FBC Holding Inc (FBCD)

[Kurupt]

These significant decreases also led to our lower net income (loss) in the nine-month period ended April 30, 2012..............................................................This significant decrease was due to a shift away from paying consultants and service providers with shares of our common stock.



Now lets take a look at those Debentures you were on about in 2011...let me get back to you....2 b cont



loanranger Member Profile loanranger Member Level

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Friday, April 08, 2011 12:25:20 PM
Re: back2basics post# 5351
Post # of 51762
"But I saw nothing about the obligation being paid in full, or paid on at all for that matter."

You're not wrong at all....but I guess my sentence confused you:
"the debt that was converted was apparently supposed to have been completely paid as to principal and interest as of March 2010 and obviously it was not.

Here's the segment (p.F14) from the 10K that indicated the debt should have been paid up by 3/10:
"On March 20, 2008, Wave Uranium Holding (the "Company") entered into a securities purchase agreement (the "Agreement") with accredited investors (the "Investors") pursuant to which the Investors purchased an aggregate principal amount of $1,562,500 of 8% Original Issue Discount Senior Secured Convertible Debentures for an aggregate purchase price of $1,250,000 (the "Debentures"). The Debentures bore interest at 8% and mature twenty-four months from the date of issuance. "
"Beginning on the seven (7) month anniversary of the closing of the Debentures and continuing on the same day of each successive month thereafter, the Company must prepay 1/18th of the aggregate face amount of the Debentures, plus all accrued interest thereon, either in cash or in common stock, at the option of the Company."