Looks like the new notes don't convert for another 6 months and appears they can be prepaid, i.e. the funding they are looking for through Boustead will probably cover these, at least to some degree.
This is period end June 30 and the transaction with Textmunication didn't happen until the end of July, so I wouldn't expect the share adjustment to be reflected here.
If they can use that 20 million debt towards write offs for future earnings, then that's a good thing. If they can't, then so be it.
I agree with you these guys need to get it in gear though, talk is cheap and a fancy website is great and all, but without a product to sell it doesn't equate to jack!
I'm buying in anticipation of the upcoming funding and with the thinking that things will start to move quite quickly once the money is in. Looks like they've got their ducks in a row for product launch just need the capital to do it. My guess is they've already been in talks and had to handle some housekeeping before they could move forward.
Going back to the notes, there is a significant bonus for the CEO and COO if this hits a $100 million market cap and I'm positive they will do everything in their power to reach that milestone! Obviously, multiple convertible notes converting all at once will not allow that to happen. To me these are a non issue if the company raises enough with Boustead.
As for the funding...Right product, right time, right state (CA) and a kick ass management with a highly successful background at the highest levels of some of the largest entertainment companies in existence...I think we'll do just fine raising money:)
GLTA and AIMO,
TG
News 
Market Data 
Discover 
