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Replies to post #18244 on CirTran Corporation (CIRX)
03/31/13 6:36 PM
PLAYBEV IS ONLY ONE DIVISION OF CIRTRAN. And certainly not the only capital the company has. They have no reason to dilute anything.
The Company owes YA Global Investments, L.P., an aggregate of approximately $4.0 million of principal and accrued interest on outstanding convertible debentures originally issued to YA Global’s predecessor-in-interest in 2005 and 2006, and subsequently amended, restated, and consolidated. Between December 27, 2012, and March 15, 2013, YA Global converted an aggregate of $254,036 in amounts due under such convertible debentures to 297,459,076 shares of common stock, the conversion price is set forth in the debentures.
Between December 20, 2012, and March 22, 2013, the Company issued an aggregate of 504,000,000 shares for conversion of debt and services aggregating $227,500. These issuances included Iehab Hawatmeh, president and director ($45,000 converted to 150,000,000 restricted shares) and Fadi Nora and Kathryn Hollinger, directors ($45,000 and $7,500 converted to 150,000,000 and 25,000,000 restricted shares, respectively).
In each of the above transactions, the convertible debentures or other indebtedness tendered in exchange for the common stock issued had been issued as restricted securities taken for investment with a restrictive legend to the effect that such securities were restricted. The issuance of the original securities was effected in reliance on the exemption from registration provided in Section 4(2) of the Securities Act of 1933 as transactions not involving any public offering. The issuance of the common stock in exchange for such previously issued debt securities was effected in reliance on the exemption from registration provided in Section 3(a)(9) of the Securities Act for any security exchanged by the issuer with its existing securities holders when no commission or other remuneration is paid or given directly or indirectly for soliciting such exchange.
Other Issuances of Common Stock
Between December 20, 2012, and February 28, 2013, the Company also issued an aggregate of 159,000,000 shares to unaffiliated employees and contractors in consideration for services rendered. These securities were issued under a registration statement on Form S-8.
Total Outstanding
As a result of all of the foregoing transactions, as of March 15, 2013, the Company had an aggregate of 2,907,988,439 shares issued and outstanding.
AI
