Maybe people should be questioning what became of the 2M+ that APT took out of the TCA Global line of credit between when it was signed for (12/31/2013) and when IronRidge paid it off (just 4 months later).
Remember that line of credit was for 9M... Maybe the shareholders should be thanking their lucky stars that TCA put the brakes on... (per Pauly K) who said they had reached the limit with the creditor...
MAYBE this was the plan all along??? 1.Get a big line of credit... 2.Take out as much CASH as you can, as fast as you can... 3.Go public 4.Sell off the line of credit debt to IronRidge...
Think about it.
In these "trade payable" deals with IronRidge, both the conpany and IronRidge avoid the usual restrictions.
Like this guy said: http://ironridgeglobal.com/newsroom/Ironridge-breathes-LIFE-into-debt.html "THE STRATEGY is controversial. Steve Winters, managing partner of Gemini Strategies LLC in Encinitas, Calif., has said that Ironridge is abusing the Section 3(a)(10) exemption and fairness hearing process at the expense of investors in more common forms of private investments in public equity, or PIPEs."They may be technically correct but we believe they're misapplying Section 3(a)(10)," he said.
Most PIPE investments, in which accredited investors buy unregistered shares in public companies, rely on the Securities and Exchange Commission's Rule 144. Securities issued under Rule 144 cannot be sold into the public market until certain conditions are met. The restrictions are meant to limit the risk to public market investors of issuing securities without the disclosures required in a registration statement.
Those restrictions include a six-month holding period for securities issued by companies that meet the SEC's reporting requirements.
Meanwhile, securities issued under Section 3(a)(10) are immediately freely tradable."
So isn't it possible that APT took out that big credit line with TCA, not caring about the "lock box" (involved Schissler), because they were already planning to use Schissler's conpany (FROZ) to go public in a reverse merger; and were already planning to sell off the debt to IronRidge (again involving Schissler) as soon as the merger was done? http://pyreneesinvestments.com/transactions
These "trade payables" deals, using the 3(a)(10) exemption are not suppose to result in any cash (financing) going to the company. The SEC HAS CHARGED other financiers using the 3(a)(10) exemption when they were able to PROVE kick backs of CASH TO THE COMPANY.
Given the short span of time between the TCA line of credit > APT taking out 2M+ > and IronRidge buying that debt; wasn't the effect the same???
Too bad they only managed to take out 2M instead of the whole 9M, eh???
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