You might infer that I make sell or buy recommendations here but I do not. I have suggested that if one is trying to acquire a position from which to flip that they should sell the news.
Too much debt eligible to convert. One note, Ed Blasiak, that matured in September has yet to convert. This was assumed to to part of the 509.5 million new shares for Q3 but apparently isn't.
Principal Amount: $55,000 Issue Date: September 14, 2020 Purchase Price: $50,000 Original Issue Discount: $5,000
SENIOR SECURED CONVERTIBLE PROMISSORY NOTE
...Any amount of principal or interest on this Note, which is not paid by the Maturity Date, shall bear interest at the rate of twenty four percent (24%) per annum...
2.2 Conversion Price.
(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)...
...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,...
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