This guy is a genius. The loans given to the company, are convertible at any time at a price of $ 0.0001. The amount involved is approx. $ 451.000 which gives 4.5 Billion shs. That the conversion goes on is clear and who the seller then is as well. At todays price if all would be converted the cap. would be approx. $ 30 Mio plus. I don,t want to spoil a party, because I am not part of it, but I assure you, there will be a weak-up call later on and a lot of buyers will have a hangover.
Why would a company, being convinced of their product, sell out so cheap to get funds. If the platform would have been, what some think it will be, they would have gotten funds very cheap in form of placement with a 10 to 15 % discount, but not like they did a discount of 99%. Just think of it for a minute. Here from the 10Q read it by yourself.
NOTE F - CONVERTIBLE NOTES PAYABLE AND DEMAND NOTES
September
30,
2009 June 30,
2009
(unaudited)
Notes Payable to Interstellar Holdings, LLC.
Convertible term note (a) $ 48,773 $ 87,013
Convertible term note ( b ) 154,789 155,789
Convertible term note (c) 50,000 50,000
Convertible term note (d) 92,924 92,924
Convertible term note (e) 113,972 113,972
Convertible term note (f) 7,932 7,932
Convertible term note (g) 44,000 -
Subtotal 512,390 507,630
Less: discount on debt ( 299,096 ) ( 333,827 )
213,294 173,803
Less: current portion (142,010 ) (134,139 )
Long term debt $ 71,284 $ 39,664
a) On May 14, 2008, the Company entered into a convertible term note bearing interest at 10% per annum with a maturity date of May 14, 2010. At any time at the option of the note holder, principal and interest payments may be paid in common stock at a conversion price of $0.0001 per share (see below).
b) On May 27, 2008, the Company entered into a convertible term note bearing interest at 10% per annum with a maturity date of May 27, 2010. At any time at the option of the note holder, principal and interest payments may be paid in common stock at a conversion price of $0.0001 per share (see below).
c) On January 1, 2008, Company entered into a convertible term note for the principal amount of $50,000 bearing interest at 7% per annum with a maturity date of June 30, 2008. This note is convertible into common stock at 90% of the common stock closing price at June 30, 2008, or approximately 370,000 shares of common stock. The Company is in default of payment of principal and interest on the note and the Company is in discussions with the note holder about amending the conversion terms to cure the default.
d) On January 8, 2009, the Company entered into a convertible term note bearing interest at 10% per annum with a maturity date of January 8, 2011. At any time at the option of the note holder, principal and interest payments may be paid in common stock at a conversion price of $0.0001 per share (see below).
e) On March 9, 2009, the Company entered into a convertible term note bearing interest at 10% per annum with a maturity date of March 9, 2011. At any time at the option of the note holder, principal and interest payments may be paid in common stock at a conversion price of $0.0001 per share (see below).
f) Of the convertible term notes entered into on May 14, 2008, certain notes having a principal amount of $7,932 and $7,932 as of September 30, 2009 and June 30, 2009, respectively, were not amended with respect to their conversion price and, at any time at the option of the note holder, principal and interest payments may be paid in common stock at a conversion price of $0.001 per share (see below).
g) On July 28, 2009, the Company entered into a convertible term note bearing interest at 10% per annum with a maturity date of July 28, 2011. At any time at the option of the note holder, principal and interest payments may be paid in common stock at a conversion price of $0.0001 per share (see below).
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