Milo or anyone else with a functioning calculator, could you answer my previous post. You seem on top of these complicated calculations.
How much did the lender in essence pay for shares to satisfy the loan?
I have a couple of other questions if someone has the time to help.
1) What was the margin on LBWR total revenues? Was the overall margin only 5%? I read several posts which seem to emphasize 5% but the overall margin seems to be more than 40%.
Besides the shares issued in satisfaction of this loan satisfaction, was there a lot of dilution? Pinkies typically dilute into the billions of shares for promoters and toxic financing and I know Creede and others have been watching out for any signs of massive uncontrolled dilution.
Thanks again, in advance, and sorry for my own confusion. I'm very interested as I am guessing that the lender is in perhaps the best position to determine fair value per share. That value and guidance on any dilution is most appreciated.
10. Subsequent Events
The bridge loan from Northamerican Energy Group, Inc. is secured by 1,753,333 shares of Labwire, Inc. common stock which is held by a mutually agreed upon third party. Per the promissory note executed on February 4, 2009 and dated January 1, 2009, seizure of the collateral by Northamerican Energy Group, Inc. constitutes payment in full of the entire principle amount of the note.
Accrued interest on the Northamerican Energy Group, Inc. note has been paid through March 31, 2009.
As of April 1, 2009 the Northamerican Energy Group, Inc. note remained outstanding and the lender exercised its right to seize the collateralized stock, thereby satisfying the $263,000 outstanding balance of the loan in full.
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