This is why you don't buy and hold pos $GBSN ... On October 17 through October 21 certain holders of the 2015 Notes were issued shares of the Company’s common stock pursuant to Section 3(a)(9) of the United States Securities Act of 1933, (as amended) in connection with the voluntary reduction under the terms of the exchange agreement dated October 2, 2016 using the alternate conversion price. These issuances removed the deferral option from previous conversions of the note principal. In connection with the voluntary reduction and the removal of the deferral option, the Company issued 11,792,839 shares of common stock to make permanent the previously converted amount of $297,500 principal amount of 2015 Notes at a conversion price between $0.03 and $0.02 per share.
As of October 21, 2016 a total principal amount of $12,979,510 of the 2015 Notes has been permanently converted into shares of common stock and a principal amount of $4,358,052 has been converted that is subject to deferrals. $4,762,438 principal remains to be converted, subject to deferrals. A total of $14.8 million of the proceeds from the 2015 Notes has been released to the Company including $4.6 million at closing and $10.2 million from the restricted cash accounts. $3.6 million remains in the restricted accounts to be released to the Company on November 1, 2016 per the terms of the exchange agreement dated October 2, 2016.
The Company previously filed an 8-K on October 14, 2016 and reported 45,043,585 shares outstanding therefore as of October 21, 2016 there are 71,703,092 shares of common stock issued and outstanding.
So to repeat... those that got the .02 and .03 shares were 100% happy to sell 26 million shares to peeps at 50 to 100% instant profits....
And... it happens every week $GBSN... Enjoy your weekend... GLTA
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