Posted On: 05/20/2014 11:19:32 PM
Post# of 11899
10-Q Filing
Link
as of March 31, 2014...
Pros :
Total Assets $488,380
Ongoing IronRidge funding ($50,000 per month)
Product launch upcoming
"On February 28, 2014, the Company, entered into an Equity Line of Credit (the “Equity Line of Credit”) with Iconic Holdings, LLC (“Iconic”). Pursuant to the Equity Line of Credit, Iconic committed to purchase up to $2,000,000 of the Company’s common stock over twenty-four months from the first day following the effectiveness of a registration statement, subject to certain conditions. "
Cons :
IronRidge dilution debt possibly starting to spiral (IMO)...
"As of March 31, 2014, the Company has recorded within stockholders' equity "Shares to Be Issued" of $3,211,373 as the 1,019,607,842 common shares have not been delivered due to the 9.99% ownership limitation placed on the shareholders."
"The holder elected to convert the dividends to common stock based upon 85% of the closing market price as disclosed above resulting in a conversion price of $0.00017 with 635,294,118 common shares being issued."
O/S 3,440,591,789 as of March 31, 2014... since then it appears another couple hundred million have been issued (April, May). Also it appears that an additional 1B shares will be moving into the O/S likely sometime this year or over the course of the year as IronRidge keeps a 9.99% stake while selling shares to make room for the newly converted shares to be issued via the funding arrangement.
Net loss $(6,481,774)
Sales $859
GLTA
$RFMK
Link
as of March 31, 2014...
Pros :
Total Assets $488,380
Ongoing IronRidge funding ($50,000 per month)
Product launch upcoming
"On February 28, 2014, the Company, entered into an Equity Line of Credit (the “Equity Line of Credit”) with Iconic Holdings, LLC (“Iconic”). Pursuant to the Equity Line of Credit, Iconic committed to purchase up to $2,000,000 of the Company’s common stock over twenty-four months from the first day following the effectiveness of a registration statement, subject to certain conditions. "
Cons :
IronRidge dilution debt possibly starting to spiral (IMO)...
"As of March 31, 2014, the Company has recorded within stockholders' equity "Shares to Be Issued" of $3,211,373 as the 1,019,607,842 common shares have not been delivered due to the 9.99% ownership limitation placed on the shareholders."
"The holder elected to convert the dividends to common stock based upon 85% of the closing market price as disclosed above resulting in a conversion price of $0.00017 with 635,294,118 common shares being issued."
O/S 3,440,591,789 as of March 31, 2014... since then it appears another couple hundred million have been issued (April, May). Also it appears that an additional 1B shares will be moving into the O/S likely sometime this year or over the course of the year as IronRidge keeps a 9.99% stake while selling shares to make room for the newly converted shares to be issued via the funding arrangement.
Net loss $(6,481,774)
Sales $859
GLTA
$RFMK
(0)
(0)
