Replies to post #52843 on Grapefruit USA Inc (GPFT)

[stockmasterflash]

They owe over $2 million

and their business is a consistent money loser. It has a long track record and never even comes close to breaking even.

SEC doesn't allow stocks to trade simply to take investor money to pay off defaulted obligations

If IMGG didn't pay the bankruptcy court, the people who hold it's fate in their hands, why would they do anything for common shareholders

When a company says it is IN DEFAULT that means they need money fast from you to pay off someone else, not to invest in the business.

Remember, until THIS loan is paid, there is nothing for shareholders. This creditor owns IMGG's future:

6. NOTES PAYABLE

During 2013, the Company issued promissory notes in the aggregate amount of $42,500. These notes bear interest at 7% per annum and were due on June 30, 2014. The notes are secured by substantially all assets of the Company. As of March 31, 2016 the notes are past due.

During 2015, the Company issued promissory notes in the aggregate amount of $455,000. These notes bear interest at 10% per annum and are past due as of March 31, 2016. These notes are secured by substantially all assets of the Company. The convertible promissory note is convertible into shares of the Company’s common stock at a rate equal to $0.01 per share, subject to downward adjustments for future equity issuances. In connection with these convertible promissory notes, the Company issued 27,000,000 warrants to purchase common stock at an exercise price of $0.01 per share, subject to downward adjustments for future equity issuances. The warrants have a term of 7 years from the date of issuance. The Company is in default under the terms of these notes.