Replies to post #42750 on Bantek Inc (BANT)

[PD4107]

nice, real solid info. nicely done

[SilverBack]

Dont forget about the $1M in personal loans from the CEO that matured and are due.

The Company has an $840,000 convertible note payable (“Note 1”) to a related party entity controlled by the Company’s CEO. Note 1 bears interest at an annual rate of 7% with an original maturity date of June 11, 2017 that was extended to June 11, 2018, at which time all unpaid principal and interest is due. The holder of Note 1 has the option to convert the outstanding principal and accrued interest, in whole or in part, into shares of common stock at a conversion price equal to the volume weighted average price per share of common stock for the 30-day period prior to conversion. As of March 31, 2018 and September 30, 2017, Note 1 has not been converted and the balance of the note was $688,444 and $688,444, and accrued interest was $101,806 and $77,776, respectively. This note is considered a stock settled debt in accordance with ASC 480 and the fixed monetary amount is equal to the principal amount based on the conversion formula.



The Company has a convertible note payable (“Note 2”) with the Company’s CEO. Note 2 bears interest at an annual rate of 7% with a maturity date of December 31, 2017, at which time all unpaid principal and interest was due. On December 15, 2017, the due date of Note 2 was extended to July 2, 2018. The holder of Note 2 has the option to convert the outstanding principal and accrued interest, in whole or in part, into shares of common stock at a conversion price equal to the volume weighted average price per share of common stock for the 30-day period prior to conversion. During the six months ended March 31, 2018, the Company borrowed $500 and repaid $90,000 on this note. As of March 31, 2018 and September 30, 2017, Note 2 has not been converted and the balance was $32,500 and $122,000, and accrued interest was $12,744 and $10,707, respectively. This note is considered a stock settled debt in accordance with ASC 480 and the fixed monetary amount is equal to the principal amount based on the conversion formula.

[icgreen22]

"The conversion price is at a 35% discount to the lowest bid during the 15 days PRIOR to the conversion."
I thought is was 30 days?

[Glencoe]

Who told you that they will buy off CD by 15 Sept?

[The New Guy 54]

got it! so that's why they keep tryna keep this price down until then...and that's pretty hardcore lol, hoping to get to that level at some point. lots to learn though!

thanks again