$GRNE 8-K just out ~ Settles Asher notes! ~ Huge N
Post# of 94143
Posted On: 10/15/2013 11:42:03 AM
$GRNE 8-K just out ~ Settles Asher notes! ~ Huge NEWS!!!...
http://www.otcmarkets.com/edgar/GetFilingHtml...ID=9553476
The notes were convertible into shares of common stock based the average of the lowest 3 bid prices over a 10 day period prior to conversion at nearly a 50% discount to that average low. The derivative liability carried on the balance sheet as of June 30, 2013 was $214,554. Most of this liability is attributable to the Asher Enterprises, Inc. convertible notes. The settlement eliminated an estimated $250,000 in liabilities from the balance sheet which will be reflected in the fourth quarter of 2013 financial statements. The settlement in effect prevented what may have been 10's of millions of shares hitting the market.
http://www.otcmarkets.com/edgar/GetFilingHtml...ID=9553476
| ITEM 1.01 | ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT |
On October 11, 2013, the Company agreed with Asher Enterprises, Inc. to satisfy all remaining unsatisfied convertible notes held by Asher of that date. The settlement between the parties provided for the complete release and satisfaction of the three remaining notes with outstanding balances, the notes are dated July 19, 2011, (original balance $25,000, remaining principal of $5,000) December 7, 2011 (original balance $22,500) and February 2, 2012, (original balance $42,500) including the mutual release by the Company and Asher of any and all claims, liabilities, damages, causes of action or otherwise that may exist arising from the said notes. As a result of the agreement all principal and interest due under the terms of the three notes, including any penalties, are released. The Company made a cash payment to Asher in the sum of $50,000 and has received each of the three above described original notes marked as “PAID” in exchange for the cash payment. This satisfaction of the notes will result in the removal from the Company’s balance sheet of the derivative and underlying liabilities created by the notes as of October 11, 2013.
The notes were convertible into shares of common stock based the average of the lowest 3 bid prices over a 10 day period prior to conversion at nearly a 50% discount to that average low. The derivative liability carried on the balance sheet as of June 30, 2013 was $214,554. Most of this liability is attributable to the Asher Enterprises, Inc. convertible notes. The settlement eliminated an estimated $250,000 in liabilities from the balance sheet which will be reflected in the fourth quarter of 2013 financial statements. The settlement in effect prevented what may have been 10's of millions of shares hitting the market.
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