Help me understand this, from the filings:
Q1:
Long Term Liabilities
Notes Payable
Chris Babinski 25,000.00
OTCGP 25,000.00
Steve Cao 25,000.00
Notes Payable - Other -10,842.95
Total Notes Payable 64,157.05
Total Long Term Liabilities 64,157.05
FINANCING ACTIVITIES
Notes Payable (65,000.00)
Notes Payable:Chris Babinski 25,000.00
Notes Payable:OTCGP 25,000.00
Notes Payable:Steve Cao 25,000.00
Net cash provided by Financing Activities 10,000.00
So does this mean that TEMN took in $75,000 worth of cash via convertible (?) notes, and then paid back $65,000 worth of that in... what... shares? Was there a conversion price? How many dozens of millions of shares is $65,000 converted at discount prices? Why do the numbers between the two sections not match up? Can anyone explain what this means (I honestly just don't understand it)?
Same questions this last quarter:
Q2:
FINANCING ACTIVITIES
Notes Payable (50,000.00)
Notes Payable:Chris Babinski 25,000.00
Notes Payable:OTCGP 50,000.00
Notes Payable:Steve Cao 25,000.00
Notes Payable:Eastern Distributors 30,000.00
Notes Payable:Greg R Labute 25,000.00
Notes Payable:James M Erikson 15,000.00
Notes Payable:Jeffrey D Hengdesh 15,000.00
Notes Payable:Micaddan Marketing 90,000.00
Notes Payable:Nicolas D Wallace 12,500.00
Notes Payable:Raymond A Ciarello 45,000.00
Notes Payable:Shane L Hengesh 30,000.00
Notes Payable:Ting Jing Yuan 25,000.00
Net cash provided by Financing Activities 337,500.00
If there was $65,000 paid on notes in Q1, then why do the 3 notes in Q1 still show the same values in Q2 (in fact, OTCGP has increased by another $25k)? Are these new notes? If not, then what notes were paid on in Q1? Were they paid in shares I assume?
Any help anyone?