Frisbee, you should know by now that con men always have an answer.
Experienced detectives know that their guilty targets have to be
(when being interrogated) need to be confronted with real facts.
Well, here's a fact - ALLM did not convert payback all of the toxic
debt without serious penalties. Second to that, they said that
none of it was converted to dilute the stock - their annual report
shows that's BS:
Iconic Holdings got the stock for 10.66 cents.
And the shareholders aren't mad about that??
{On June 30, 2015, the Company entered into a convertible debenture with Iconic Holdings, LLC with a principal balance of $165,000 due on or before June 30, 2016. This note provides for “guaranteed” interest of ten percent (10.0%) of the principal balance outstanding. In addition to the “guaranteed” interest, in the event of default additional interest will accrue at the rate equal to the lower of eighteen percent (18.0%) per annum or the highest rate permitted by law. This note can
only be prepaid within the first 180 days along with a prepayment penalty of one hundred ten percent (110%) and increasing ten percent (10%) every sixty (60) days to a maximum of one hundred thirty percent (130%). After 180 days, the note can be converted into the Company’s common stock at a conversion rate equal to sixty percent (60%) of the lowest trading price during the preceding 15 consecutive trading days prior to date of conversion. In addition, in order to obtain this
note, the Company issued Iconic Holdings, LLC a five (5) year common stock purchase warrant agreement for up to 50,000 shares with an exercise price of $0.75 per share. These warrants are fully granted and vested at time of issuance and are being amortized over the life of the agreement. As of December 31, 2105, the total accrued interest on the note was $16,775. In January 2016, Iconic Holdings, LLC converted $95,000 of the principal balance into 891,042 shares of
unrestricted common stock and the remaining balance of the note was repaid in full. The total amount paid was $140,950, which represented a $70,000 principal payment and $70,950 in interest and penalties.>>
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