Replies to post #4843 on Independent Film Development Corp. (IFLM)

[Cookie89]

Yea...bail from this

[vantillian]

Subpennies all got warts (they are sub for a reason). The key is does fundamental elements of the story outweighs the wartiness.

In this case I think the answer is resounding YES. Much to be excited about here.

[nodummy]

Nice job on that post.

The most concerning part is the conversion price on the share conversions being used to pay off the debt (I highlighted the ones with 4 zeroes):

On October 1, 2015, the transfer agent issued 49,934,783 shares of common stock to Jabro Funding Corp valued at $22,970. (.00045 PPS)

On October 1, 2015, the Company issued 7,123,060 shares of common stock to LG Capital Funding in conversion of $3,000 of principal and $305 of interest due to them. (.00042 PPS)

On October 6, 2015, the transfer agent issued 10,000,000 shares of common stock to VanCal Partners, LLC valued at $500. (.00005 PPS)

On October 13, 2015, the Company issued 40,000,000 shares of common stock to VanCal Partners, LLC in conversion of $2,000 of principal due to them.
(.00005 PPS)

On October 14, 2015, the Company issued 49,333,333 shares of common stock to Jabro Funding Corp in conversion of $7,490 of principal due to them.
(.00015 PPS)

On November 9, 2015, the Company issued 49,769,655 shares of common stock to LG Capital Funding in conversion of $2,600 of principal and $287 of interest due to them. (.00005 PPS)

On November 18, 2015, the Company issued 49,916,667 shares of common stock to Jabro Funding Corp in conversion of $2,995 of principal due to them. (.00006 PPS)

Jabro Funding Corp is a NY entity that I know had been taking over a lot of old Asher Enterprises debt after Asher ran into some problems with FINRA and the SEC.

LG Capital is also a very common toxic financier.

As you can see IFLM has no problem going well under $.0001/share to pay back the debt owed to those two entities. As of the last 10Q, Jabro Funding Corp was still owed $41,545 plus interest and LG Capital was still owed $66,775 plus interest. At similar conversion prices in the $.00005 - $.00006 range we are talking 1,969,454,545 free trading shares of stock to pay back that debt.


VanCal Partners LLC is attorney John D Thomas of Utah. I couldn't even tell when VanCal Partners LLC started to be owed money by IFLM or how much IFLM might still owe them, but according to the IFLM filings, John D Thomas is separately owed $7,500 for legal services he provided to IFLM in the past.

That $7,500 was turned into a debt Note that gets an even more sickening conversion ratio of $.00001/share.



According to the last 10Q John D Thomas was still owed $7,500 along with $77 in interest on the Note.

On March 19, 2015, the Company executed a convertible promissory note for $7,500 with John D Thomas in exchange for legal services. As of March 31, 2016 there is $7,500 of principal and $77 of accrued interest due on this note.

At $.00001/share $7,577 = 757,700,000 free trading shares of stock just to pay back a mere $7,577. That's scary.

On May 18, 2015, the Company executed a convertible promissory note for $16,700 with Syndicate Consulting, Inc. As of March 31, 2016 there is $16,700 of principal and $1,917 of accrued interest due on this note.

On May 20, 2015, the Company executed a convertible promissory note for $5,925 with Syndicate Consulting, Inc. As of March 31, 2016 there is $5,925 of principal and $300 of accrued interest due on this note.

Syndicate Consulting, Inc gets a set conversion price of $.00005/share on all of the debt owed to them.



As of the last 10Q Syndicate was owed $29,765 plus $2,217 in interest. $31,982 at $.00005/share = 639,640,000 free trading shares of stock.




How scary is that? 3,366,794,545 free trading shares of stock needed just to pay back $147,879.

And that doesn't even take into account the other $345,000+ in past due 3rd party debt and $355,000+ in interest due on that 3rd party debt. Just imagine how many billions of shares it will take to pay back that $700,000+ if it is going to take 3,366,794,545 shares just to pay back $147,879 to John D Thomas, Syndicate Consulting Inc, Jabro Funding, and LG Capital.

Scary situation here. I hope people were smart enough to take profits when they were available and didn't chase this thing up too high.