarter of 2018, the Company entered into a convertible note agreement with
James Eason, receiving financing of $135,000, with an interest rate of 8% per annum and convertible
at a rate of $.0003 per share. This loan and related interest was converted into 629,856,000 shares of
common stock in July 2020" (the origination date of this loan was 5/21/2018, and BIEL's Closing SP was .0033, a 50% discount would have made a .00165 conversion price, but Eason received a .0003 conversion price, which was a 50% discount to the closing price on 7/27/2020 his conversion date)
T. Kim Loans have their conversion price dropped to .0001
"During the second quarter of 2018, the Company entered into a convertible note agreement with
Timothy Kim, receiving financing of $200,000, with an interest rate of 8% per annum and convertible
at a rate of $.0013 per share. During 2019, this loan was extended for two years at a new rate of 12%
at the updated value of $227,220. In addition, Kim provided a new loan at 12% in 2019 for $100,000,
an additional $250,000 of loans during 2020. The convertible rate on all these loans was changed to
$.0001 per share in 2023. Another $20,000 loan was issued in 2022, at 12% and convertible at a rate
of $.99925 per share. The total value of the notes due to Kim amounted to $878,601 as of December
31, 2023"
Loan Extensions trigger move from conversion price at 'Issuance' to 'Maturity' for IBEX
"Starting in 2012 and continuing through December 31, 2022, the Company has extended the maturity
dates by up to three years on several separate notes through multiple agreements with IBEX, as a
result of insufficient cash to make payments on amounts owed. In exchange for the extensions, the
conversion prices were changed to 50% of the existing market price of the Common Stock on the
date of the maturity. Due to the drop in stock prices since the original note issuances, the
corresponding shares to be issued on the conversion of these IBEX notes has increased to
21,432,680,563 at December 31, 2023"
The statement below was made in regards to IBEX loans but given the adjustments made to the
T.Kim and J. Eason conversion rates it appears to be applied to other convertible loans also
"The conversion prices on the convertible notes payable have generally been 50% or less of the pink
sheet closing price of the common stock on the date the notes or advances are issued to reflect the
restricted nature of the stock into which the notes could be converted and the Board of Directors’
belief that the closing stock price is not reflective of the fair market value of the common stock due
to the price volatility, and lack of an active market for trading shares resulting in limited trading
volume of share transactions. The Board of Directors is active in negotiating conversion prices for
each issuance and takes into consideration all information in establishing the issuance date fair market value."
AI
