Midam is FBEC's IR. Midam buying Sand's shares don't "retire" them. Midam isn't even the controlling shareholder, Vinyl Groove is.
And Jason is offended when it's pointed out that he is a dopey little kid playing bigshot CEO. How are him and Adam retiring shares through Midam?
These guys make up their own rules
FBEC has $1,284,274 of outstanding convertible promissory notes that are convertible into approximately 1,148,657,148 shares of common stock, based on the market price on January 29, 2016.
As of January 29, 2016, there were 261,847,598 outstanding shares of common stock of FBEC, each of which was entitled to one vote for the purpose of approving the Resolution. Also as of January 29, 2016, there were 1,000 outstanding shares of preferred stock, voting 66.7% of the outstanding voting rights, held by Vinyl Groove Productions, Inc. Stockholders of record at the close of business on January 28, 2016 (the date of the stockholders’ written consent) were furnished copies of this Information Statement.
On August 26, 2015, the Company issued an 8% interest bearing Convertible Promissory Note in the principal amount of $30,000 to Asten Wyman International LLC, a California Limited Liability Company("AWI"). The note includes no Original Issuer Discount (OID), and the Company received $30,000. Pursuant to the terms of the convertible promissory note, the 6 month maturity date is February 26, 2016 and the holders have the right to convert any portion of the principal amount thereof at a50% discount to the lowest intra-day trading price within the ten (10) trading days prior to a Conversion Notice submitted to the Issuer’s Transfer Agent. The note can be prepaid prior to the Maturity Date for the principal and interest amount.
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