Replies to post #188392 on On4 Communications Inc (ONCI)

[MoneyForNuthin]

ONCI I can answer (we can ALL answer) the bottom line question of whether Steve gave truthful information about the 3(a)10 being completed in March. The answer is yes, absolutely!

Part of the confusion is that you can't use "LAM" and "3(a)10" interchangeably in reference to these issues. There were 2 things involving LAM. One was the 3(a)10 deal, and other was a convertible note. So... in the Shareholder letters, Steve's statements were specifically about the 3(a)10 transaction that had been ongoing since October. Yes, LAM was executing the sale of those shares for the 3(a)10, and yes, it was DONE. The convertible note couldn't POSSIBLY start converting until July 2018 - which IS what just converted and is NOW DONE.

All of this is anwered here, clearly and definitively, but you or anyone interested must read the details. It's all here - below - with references to the sources.

While reviewing this, just keep in mind that there are two things here that involved LAM. Though related, they are completely different. The first below is about the 3(a)10 debt restructuring transaction. The second is about the convertible note.

Okay, so here is everything step-by-step...

Letter to Shareholders on the State of the Company | Press Release | 03/16/2018

https://www.otcmarkets.com/stock/ONCI/news/Letter-to-Shareholders-on-the-State-of-the-Company?id=186387

The 3A10 is 99.9 percent done and will be completed shortly. We were able to write off over 1.8 million of old debt that was choking us monthly. We are done with that debt and are moving forward to complete and reduce all old debt and we will do this shortly.

On4 Communications, Inc. Announces Letter to Shareholders, Update 2 | Press Release | 03/23/2018

https://www.otcmarkets.com/stock/ONCI/news/On4-Communications-Inc-Announces-Letter-to-Shareholders-Update-2?id=187059

LET ME SAY THIS IN CAPS: THERE ARE NO PLANS TO DO ANOTHER 3A1O. THE FIRST ONE SHOULD BE DONE EITHER TODAY OR MONDAY AND THAT’S IT.

And then, finally, in a tweet on March 27, 2018

The 3A10 is done and as i have said numerous times there is NOT another one coming nor is there a reverse split Its not even a conversation that has ever been discussed. #REVENUERULES $ONCI

— On4 Communications (@on4company) March 27, 2018

On4 Communications
@on4company

The 3A10 is done and as i have said numerous times there is NOT another one coming nor is there a reverse split Its not even a conversation that has ever been discussed.

Yes, this is EXACTLY how it went down.

Yes, Steve said it was DONE: "The 3A10 is done". I know, he didn't make any fanfare about it, he said it was done and then continued the sentence to say: "...and... there is NOT another one coming... nor is there a reverse split It's not even a conversation that has been discussed."

The 3(a)10 was completed just before the end of March (see below).



...and the Q2 financial report for the period ending April 30, 2018 (filed on 6/15/2018) spelled out all the details of the results (see below).



By the way the prior Q1 report (filed 3/15/2018), as well as the 2017 Annual report (filed 1/31/2018), gave updates on the status of the 3(a)10 transaction execution, like a play-by-play report. Steve made it pretty DAMN CLEAR what was going on, by giving these status updates in the Q reports.

And the 3(a)10 transaction started last year, and it was laid out very clearly in a disclosure on October 16, 2017:



NOW... LAM also had a convertible note. That is SEPARATE from the 3(a)10 transaction. It's "related" because it paid for the costs associated with SETTING UP the 3(a)10 transaction.

As I've laid out in other posts, the shares associated with that note were restricted for 360 days from the funding of the note, which was July 14, 2017 - per the description given in the Q1 financial report for the period ending January 31, 2018 (filed 3/15/2018)... as shown here:



So those shares began selling in mid-July and just finished a week ago.

Steve did NOT lie. That's just ludicrous fake news.