That would be nice and hopefully the company is looking into alternate financing options for the long-term debt. In the meantime, they are paying the debt WITH CASH rather than conversions in case you haven't heard. ...
Also, only $557,814 of the $901,506 was in the form of potentially convertible notes as of 11/30/2016, minus however much of the $65,000 CASH reported above was paid to Common Sense Holdings last month.
And BTW, this scare tactic is getting extremely old IMO.
GLTU
The company needs to restructure their long-term debt agreement or find other finance options to pay it off. Their best option would be to get a traditional bank loan to pay off the remaining debt. If, they don't qualify for a bank loan they could easily get the funds from another loan shark like every other OTC company which would still be much better than the deal they have now. Issuing shares at .001 is insane & destroying shareholders value. The company will max out the O/S in no time by continuing to issue shares at .001 to pay off the remaining $900K in debt. The company would have to issue 900M shares at .001 to pay off that remaining long term debt. The A/S is equal to 900M & the company is currently at around 200M O/S. The company would have to raise the A/S. Now, if they get another loan from one of the many loan sharks out there they will have to issue shares at a 40 to 50% discount which is way better than what they currently have. If the PPS is at .02 they would have to issue shares at a conversion rate of .01 for a 50% discount. 100M shares issued at .01 equals $1M & all your remaining debt is paid off. This company could easily get a 40% or possibly 35% discount on the conversion rate which would mean even less shares being issued. You get the point. Below is what the company has in Notes Payable from their Annual Report. The only Notes they have is long term debt that Ballas received from R Holdings & Common Sense Holdings back in 2011, 2013 & 2014. This is a scam deal!!!! Why hasn't Ballas restructured this deal which he can easily do?
(10) Notes Payable As of November 30, 2016 the company had $901,506 of long term debt. $343,692 of this debt is owed to R Holdings 9 originally dated August 30, 2011, representing money advanced to James Ballas, the company president, Blue Crush Marketing Group and or its subsidiaries. $557,814 of this debt in the form of several notes originally dated during 2013 and 2014 totaling are owed to Common Sense Holdings, LLC representing money advanced to James Ballas, the company president, during the period covering September 1, 2013 to August 31, 2014 for expenses of the company. The Promissory Notes provide for interest at rates between 8% and 10% per annum that are payable on maturity dates in 2017 and 2018. These notes contain a conversion features whereby the notes are convertible in whole or in part, at the sole discretion of the holder, into shares of common stock at a conversion price of $.001 per share or the company “par” value.