Nice work here dino. You are correct if they pay off all of the remaining convertible notes. But, one note doesn't mature until May 2020 due to an extension. So, my calculations are as follows below.
O/S = 19,891,517 for the period ending 30 Sep 2019.
Current O/S = 154,070,714 as of 3 Feb 2020.
154,070,714 - 19,891,517 = 134,179,197 shares issued since the last filing.
Conversion PPS at 52-week low .0175 = .01225 with the 30% discount.
134,179,197 x .01225 = $1,643,695
Total convertible debt = $2,352,977
Mr. Zheng CD = $772,284 which matures on 8 May 2020.
$2,352,977 - $772,284 = $1,580,693 CD due now.
Conclusion: All of the current Convertible debt has been paid and they possibly are currently paying off Mr. Zheng's as well.
(3) 15% convertible notes- Mr. Junwei Zheng
On May 9, 2017, the Company entered a Convertible Note Agreement with Mr. Junwei Zheng with principal of RMB 30 million. The note bears interest at 15% per annum and will mature on May 8, 2019. Before the maturity date, the Note holder has an option to convert partial or all of the outstanding principal and accrued interest to the Company’s common shares with a conversion price of $3.5 per share. On August 17, 2018, the Company does not expect that the remaining funds will ever be so advanced. As of September 30, 2019, the Company has received principal totaled RMB 5.5 million ($772,284 equivalent USD at September 30, 2019) out of the RMB 30 million Convertible Note Agreement. On May 7, 2019, the Company reached an agreement with Mr. Junwei Zheng that the maturity date will be extended to May 8, 2020.
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