CarePay Inc. (SOFE)

[bliz82]

Not until management addresses our convertible notes. We have another worth $37,500 due on April 12th and then one on June 12th.


The terms are not favorable. Do the math on that and it's pretty ridiculous. Take 65% of say .008 and divide that into $37,500. Just another 7M plus shares from just that one note! I've been trying to ascertain the status of these notes to no avail. Have we been able to pay some off? Are we going to get hit with more massive dumping when they convert another note next month? ADNY would rise probably a thousand percent if they announced all these notes were paid off with the money they made selling off our fuel terminal. One can dream...


During the third quarter of 2011, the Company issued two nine-month convertible promissory notes to Asher in the amount of $37,500 each. The notes have maturity dates of April 17, 2012 and June 12, 2012 and an annual interest rate of eight percent (8%) per annum. The holders have the right from and after the date of issuance, and until any time until the note is fully paid, to convert any outstanding and unpaid principal portion of the note, and accrued interest, into fully paid and non-assessable shares of common stock. The note due April 17, 2012 has an initial conversion price of sixty five percent (65%) of the three lowest closing bid prices for the ten days preceding the conversion date. The note due June 12, 2012 has an initial conversion price of fifty six percent (56%) of the three lowest closing bid prices for the ten days preceding the conversion date.

Oh yeah...and these too!

During the second quarter of 2011, the Company issued two nine-month convertible promissory notes to Asher in the amount of $53,000 each. The notes have maturity dates of February 16, 2012 and March 23, 2012 and an annual interest rate of eight percent (8%) per annum. The holders have the right from and after the date of issuance, and until any time until the note is fully paid, to convert any outstanding and unpaid principal portion of the note, and accrued interest, into fully paid and non-assessable shares of common stock. The note has an initial conversion price of sixty five percent (65%) of the three lowest closing bid prices for the ten days preceding the conversion date.

So how many shares have been converted recently? Are we attempting to pay these off or will we be hit with 10-20M or more shares over the next couple months?


http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=8237776-1222-151235&type=sect&dcn=0001144204-11-063239