I see more over $4m liabilities and over $2m convertible debt.
Total current liabilities 2,097,927
Convertible notes payable 2,599,000
Total liabilities 4,696,927
You know before anything could happen, they have to issue the convertible debt or find a solution and this is very often not very positive for existing shareholders.
He could also file for bankrupcty, over $4m liabilities is a lot.
Who wants to merge into a shell full with debt? The share structure is meaningless under these circumstances.
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