Vanis cleaned up the debt for sure. Debt exchanged for series B Preferred. By my count 323000 shares of series B Preferred where exchanged to clear the debt. The debt appears to be $748000. The Exchange appears to be worth $3,230,000 with which one would convert to common at the rate of .02 cents per share. Total common shares able to convert to is 161500000.
B shares are:
1. Convertible now at 1 B for 1 Common.
OR
2. Convertible at a stated $10.00 value each Series B Preferred converting at a price of .02 cents per common share. (323000 X 10 =$3230000/.02=161500000 of common).
OR
3. Automatically convert with $10,000,000 public offering or 2/3rds consent of B holders.
Is this good for common shareholders? Maybe.
Debt is gone but Shares outstanding will increase still remaining below current authorized. Obviously the debt holders agreed to the deal. I probably would have too.
If this is all wrong please correct. Trying to sort this 8k out because I have $ invested here too.
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