great news, per OTC Markets update overnight, no shares have been issued (restricted or unrestricted) since last update, meaning either that the CrownBridge loan must have been paid off with cash OR that it has not come due yet, it's simply not clear to me in the language - it says the first tranche was received in the quarter ending 1/31/2019, doesnt say when the 180 days count starts - did it start 11/13/18 when the note was written or when they got the first tranche, it's just not clear to me.
From the last 10-Q for 1/31/2019:
Convertible debenture, unsecured, interest bearing at 10% per annum, issued November 13, 2018 in the aggregate principal amount of $105,000 and total cash proceeds of $90,000 to be funded in three (3) tranches. The principal sum due shall be prorated based on the consideration actually paid. For each tranche paid, the Company will have to provide 164,062 warrant shares for holder to purchase for a total of 492,186 warrants which are equal to 492,186 shares. During the 2 nd Quarter Ended January 31, 2019, the first tranche of $35,000 was received with fees of $5,000 and cash proceeds of $30,000. The Holder shall have the right at any time to convert all or any part of outstanding and unpaid principal amount. The conversion price is the lessor of lowest traded price and lowest closing bid price with a 45% discount during the previous twenty-five (25) trading day period ending on the last complete trading day prior to the conversion dates, maturity date for first tranche of November 13, 2019. This note defaulted on November 14, 2018 and a default penalty of $17,500 was added to the note for a total of $52,500 and incurred default interest rate of 15%. Also, an additional 25% discount for a total of 70% discount must be factored in the conversion price until this note is no longer outstanding. The Company has not received any notice of default and associated default penalties remain unassessed by Lender. The convertible note has a net change in fair value of $516,944.
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On November 13, 2018, the Company entered into Securities Purchase Agreement with Crown Bridge Partners, LLC (Crown) to issue a convertible note in the aggregate principal amount of $105,000 to be funded in three (3) tranches, with unsecured, interest bearing at 10% per annum and a maturity date of November 13, 2019 for the first tranche in the amount of $35,000. Crown funded a second tranche of $35,000 which we received in February 2019 and in addition the Company will have to provide 164,062 warrant shares for holder to purchase.
Market Cap
33,524,793
05/23/2019
Authorized Shares
890,000,000
05/23/2019
Outstanding Shares
394,409,327
05/23/2019
Restricted
204,205,667
05/23/2019
Unrestricted
190,203,660
05/23/2019
Held at DTC
109,048,158
05/23/2019
Float
Not Available
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