Huge mistake releasing the FAQ in my opinion. Statements made there have and will be shown to be disingenuous at best. The two Labrys notes are not fixed if the share price is below the par value of .01. The conversion language is worst than the original notes and despite his statement those note are eligible to convert from date of issue. I believe he will have nothing to say going forward as the dilution, per the filings will continue unabated.
...The opening took longer than expected and the Company would have been facing a similar situation with its convertible note holders starting at the end of March 2021 but this was avoided by replacing most of the variable rate debt with fixed price convertible debt and a longer maturity allowing some of the convertible debt to be converted by the lenders that had stuck with the Company and had lent the Company the most money. The subsequent conversions were a lot less dilutive than they could have been, which allowed the Company to reduce overall debt and eliminate most of the convertible rate debt. While the situation with the debt is far better than it could have been it is still a work in progress. We cannot tell yet how much more conversion there will be but the rate and amount are in a dramatic decline. We do see an end coming soon since that has been the direction for much of the past three months.
https://sec.report/Document/0001721868-21-000350/ On July 7, 2021, in terms of a conversion notice received by the company, Labrys converted the aggregate principal sum of $100,800 into 112,000,000 shares of common stock.
Par Value for this note is .01 and conversion price is adjusted if the price of the common shares are trading below this value.
1.1 Conversion Right. The holder on any calendar day, at any time on or following the issue date, to convert all or any portion of the then outstanding and unpaid Principle Amount and interest (including any Default Interest) into fully paid and non-assessable shares of Common Stock. 10.02 Convertible Promissory Note dated May 7, 2021 (Labrys Note) 1.2 Conversion Price
(a) Calculation of Conversion Price The per share conversion price into which Principle Amount and interest (including any Default Interest) under this Note shall be convertible into Common Stock hereunder (the “Conversion Price”) shall equal $0.005. If at any time the Conversion Price as determined hereunder for any conversion would be less than par value of the common stock, then at the sole discretion of the Holder, the conversion price hereunder may equal such par value for such conversion and the Conversion Amount for such conversion may be increased to include Additional Principle, where “Additional Principle” means such additional amount to be added to the conversion amount to the extent necessary to cause the number of conversion shares issuable upon such conversion to equal the same number of conversion shares as would have been issued had the Conversion Price not been adjusted by the Holder to the par value price.
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