You will see. This ticker had no business getting out of the trips. You see, every single current shareholder can hold their shares tight! It would make little difference because the conversions already queued up and coming into the game are huge. New buyers must be found and the level for those entries will be much, much, much lower in my opinion.
This lawsuit is so bad that the company claims that they may need to raise the authorize share count. This lender was entitled to a very large issuance of shares prior to this run-up so they should be entitled to significant damages. They do not have cash to even defend the lawsuit. Stay tuned, I'm sure there is more. 😆
The risk factor included in the periodic report for the prior quarter ended June 30, 2023, is incorporated herein by reference.
The following additional risk factor shall be added:
A LAWSUIT WAS FILED AGAINST THE COMPANY ON NOVEMBER 6, 2023.
On November 6, 2023, GS Capital Partners LLC filed a lawsuit against the Company in Nevada regarding the unavailability of conversion shares relating to the Promissory Note entered into on October 11, 2021 and the remaining principal balance of $33,682. The plaintiff is seeking specific performance for the reserve of 700,000,000 shares, or damages in excess of $15,000, plus interest, costs, and legal fees. The lawsuit increases the company’s financial and administrative burdens and is a risk to the Company’s capital. Although the Company is attempting to settle the dispute by paying the note in full, there is no guarantee that this will settle the matter in its entirety. The Company may need to increase the authorized shares of common stock in order to accommodate any judgments or settlements, and the Company could be exposed to further risks of lawsuits for similar issues.
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