Market Data 
Markets
Replies to post #38592 on Vystar Corp (VYST)
02/21/19 11:54 PM
02/22/19 12:08 AM
From January 1, 2018 and through the date of these financial statements, the Company has issued certain convertible and contingently convertible promissory notes in varying amounts, in the aggregate of $607,500. The face amount of the notes represents the amount due at maturity along with the accrued interest, at which time that amount may be converted into shares of the Company stock based on the lowest 2 day closing price for the trailing 20 days prior to conversion and carrying a 35% discount. The contingently convertible notes provide for interest to accrue at an interest rate equal to 12% per annum or the maximum rate permitted under applicable law after the occurrence of any event of default as provided in the notes. At any time after 180 days from the issue date, the holder, at its option, may convert the outstanding principal balance and accrued interest into shares of common stock of the Company. The initial conversion price for the principal and interest in connection with voluntary conversions by a holder of the convertible notes ranges from $0.05 to $0.10 per share, subject to adjustment as provided therein. If the total outstanding balance of the contingent convertible notes were convertible as of September 30, 2018, they would have been convertible into approximately 26 million shares of the Company’s common stock. Based on the variable conversion price, the Company recorded initial derivative liabilities of $541,492, debt discount of $394,069 and interest expense related to the excess fair value of $147,423 upon the date such notes became convertible.
I believe never again here with VYST where I believe there will prove to be sound reasoning for where the judge will rule in favor of VYST.
ORDER TO SHOW CAUSE which means they will have a chance to prove their innocence and they have plenty of proof:
AI
