Replies to post #314181 on ERHC Energy Inc (ERHE)

[ssc]

According to the 10-Q, most of the debt has yet to be converted. Lowest price actually converted was under 5 cents. Here are a few other interesting items:

On January 22, 2016, the Company has been notified that a notice of Federal tax lien has been filed in Harris County, Texas by the IRS. This arises from the IRS audit of the Company’s 2006 tax return. ERHC and its advisers are in contact with the Agency on the matter.

LIQUIDITY AND CAPITAL RESOURCES

As of December 31, 2015, the Company had $479,246 in cash and cash equivalents, and a working deficit of $2,579,466. We are implementing a series of steps to fund the geophysical work and seismic surveys, prior to securing potential farm-out on Chad acreage. The fund raising might include:
• Farm-outs of part of the Company's assets in Kenya, Chad and the Sao Tomé and Príncipe Exclusive Economic Zone
• Issue shares of common stock through a registered direct offering
• Convertible loans and other debt instruments
• Other available financing options

Future financing may include the issuance of equity or debt securities, obtaining credit facilities, or other financing mechanisms. Even if we are able to raise the funds required, it is possible that we could incur unexpected costs and expenses or experience unexpected cash requirements that would force us to seek alternative financing. Furthermore, if we issue additional equity or debt securities, existing holders of our securities may experience additional dilution or the new equity securities may have rights, preferences or privileges senior to those of existing holders of our securities.

I hope you get that pre-drill run up before they totally run out of cash or the remaining toxic debt holders decide to cash in.

[tryoty]

This close to drilling anyone converting may choose to hold the shares anyway.