CarbonMeta Technologies Inc (COWI)

[j_t]

So, I have only scanned it, but on first blush it looks at the very least like Innova is increasing its debt to Cornell by $300,000 in the form of a 14% debenture. In addition, they are rolling all the previous debentures (the ones at 10% and 12%) into one new one at 14%.

I don't know, but that sounds like they are refinancing everything at a higher interest rate, which sounds more like sinking than swimming. So, they are now paying 14% on the principal of more than $2,700,000?? ($1,900,000 (outstanding) + 600,000 + 300,000), and they still have to honour additional (over and above the debenture) warrants for 10,000,000 shares at 2 cents no matter what. And it looks like Cornell can still convert the principal at the lower of 2 cents or the lowest price from the 30 days before they chose to convert. Yikes!! That is like $350,000 - $400,000 in interest charges per annum, and Cornell can still convert a gazillion shares anytime they want. Sigh.

Again, is this right? And, if it is, is this why there seemed to be a bunch of shares dumped cheap just after that meeting a few weeks ago. Did the select group of investors decide enough is enough?

If I am reading this wrong, please let me know. I will look it over in detail in the next 24 hours because I may have misinterpreted something (that dense financial language again). My apologies in advance if I am in error.

jt