We are all with you Love Pink. Everything you have stated is correct. I now know what is going on. It was all explained to me. I thank you for getting me involved in this adventure. Good luck to all !!!!!
The convertible debentures matured in 2015, and bear interest at ranges between 6% and 15%. The convertible debentures are convertible at ratios varying between 45% and 50% of the closing price at the date of conversion through, at its most favorable terms for the holders, the average of the three lowest closing bids for a period of 5-30 days prior to conversion.
As of May 31, 2023, and August 31, 2022, the Company owes $1,326,086 and $1,377,136, respectively, in accrued compensation and expenses to certain directors and consultants. The amounts are non-interest bearing.
During June 2023, the Company issued 30,000,000 restricted shares of its common stock to a lender in accordance with the terms of two aged loans payable.
We had $22,000 in cash and our working capital deficiency amounted to approximately $6.5 million at May 31, 2023.
During the nine-month period ended May 31, 2023, we used cash in our operating activities amounting to $296,000. Our cash used in operating activities was comprised of our net loss of approximately $716,000
Accounts payable, accrued expenses, accrued interest, and accrued compensation, of approximately $303,000, resulting from a short fall in liquidity and capital resources.
We generated cash from financing activities of $262,000 which primarily consists of the proceeds from notes payable.
The Company has outstanding loans and convertible notes payable aggregating $2.9 million at May 31, 2023 and doesn’t have sufficient cash on hand to satisfy such obligations. The preceding raises substantial doubt about the ability of the Company to continue as a going concern.
My document is the company’s last 10q. Debt, no profit, predicts going out of business next year.
Now you show me YOUR document proving the existence of naked shorts. Or ANY document, for that matter, that shows something definitive that the company has done rather than something vague and ambiguous.
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