Sunday, September 02, 2012 9:22:59 AM
I asked the company about this - apparently, this is with their new funding source, Southridge.
Southridge purchased a block of Nutra Pharma debt and they need to settle the debt with the company to be able to convert into stock over time. This was part of the original deal with Southridge that included the $10M credit facility. It's a "friendly" lawsuit where the Company has already signed a settlement to convert the debt as value increases.
It looks like there are a few messes to still clean up, including this debt. There are also disgruntled former employees. Regardless, I love Nyloxin and IMHO this stock is ready to turn around nicely.
Southridge purchased a block of Nutra Pharma debt and they need to settle the debt with the company to be able to convert into stock over time. This was part of the original deal with Southridge that included the $10M credit facility. It's a "friendly" lawsuit where the Company has already signed a settlement to convert the debt as value increases.
It looks like there are a few messes to still clean up, including this debt. There are also disgruntled former employees. Regardless, I love Nyloxin and IMHO this stock is ready to turn around nicely.
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