Replies to post #23831 on Universal Bioenergy Inc. (fka UBRG)

[Croireavenir]

Um, did you read the last 10K or just pull out only the sentences you wanted other people to see?

Maybe you missed this part.

On January 11, 2013, a non-affliliated party purchased a portfolio of 14 of the Company’s Notes, with a total principal amount of $3,234,775 from various Note Holders. On April 10, 2013, the Company converted the entire portfolio of these Notes payable, with a principle amount of $3,234,775 and issued 1,568,630,000 common shares for that conversion. The final conversion of these Notes included $3,234,775 in principal and $0.00 in accrued interest that was due on the Notes upon conversion. This leaves a remaining balance of $0.00 on these Notes. This conversion of debt reduced the Company’s Notes Payables by a principal amount of $3,234,775. The 1,568,630,000 shares is the equivalent of 52.29% of the Company’s outstanding shares of common stock.

This leaves a remaining balance of $0.00 on these Notes.


So that is -$3,234,775 in debt!