Replies to post #24337 on Eline Entertainment Group Inc (EEGI)

[buccaneer1961]

Quote:
NOTE 5- CONVERTIBLE PROMISSORY NOTES
As of March 31, 2016, the primary debtor of the company, Peachtree Capital, LLC., forgave $280,000 in convertible debt, and previously converted all of a $20,000 note dated July 28, 2014 into equity, leaving the company currently owing $24,324.00 in convertible debt. The existing convertible debt consists of a convertible note for $10,000 dated August 12, 2014, a $10,000 convertible note dated September 4, 2014, and an additional $4,324.00 in smaller loans originated after October 2014. All of the convertible notes currently outstanding were in default immediately. Most convertible notes convert to equity at a floating conversion price of approximately 50% to 55% discount to the current market price to limit potential dilution.

yes...and lies the company told of no dilution are going to destroy accounts of many ...watch

[Stockcaller]

Why do you think they are being restated? Don't you see there's a concerted effort to clean this thing up? Do you think they are stupid enough to play with the SEC as if they are a puppet?

This filing is stating there was a mistake and we are correcting it.

That's the responsible thing to do. But yet you paint them as being irresponsible.

[nodummy]

Those V2IP and Gold Coast Capital shares were all issued as settlement for the old Peachtree Capital debt.

First just as a preface we know that Ray Barton's definition of forgiving debt is issuing discounted free trading shares in exchange for the debt. He tells us this in past EEGI filings:

https://www.otcmarkets.com/financialReportViewer?symbol=EEGI&id=165572

2/24/2016 – 36,724,137 Common Shares Issued to Peachtree Capital, LLC, in exchange for forgiveness of debt. Shares are freely trading. Shares DO NOT contain a legend stating that they have not been registered under the Securities Act and outlining the restrictions from sale under Rule 144 of the Securities Act.

You can easily sort out where the Peachtree Capital debt went from the EEGI filings

As of June 30, 2016 this was the outstanding convertible debt

https://www.otcmarkets.com/financialReportViewer?symbol=EEGI&id=165573

$38,500.00 Buzzcomb, Inc. 9/30/13
$68,000.00 Global Media Online, Inc. 2/15/14
$130,000.00 Online Business Services, Inc. 2/15/14
$120,000.00 Global Media Online, Inc. 3/26/14
$24,324.00 Peachtree Capital, LLC. 6/5/15
$72,000.00 Peachtree Capital, LLC. 11/7/15
$150,000.00 Peachtree Capital, LLC. 12/18/1



As of September 30, 2016 this was the outstanding convertible debt

https://www.otcmarkets.com/financialReportViewer?symbol=EEGI&id=165574

$50,000.00 Online Business Services Inc. 7/1/16
$68,000.00 Global Media Online, Inc. 2/15/14
$130,000.00 Online Business Services, Inc. 2/15/14
**$60,000.00 Global Media Online, Inc. 3/26/14


We are told that the 7/1/16 $50,000 debt Note issued to Online Business Services Inc is new because of recent outstanding invoices.

We are told the $60,000 from 3/26/14 Note which was originally $120,000 got paid off with stock

But where did all the Peachtree Capital notes go?

Well the quarterly report tries to tell us they were forgiven at no charge to the Company.

During the period Peachtree Capital has forgiven $346,324.00 in previously established convertible notes, as well as $149,676.00 in invoices for services rendered that were to be settled in convertible note form for a total of $496,000 in debt forgiven at no charge to the company

But that is a flat out lie.


$496,000 in debt is the exact amount that we were told in an 8k filing that V2IP gained control of back in July

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11505737

Under the terms of the Settlement Agreement (the Settlement) Defendant will issue and exchange securities for debt with the Plaintiff. Plaintiff owns bona fide claims (Claims) against Defendant in the aggregate amount of Four Hundred Ninety Six Thousand Six Hundred Ninety Four Dollars and Zero Cents ($496,694.00)

Seems pretty obvious to me where that $496,000 Peach tree debt went ---> to V2IP


It looks like through whatever means/method, at some point after V2IP had converted some of the debt, Gold Coast Capital took over the rest of the old Peachtree debt from V2IP and continued with the conversions

109,000,000 Common Shares Issued to V2IPl for Conversion of debt. Shares DO NOT contain a legend stating that they have not been registered under the Securities Act and outlining the restrictions from sale under Rule 144 of the Securities Act.

109,000,000 Common Shares Issued to V2IPl for Conversion of debt. Shares DO NOT contain a legend stating that they have not been registered under the Securities Act and outlining the restrictions from sale under Rule 144 of the Securities Act.

107,715,920 Common Shares Issued to Gold Coast Capital for Conversion of debt. Shares DO NOT contain a legend stating that they have not been registered under the Securities Act and outlining the restrictions from sale under Rule 144 of the Securities Act.

107,715,920 Common Shares Issued to Gold Coast Capital for Conversion of debt. Shares DO NOT contain a legend stating that they have not been registered under the Securities Act and outlining the restrictions from sale under Rule 144 of the Securities Act.

84,580,000 Common Shares Issued to Gold Coast Capital for Conversion of debt. Shares DO NOT contain a legend stating that they have not been registered under the Securities Act and outlining the restrictions from sale under Rule 144 of the Securities Act.

85,000,000 Common Shares Issued to Gold Coast Capital for Conversion of debt. Shares DO NOT contain a legend stating that they have not been registered under the Securities Act and outlining the restrictions from sale under Rule 144 of the Securities Act.

98,250,025 Common Shares Issued to Gold Coast Capital for Conversion of debt. Shares DO NOT contain a legend stating that they have not been registered under the Securities Act and outlining the restrictions from sale under Rule 144 of the Securities Act.

168,728,416 Common Shares Issued to Gold Coast Capital for Conversion of debt. Shares DO NOT contain a legend stating that they have not been registered under the Securities Act and outlining the restrictions from sale under Rule 144 of the Securities Act.

168,728,416 Common Shares Issued to Gold Coast Capital for Conversion of debt. Shares DO NOT contain a legend stating that they have not been registered under the Securities Act and outlining the restrictions from sale under Rule 144 of the Securities Act.

No Cost to the company LOL! That's a hoot!

We know this debt is being converted at a 50% - 55% discount to the market price (because it says in the filing that is the terms for all convertible debt). EEGI has mostly traded at $.0001/share during the past several months. That would mean that V2IP and Gold Coast Capital are getting their shares at around $.00005/share.

$496,000 at $.00005/share = 9,920,000,000 shares

At the very least we are talking some talking some 4.9 billion+ free trading shares to pay off that old $496,000 Peachtree Capital debt



It is easy to see why the A/S was raised to raised to 10,000,000,000 shares on July 21, 2016 the same time that the V2IP settlement happened

http://nvsos.gov/sosentitysearch/corpActions.aspx?lx8nvq=%252fo7mAS1btY7pjHSZn0vTUg%253d%253d&CorpName=ELINE+ENTERTAINMENT+GROUP%2c+INC.

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=124837146




The other thing I think we have going on here is that it looks to me like the SEC only has Ray Barton on the hook for old Peachtree Capital debt. Barton has gone out of his way to exit all of his debt positions through the Peachtree Capital entity in all of his tickers, but we continue to see Online Business Solutions Inc and Global Media Online Inc in all of his tickers. We know both of those entities link back to Barton.

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=127891887

The difference between Peachtree Capital and the other two is that Peachtree Capital is the entity Ray Barton used with William G Goode while Global Media Online Inc and Online Business Solutions Inc were done with Ray Barton and Nicholas Chieco.

We didn't see Nicholas Chieco named in the SEC litigation with Ray Barton. Only William G Goode.

https://www.sec.gov/litigation/complaints/2017/comp-pr2017-33.pdf


So maybe Ray Barton feels like he is safely hidden behind Nicholas Chieco in the Online Business Solutions Inc and Global Media Online Inc entities giving him the chance to continue to carry debt in his tickers and even add new debt Notes in his entities while telling people that contact him that he is not involved in these tickers any more?