if they got the 5M non-dilutive financing, then why would they choose to use dilutive financing instead?
The $250k loan had the following terms:
MELY shall at closing, issue a convertible promissory note in the amount of $150,000.00 with the following terms:
12 month term 8% convertible into common at 70% of the fifteen day average price prior to conversion.
$100,000.00 payable in two installments,
$50,000.00 due May 31, 2014
$50,000.00 due June 30, 2014
With them having nearly zero cash until they started mining earlier this month, that means that at least $100,000 of that loan was paid back with shares of common stock.
at 70% of the 15 day average prior to May 31 and June 30 (roughly .0025?) that would be about 55-60M shares.
They also have a $16k note due tomorrow. Considering their current cash status (near zero unless they've converted their coins already) means that will be another common stock payment.
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