Not unusual credit terms in my experience for a penny stock company. Not an FHA loan that's for sure. What is your take on the rest of that paragraph? I took it to show some restraint in how shares might reach the market, something not always seen with clueless or bogus companies tapping equity, which admittedly is in short supply here. I didn't expect Effingham County to close on the lease without something for Medient to draw upon. Realistically I still maintain it could have been much worse. With "Yellow" due out any time now I hope to see some income quickly. I am not calling you out here and hope to hear more of your views on this.
Pursuant to the note, TCA has the right to convert all or any portion of the outstanding amounts due into common stock of the registrant, par value $0.001, at a price equal to the amount being converted divided by 85% of the lowest daily volume weighted average price of the registrant’s stock during the five business days immediately prior to the conversion date. TCA cannot convert more than 4.99% of the outstanding shares of the registrant at the time of conversion. These shares are exempt from registration under Section 4(a)(2) of the Securities Act, as TCA is a sophisticated investor, has access to the type of information normally provided in a prospectus for a registered securities offering and has agreed not to resell or distribute the securities to the public.
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