I'm sure you'll understand this. You said "twice in the past several months" so I checked the filings and the press releases as they appear on the company website for the past several months. Neither of the note payments appeared.
June 26th isn't in the past several months and the October 11th release isn't on the website....the same guy who should be monitoring his company's website for accuracy*** is probably the guy who forgot to file the required Annual Report with Florida that was due on May 1 until today.
But okay, two cash payments were made to settle notes. Let's look at those.
1. The first one is a $40,000 USD face value 12.00% convertible debenture. It had an original issue discount of $5,000 that the press release didn't mention, so the company actually only received $35,000. That's what they got.
Here's what they paid:
15,000,000 shares as a commitment fee.
12% interest and a prepayment penalty, specifically a prepayment penalty of $18,594 in addition to the repayment of accrued interest of $1,065 for a total payment of $59,659.
That's a cash cost of $24,659 for a 3 month loan of $35,000. Plus 15,000,00 shares.
I'm not going to run the numbers on the second one. If the above doesn't make the point, nothing will.
Is the CEO whose Rolodex can be thanked for these relationships doing anything of measurable benefit to the shareholders with the proceeds (the financials say he isn't)? Or is he just lining the pockets of his Rolodex friends?
***I wonder if the misinformation about Pilus would still be on the home page if it wasn't repeatedly raised on this board.
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