Asher is no idiot, they make a killin dumping UAPC cheap shares
Convertible Note – February 19, 2013
On February 19, 2013, we entered into a Note with Asher Enterprises, Inc. (“Asher”) pursuant to which Asher lent $103,500 to us in a single installment (minus fees of $3,500 paid to the Company’s securities counsel). Principal and interest outstanding under the Note can be converted into common stock of the Company at a price equal to 60% of the average lowest trading price per share during the previous 10 trading days. The embedded conversion option cannot be exercised until 180 days from the date of the note and as such, was not priced until exercisable. The total number of conversion shares is calculated by dividing the amount of the notes by the conversion price.
On January 2, 2014, Asher exercised a portion of the conversion rights of the note for 2,235,294 shares of common respectively at a stock price of $0.0017, for a total of $3,800 accrued interest converted.
As of December 31, 2013 the principal on this note had been fully converted. Upon conversion of the final accrued interest of $3,800 in the first quarter of 2014 described above, the obligations relating to the note were fully satisfied.
Convertible Note – April 22, 2013
On April 22, 2013, we entered into another Note with Asher pursuant to which Asher lent $63,000 (minus fees of $3,000) to us in a single installment with a conversion price equal to 60% of the average lowest trading price per share during 5 of the previous 10 trading days.
On September 23, 2013, Asher lent us an additional $50,000 in a single installment (minus fees of $3,000) under the same terms as the previous installment made April 22, 2013.
On January 7, 2014, Asher converted $5,240 of principal of the Note into 2,757,895 shares of common stock. On January 13, 2014, Asher converted $4,950 of principal of the Note into 2,750,000 shares of common stock.
In January 2014, Asher submitted a conversion request under one of its Notes; however, the Company did not have sufficient shares of authorized common stock to honor the conversion request. Asher issued us a notice of default; however, Asher immediately waived the default provided that we began the process to increase our number of authorized shares. Asher later reissued the notice of default to us due to our delay in commencing the increase process. Therefore, we initially recognized a liability and a loss of $102,810 in the first quarter of 2014, which represented the additional amount due under the Notes in the event of default. Subsequently, the Company amended its Articles of Incorporation to increase the number of authorized shares of common stock of the Company to 750,000,000, effective June 3, 2014. In the second quarter of 2014 we received confirmation from Asher’s legal counsel that the penalty was waived in Q2and as such we de-recognized the penalty liability as of June 30, 2014. Due to the reversal of the penalty in Q2 2014, there is zero net impact to the three months and nine months ended September 30, 2014.
On June 4, 2014, Asher converted $4,690 of principal of the Note into 2,758,824 shares of common stock.
On June 16, 2014, Asher converted $12,150 of principal of the Note into 4,860,000 shares of common stock.
On June 24, 2014, Asher converted $7,750 of principal of the Note into 4,843,750 shares of common stock.
During the quarter ended September 30, 2014, Asher exercised all of the conversion rights of the notes for 107,870,304 shares of common respectively at a stock price of $0.00073 for a total of $82,713 principal and accrued interest converted.
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As of September 30, 2014, the principal on this note had been fully converted and the obligations relating to the note were fully satisfied.
DID YOU EVEN READ IT? "As of September 30, 2014, the principal on this note had been fully converted and the obligations relating to the note were fully satisfied. "
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