Replies to post #27911 on Attitude Drinks Inc. (fka ATTD)

[BigBake1]

No, that rate changed from 100% to 150% on June 2nd, and yes it was one of the reasons for the AS raise. Straight from the 10K:

For purposes of clarification commencing June 2, 2012, the Company is required to have a number of shares of common stock equal to 150% of the amount of common stock to all Subscribers to be able to convert all of the notes (including interest that would accrue therein) through the Maturity Date and 100% of the amount of warrant shares issuable upon exercise of the warrants.

But also when they originally drafted the AS raise the PPS was much higher than it is now and it was more than enough to meet conversion along with what they thought was going to be deferred. But as we know that did not pan out, PPS dropped significantly and all that was deferred was $172,000 out of the $5 million due. Run the numbers here, there is not enough shares left to meet the $5 million in debt at a 150% rate.

3,850,000,000 shares remain X .001 is 3.85 million dollars, without discount and no interest.

They would need to have 7.5 billion shares at current PPS of .001 and debt due of $5 million dollars to meet that rate of 150% with the current PPS.