Hello all! Just read the past few days. Love this
Post# of 17862
Posted On: 11/14/2013 9:56:21 AM
Hello all! Just read the past few days. Love this board! I have been leery for a while now and like to see I'm not the only one with questions. I have a few more and was wondering if they have been discussed with mgmt? I was going over the 9/12/13 report and had a question about the below loan?
During August 2012, the Company entered into a $50,000 Line of Credit Agreement with Ajene Watson, LLC, a New York limited liability company. The line of credit agreement bears interest at 10 percent and has a December 31, 2013 maturity date. Accrued interest is payable on a quarterly basis no later than the 5th business day following the end of such quarter. Any overdue principal or interest shall bear interest at 15 percent until paid in full.
a. The agreement was entered into pursuant to Section 4(2) of the Securities Act of 1933, as amended, and Rule 506 promulgated thereunder;
b. The transaction was unregistered;
c. The transaction was executed via a private agreement and not a public offering;
d. The agreement called for conversion into common shares on any outstanding balance
after one year;
e. As of June 30, 2013, advances under the line of credit and accrued interest were
approximately $25,700 and $1,700, respectively;
f. The Line of Credit Agreement is not publicly traded however, can convert into common
shares after one year;
g. The Line of Credit Agreement and any shares issued under this agreement contain the
appropriate restrictive legend.
Has this note been paid? Did they use the full loan or just the amount shown as of june30th?
The second part is they announced the Loi with bayano wood on June 28th. Why then a month later would Lonnie then hamstring the efforts of mgmt. to get this going bye releasing the c shares?
During August 2012, the Company entered into a $50,000 Line of Credit Agreement with Ajene Watson, LLC, a New York limited liability company. The line of credit agreement bears interest at 10 percent and has a December 31, 2013 maturity date. Accrued interest is payable on a quarterly basis no later than the 5th business day following the end of such quarter. Any overdue principal or interest shall bear interest at 15 percent until paid in full.
a. The agreement was entered into pursuant to Section 4(2) of the Securities Act of 1933, as amended, and Rule 506 promulgated thereunder;
b. The transaction was unregistered;
c. The transaction was executed via a private agreement and not a public offering;
d. The agreement called for conversion into common shares on any outstanding balance
after one year;
e. As of June 30, 2013, advances under the line of credit and accrued interest were
approximately $25,700 and $1,700, respectively;
f. The Line of Credit Agreement is not publicly traded however, can convert into common
shares after one year;
g. The Line of Credit Agreement and any shares issued under this agreement contain the
appropriate restrictive legend.
Has this note been paid? Did they use the full loan or just the amount shown as of june30th?
The second part is they announced the Loi with bayano wood on June 28th. Why then a month later would Lonnie then hamstring the efforts of mgmt. to get this going bye releasing the c shares?
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