huh?
first... why would i believe anything in a non-binding PR issued by a group of known/proven liars and thieves...
second...
those shares were ISSUED during the first three months... the recipients can sell those shares on the open market at any point in time that they want. the value is based on previous vwap to determine the issuance count.
third.. there is nothing in that statement that leads me to believe that those share were issued as a function of "toxic debt" as described in that pr--the $14 seems to be a seperate issue... they owed LG cap $100k as of march 15, 2015.
On May 1, 2014, the Company issued a $100,000 convertible promissory note (the “LG Note”) to LG Capital Funding, LLC, a New York limited liability company (the “Lender”). The LG Note provides up to an aggregate of $100,000 in gross proceeds. The LG Note matures on May 1, 2015, accrues interest of 8% and is convertible into shares of common stock any time 180 days after May 1, 2014, at a conversion price equal to 60% of lowest daily VWAP of the Common Stock as reported on the National Quotations Bureau OTCQB exchange which the Company’s shares are traded or any exchange upon which the Common Stock may be traded in the future, for the twenty prior trading days including the day upon which a Notice of Conversion is received by the Company. Accrued interest shall be paid in shares of common stock at any time at the discretion of the Lender pursuant to the conversion terms above. The first LG Note may be prepaid within 180 days with penalty. The note may not be prepaid after the 180th day.
F-13
Global Equity International, Inc. and Subsidiary
Consolidated Financial Statements
March 31, 2015
(Unaudited)
The fair value of the derivative liability as at March 31, 2015, was determined using the Black Scholes option pricing model with a quoted market price of $0.0026 per share, a conversion price of $0.00147 per share, expected volatility of 300.04%, no expected dividends, a remaining term of 1 month and a risk-free interest rate of 0.030% resulting in a fair value per share of $0.0014 multiplied by the 26,926,992 shares that would be issued if the Note was exercised on the Effective Date.
there is more owed to aldar bay llc--and according to the Q they were all converted on march 15:
? Adar Bay LLC:
On May 1, 2014, the Company entered into a Securities Purchase Agreement with Adar Bay, LLC (“Adar Bay”) providing for the purchase of a Convertible Redeemable Note (the “AB Note”) in the aggregate principal amount of $100,000. The AB Note provides up to an aggregate principal amount of $100,000 (with the first note being in the amount of $50,000 and the second note being in the amount of $50,000 (together with any note(s) issued in replacement thereof or as a dividend thereon or otherwise with respect thereto in accordance with the terms thereof, the “Note”), convertible into shares of common stock, $0.001 par value per share, of the Company (the “Common Stock”), upon the terms and subject to the limitations and conditions set forth in such Note. The first of the two notes (the “First Note”) shall be paid for by the Buyer as set forth herein. The second note (the “Second Note”) shall initially be paid for by the issuance of an offsetting $50,000 secured note issued to the Company by the Buyer (“Buyer Note”), provided that prior to conversion of the Second Note, the Buyer must have paid off the Buyer Note in cash such that the Second Note may not be converted until it has been paid for in cash.
The first note matures on May 1, 2015, accrues interest of 8% and is convertible into shares of common stock any time 180 days after May 1, 2014, at a conversion price equal to 60% of lowest daily VWAP of the Common Stock as reported on the National Quotations Bureau OTCQB exchange which the Company’s shares are traded or any exchange upon which the Common Stock may be traded in the future, for the twenty prior trading days including the day upon which a Notice of Conversion is received by the Company. Accrued interest shall be paid in shares of common stock at any time at the discretion of the Lender pursuant to the conversion terms above. The First Note may be prepaid within 180 days with penalty. The First Note may not be prepaid after the 180th day.
The fair value of the derivative liability as at March 31, 2015, was nil as this loan was fully converted into shares at the quarter ending on March 31, 2015.
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