They got about half that amount actually... Then give me your rendition on why they didn't pay off the notes they had that converted to over 1.7 BILLION shares in January, February, and March... They could have paid those off with the proceeds from the settlement. Instead they let them convert and the shareholders got horrifically dumped on.
Note 11 – Other Income
On March 28, 2013 the Company initiated patent litigation against an outside party. In March 2015, the case was in full discovery, the pre-trial hearing was held, and the deliberations were continuing. Mediation took place in May 2015 to discuss a potential settlement, and on January 15, 2016, the parties reached a settlement in the matter. As part of the settlement, the Company received a payment in January 2016 of $9,750,000 and incurred fees related to the settlement of $4,187,257.
ITEM 2. RECENT ISSUANCES OF UNREGISTERED SECURITIES
In January 2016, note holders converted an aggregate of $35,421 of principal and $2,406 of accrued interest into 157,451,441 shares of the Company's common stock at conversion prices ranging from $0.000232 to $0.0003 per share.
In February 2016, note holders converted an aggregate of $69,888 of principal, $21,027 of accrued interest and $9,485 of additional interest into 610,231,367 shares of the Company's common stock at conversion prices ranging from $0.0001 to $0.00036 per share.
In March 2016, note holders converted an aggregate of $37,814 of principal, $14,535 of accrued interest and $229,668 of additional interest into 1,024,552,833 shares of the Company's common stock at conversion prices ranging from $0.000058 to $0.0008 per share.
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