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Replies to post #220114 on On4 Communications Inc (ONCI)
03/21/19 4:22 PM
5. Subsequent Events
(i) On February 14, 2019 the Company issued 85,003,928 common shares upon the exercise of a conversion by Carpathia LLC of a $ 60,000 convertible note, plus accrued interest thereon, which at that date increased the total common shares Issued and outstanding to 4,732,271,172.
(ii) On February 10, 2019 the Company’s Board of Directors approved the request of Mr. Steve Berman to surrender, to the Company’s Treasury, 1.4 billion issued common shares.
(iii) On March 12,2019 the Company filed a preliminary Form 1-A with the SEC to raise capital of up to $ 1,080,000 from the issuance of 450 million common shares of the Company at the offering price of $ 0.0024 per share made available pursuant to Regulation A of the Securities Act of 1933. Such offering requires the review and qualification by the SEC
before it can be effective.
(iv) Subsequent to January 31,2019 the Company recorded additional convertible notes payable totaling $ 90,000 due to J.P. Carey Enterprises, Inc. and Carpathia LLC on the same terms set out on page 16. Proceeds from these notes were used to support working capital requirements.
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