On February 23, March 1, May 6, and August 9, 2011, the Company borrowed $42,500, $12,500, $35,000, and $37,500, respectively, from external parties for use as operating capital. The parties entered into convertible note payable agreements which make the Company liable for repayment of the principal and 8% annual interest by the agreements’ expiration dates ranging between November 28, 2011 and May 9, 2012. Failure to repay principal or interest when due triggers a default interest rate (from notes’ inception date) of 22%, annually, on the unpaid amount.
After 180 days, the notes are convertible into common stock at a 41% discount off the average of the lowest three (3) trading prices for the Company’s common stock within the ten (10) days preceding the conversion.
The expiration dates are associated with the interest rates and amount due. The 180 day exclusions are associated with shares that are converted before coming to market. Taking a small leap, assume VNDM is the "initial" router for Asher providing some small amount of liquidity(this should be a fairly obvious assumption). With that known, play accordingly and enjoy.
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