FOUND THIS ON ANOTHER BOARD...SOMEONE TRYING TO RAIN ON OUR PARADE.
It didn't take long to discover that TRBY has death spiral financing, convertible debentures where, according to the excerpt below from the company's SEC filing, "there is in fact no limit on the number of shares into which the number of shares into which the debentures may be converted." I guess the recent rapid increase in price and volume due to the news regarding the AF "endorsement" may have drawn your attentin to the stock. What makes you believe the increase in price is sustainable. Any company using death-spiral financing is a shorter's dream. Are you aware of the convertible debenture financing?
The debentures bear interest at 12%, mature on one year from the date of issuance, and are convertible, including accrued and unpaid interest, into our common stock, at the selling stockholders' option, at the lower of (i) $0.05 or (ii) 50% of the average of the three lowest intraday trading prices for the common stock on a principal market for the 20 trading days before but not including the conversion date. Accordingly, there is in fact no limit on the number of shares into which the debentures may be converted. Except as otherwise noted, the investors were accredited investors and transfer was restricted by Torbay in accordance with the requirements of the Securities Act of 1933. In addition the investors were provided with access to our Securities and Exchange Commission filings.
