It is called profit taking. Most know that the conversions will continue and know better than to get caught holding after news. Next conversion up is the "Joshua Bauman" note. That note can convert at 60% of the lowest trade price in the past 21 trading days. 60% of the .0016 translates to a .00096 conversion price and a bit over 143 million new shares. Huge cloud of many notes hanging over this stock and the new traders piling in don't know about it apparently.
Two notes were issued for $192,500 combined matured September 14th.
(a) Calculation of Conversion Price. The Conversion Price shall be, at the option of the Holder, (i) $0.001 (the “Fixed Conversion Price”) (subject to adjustment as further described herein) or (ii) 80% (the “Conversion Price Discount”) multiplied by the price per share paid by the investors in a subsequent Equity Financing (as defined herein) of the Borrower, provided, however, that after 6 months, the Conversion Price shall be equal to the lowest of: (1) the Fixed Conversion Price, (2) 60% multiplied by the lowest trade price of the Common Stock during the twenty one (21) consecutive Trading Day period immediately preceding the Trading Day that the Company receives a Notice of Conversion, and (3) a discount to market based on subsequent financings with other investors. For the avoidance of doubt, an “Equity Financing” shall mean the Borrower’s sale of its Common Stock or any securities conferring the right to purchase the Borrower’s Common Stock or securities convertible into, or exchangeable for (with or without additional consideration), the Borrower’s Common Stock.
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