Replies to post #15843 on Total Sports Media Inc. (fka TSMI)

[pennystockeyes]

Phantom are you really asking a basher questions? Lol Fo some DD bro
Otcmarkets.com
Look at their news and filings. Don't listen to anyone let alone a basher because you might just miss out on the opportunity of a lifetime
STTK on the rise

[1234zxcv]

ask ..DRY..where in filing STTK mention asher/southridge names as creditors ? he never says one of the creditor is giant IBM / why

[DryLightning]

STTK tries to hide Asher but they are there.
The most recent 10q states:

Convertible Notes Payable
The Company has relied on financing from a lender since 2010 (the “Creditor”). Each note issued by the Creditor (the “Creditor Notes”) bears interest per annum at a rate of 8%, default interest rate of 22% and is generally payable within six months from the issuance date. The table below details the transactions with the Creditor during the six months ended February 28, 2014. The Company is currently in default on these Creditor’s Notes.
As of February, 28, 2014, the conversion price of a total of $182,780 Creditor Notes, including certain Creditor Notes that are in default as of the date of these financial statements, and accrued interest of approximately $120,798

And later in the same 10q it states:

In addition, subsequent to February 28, 2014, the Company entered into an agreement to borrow $42,500, netting proceeds of $40,000 for operations. The terms of the agreement are similar to Creditor Notes disclosed above

Here is the 1st convertible note issued to Asher for $70k
http://www.sec.gov/Archives/edgar/data/1442376/000147793211002691/lux_ex22.htm

When you read the 10k or 10q Asher is forever referred to as "The Creditor" Notice in the 10k below for the first note of $70k.
www.sec.gov/sttk_10k.html
On May 14, 2010, the Company issued a convertible note for $70,000 (the “1st Note”) to an unrelated party (the “Creditor”). The 1st Note bore 8% interest and matured on February 14, 2011. The 1st Note was fully converted into the Company’s common stock. During the fiscal year ended August 31, 2012, the holder of the 1st Note converted a total of $28,500 into 5,227 shares of the Company’s common stock.

On September 19, 2011, the Company issued a convertible note for $78,500 (the “2nd Note”) to the Creditor. The 2nd Note bears 8% interest with a maturity date of May 27, 2012. The 2nd Note is convertible into shares of common stock of the Company beginning 120 days after the issuance and up until the note comes due (or later if extended). The 2nd Note is convertible into shares of the Company’s common stock at a conversion price calculated based on the average of the 5 lowest closing prices over the 10 day period ending 1 day prior to the measurement date multiplied by 61%. The investor will be limited to convert no more than 9.99% of the issued and outstanding common stock at time of conversion at any one time. During the fiscal year ended August 31, 2012, the holder of the 2nd Note converted a total of $78,500 into 45,556 shares of the Company’s common stock.

On December 28, 2011, the Company issued a convertible note for $78,500 (the “3rd Note”) to the Creditor. The 3rd Note bears 8% interest and was originally due on May 27, 2012. The 3rd Note is convertible into shares of common stock of the Company beginning 120 days after the issuance and up until the note comes due (or later if extended). The 2nd Note is convertible into shares of the Company’s common stock at a conversion price calculated based on the average of the 5 lowest closing prices over the 10 day period ending 1 day prior to the measurement date multiplied by 61%. The investor will be limited to convert no more than 9.99% of the issued and outstanding common stock at time of conversion at any one time. During the fiscal year ended August 31, 2012, the holder of the 3rd Note converted a total of $24,000 and $3,140 in accrued interest on the 2nd and 3rd Notes into 29,700 shares of the Company’s common stock. A total of $54,500 of the principal on the 3rd Note remained outstanding as of August 31, 2012 and was technically in default. During the fiscal year ended August 31, 2013, the holder of the 3rd Note converted a total of $48,500 3rd Notes into 166,447 shares of the Company’s common stock. During the year ended August 31, 2013, the Creditor notified the Company that they were in default of the terms of the 3rd Note and that in addition to interest being accrued at the default rate of 22%, the creditor would enforce the provisions of the agreement whereby the amount due would increase to 135% of the then outstanding principal and interest balance. In connection with this provision, the Company increased the liability on the 3rd Note by $14,987 with an offset to interest expense. As of August 31, 2013, the balance of the 3rd Note including accrued interest was $33,308.

On May 24, 2012, the Company issued a convertible note for $78,500 (the “4th Note”) to the Creditor. The note bears 8% interest and was due on March 1, 2013 . The note is convertible into shares of common stock of the Company beginning 120 days after the issuance and up until the note comes due (or later if extended). During the fiscal years ended August 31, 2013 and 2012, no portion of the 4th Note was converted to shares of the Company’s common stock. The investor will be limited to convert no more than 9.99% of the issued and outstanding common stock at time of conversion at any one time. The full balance of the 4th Note remained outstanding as of August 31, 2012. During the year ended August 31, 2013, the Creditor notified the Company that they were in default of the terms of the 4th Note and that in addition to interest being accrued at the default rate of 18%, the creditor would enforce the provisions of the agreement whereby the amount due would increase to 135% of the then outstanding principal and interest balance. In connection with this provision, the Company increased the liability on the 4th Note by $29,202 with an offset to interest expense. As of August 31, 2013, the balance of the 4th Note including accrued interest was $125,404.

On July 30, 2012, the Company issued a convertible note for $42,500 (the “5th Note”) to the Creditor. The note bears 8% interest and was due on May 1, 2013. The note is convertible into shares of common stock of the Company beginning 120 days after the issuance and up until the note comes due (or later if extended). During the fiscal year ended August 31, 2013 and 2012, no portion of the 5th Note was converted to shares of the Company’s common stock. The investor will be limited to convert no more than 9.99% of the issued and outstanding common stock at time of conversion at any one time. The full balance of the 5th Note remained outstanding as of August 31, 2012. During the year ended August 31, 2013, the Creditor notified the Company that they were in default of the terms of the 5th Note and that in addition to interest being accrued at the default rate of 22%, the creditor would enforce the provisions of the agreement whereby the amount due would increase to 135% of the then outstanding principal and interest balance. In connection with this provision, the Company increased the liability on the 5th Note by $15,971 with an offset to interest expense. As of August 31, 2013, the balance of the 5th Note including accrued interest was $65,449.

On December 28, 2012, the Company issued a convertible note for $103,500 (the “6th Note”) to the Creditor, of which $100,000 in proceeds was received. The note bears 8% interest and was due on October 1, 2013. The note is convertible into shares of common stock of the Company beginning 120 days after the issuance and up until the note comes due (or later if extended). During the fiscal year ended August 31, 2013, no portion of the 6th Note was converted to shares of the Company’s common stock. The investor will be limited to convert no more than 9.99% of the issued and outstanding common stock at time of conversion at any one time. As of August 31, 2013, the balance of the 6th Note including accrued interest was $109,180. The Company has not received a notice of default from the Creditor.