Does anyone read da financials?
On December 15,2016 LG Capital Funding, LLC (one of the Company’s convertible note holders) commenced an action
against the Company claiming that it had been prevented from converting a remaining principal balance of $ 1,500 and
accrued interest thereon of $ 1,013 into common shares of the Company at the then contracted 50% discount to market stock
price. LG additionally claimed $ 45,239 in compensatory damages and $ 11,344 in legal fees and costs. The Company filed a
motion to vacate the alleged default, which in turn was challenged by LG Capital. A judgement in favor of LG Capital for
$54,543 was issued by the Eastern District Court of New York on September 25, 2018. However, this order was appealed
by the Company on October 12, 2018 and the Company was been granted a stay, pending the outcome of a similar case
submitted to the Second Circuit of Appeals which pleads that these types of convertible debt contracts are usurious under
New York law. In April 2019 the New York Court of Appeals declined to hear the question certified to it – whether loans
with terms such as the Note in our case are void for being usurious. As a result, the federal Court of Appeals lifted the stay
in our matter and requested our appellate brief by May. Our brief was filed May 20, 2019. LG Capital submitted their
opposing brief August 9, 2019 and our reply brief was submitted at the end of August, 2019. There will not be oral
arguments. No decision has been rendered yet
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