Out of the recent conversions JSJ converted at the lowest price. $26,000.00 ÷ 4,230,652 shares = $0.0061456 per share. So if you look at the pps during that time JSJ made a very very good profit for a 6 month loan.
JSJ Conversions
In July 2014, JSJ converted the $25,000 promissory note dated December, 2013 (including $1,000 of interest) for 4,230,652 shares.
JMJ Conversions
In July 2014, JMJ converted $18,478 of its promissory note dated June, 2013 for 2,500,000 shares, and in August 2014, JMJ converted $16,500 of its promissory note dated June, 2013 for 1,500,000 shares.
Asher Conversions
In July and August 2014, Asher converted $87,500 of its promissory note (and $2,320 of interest) for 5,629,809 shares.
[B] JSJ Notes
In December 2013, the Company received $25,000 from JSJ Investments Inc. ("JSJ") in exchange for a $25,000 convertible note (the "JSJ Note 1"). This note bears interest at 12% per annum and matured on May 19, 2014. On or after the maturity date, any unpaid amounts and accrued interest are convertible by the holder, at the holder's discretion, into shares of the Company's common stock. The conversion price is at 50% discount of the average of the three lowest closing prices on the previous ten days, with a maximum conversion price equal to the price if determined on the note execution date.
In March 2014, the Company entered into a second convertible note with JSJ (the "JSJ Note 2") in exchange for $50,000. This note also bears interest at 12% per annum and matures in September 2014, with conversion terms similar to the December 2013 note.
In May 2014, in consideration of $50,000 (the "Principal"), the Company issued a 12% Convertible Note (the "JSJ Note 3") to JSJ. The Note bears interest at the rate of 12% per annum and the maturity date is November 21, 2014, but JSJ may require that the Note be repaid on demand. The JSJ Note 3 has a redemption premium of 150% of the Principal (the "Repayment Amount"), which such Repayment Amount may be paid by the Company only upon approval and acceptance of JSJ. The Note is convertible into common stock, at JSJ's option, at a 50% discount to the average of the three lowest trades of the common stock during the 20 trading day period prior to conversion.
The JSJ notes are subject to various default provisions, and the occurrence of such an event of default will cause the outstanding principal and interest to become immediately due and payable to JSJ.
The Company determined a beneficial conversion feature existed at the commitment date for all three notes. A beneficial conversion feature of approximately $10,000 was recorded as a discount to the first note, a beneficial conversion feature of $22,500 was recorded as a discount to the second note, and a beneficial conversion feature of $25,000 was recorded as a discount to the third note, and these related discounts are being amortized over the terms of the loans. The unamortized debt discount recorded at June 30, 2014 and December 31, 2013 was $34,914 and $12,500, respectively. The JSJ notes have effective interest rates of approximately 55%, 51% and 56%, respectively.
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