RIGH - Debts Paid In-Full. Origination of Debt
Post# of 5949
Posted On: 07/19/2014 9:11:13 PM
Re: BURN.NOTICE88 #3128
RIGH - Debts Paid In-Full.
Origination of Debt - 750 million common and 800,000 preferred shares:
“On May 29, 2012 the Company and BCAP agreed to settle obligations entered into by previous RIGH management, related to all remaining outstanding notes payable. The Company agreed to convert certain remaining outstanding notes in the original principal amount of $160,520 and $61,702 accrued and outstanding interest into 750,000,000 restricted common shares of the Company, to be issued upon request from BCAP. As of September 30, 2012, 375,000 shares of common stock remain to be issued. This negotiated settlement converted existing debt above market price at the time of the conversion.”
Page 10: http://www.otcmarkets.com/financialReportView...p;id=94646
“In October the Company sold its control block of 800,000 shares of Series A Preferred stock in RightSmile, Inc, back to the Company for $200,000 . The terms of the transaction state; all payments and interest have been deferred until July of 2012 at which time RightSmile can either pay the Company cash or elect to pay off the Note in equity.”
Page 13: http://www.otcmarkets.com/financialReportView...p;id=76077
Note 6 SUBSEQUENT EVENTS:
In July the Company and RightSmile, Inc. (“RIGH”) entered into a series of Amendments to Convertible Notes dated between January 2010 and January 2012. The parties agreed to exchange approximately $213,000 in aged debt earning interest at 18% per annum for 750,000,000 free trading shares of RIGH. The parties further agreed to amend the terms of the remaining loans entered into in 2012 totaling less the $40,000, which would reduce the conversion rate to 25% of the average closing bid price for the previous 10 trading days or RIGH has the ability to pay the loan in cash prior to conversion. The Note dated October 18, 2011 for $200,000, the parties agreed to forgive all accrued interest and give RIGH the ability to pay the loan back in cash prior to conversion. Currently the parties are working on an agreement to extend the Note due on October 18, 2012 until January 18, 2013 in exchange for the Company receiving a lump sum cash payment on that date.
In July the Company assigned the available debt in RIGH convertible to a third party for $75,000 , but because the RIGH was not able to file its financials and restore the entity to a “Limited Information” until recently.”
http://www.otcmarkets.com/financialReportView...p;id=91991
Debt Paid In-full:
On the Nov. 15, 2012 dated disclosure, the third party had received 1.1B shares for that $75K. Here it is again for all to see again.
"During the nine-month period ended September 30, 2012 the Company converted a total of $75,703 of promissory notes issued by RightSmile in 2010 into common stock. The Company issued 1,182,549,444 shares of restricted common stock in full and complete satisfaction of $75,703 in principal and $9,420 in accrued and unpaid interest ."
Page 10: http://www.otcmarkets.com/financialReportView...p;id=94646
Origination of Debt - 750 million common and 800,000 preferred shares:
“On May 29, 2012 the Company and BCAP agreed to settle obligations entered into by previous RIGH management, related to all remaining outstanding notes payable. The Company agreed to convert certain remaining outstanding notes in the original principal amount of $160,520 and $61,702 accrued and outstanding interest into 750,000,000 restricted common shares of the Company, to be issued upon request from BCAP. As of September 30, 2012, 375,000 shares of common stock remain to be issued. This negotiated settlement converted existing debt above market price at the time of the conversion.”
Page 10: http://www.otcmarkets.com/financialReportView...p;id=94646
“In October the Company sold its control block of 800,000 shares of Series A Preferred stock in RightSmile, Inc, back to the Company for $200,000 . The terms of the transaction state; all payments and interest have been deferred until July of 2012 at which time RightSmile can either pay the Company cash or elect to pay off the Note in equity.”
Page 13: http://www.otcmarkets.com/financialReportView...p;id=76077
Note 6 SUBSEQUENT EVENTS:
In July the Company and RightSmile, Inc. (“RIGH”) entered into a series of Amendments to Convertible Notes dated between January 2010 and January 2012. The parties agreed to exchange approximately $213,000 in aged debt earning interest at 18% per annum for 750,000,000 free trading shares of RIGH. The parties further agreed to amend the terms of the remaining loans entered into in 2012 totaling less the $40,000, which would reduce the conversion rate to 25% of the average closing bid price for the previous 10 trading days or RIGH has the ability to pay the loan in cash prior to conversion. The Note dated October 18, 2011 for $200,000, the parties agreed to forgive all accrued interest and give RIGH the ability to pay the loan back in cash prior to conversion. Currently the parties are working on an agreement to extend the Note due on October 18, 2012 until January 18, 2013 in exchange for the Company receiving a lump sum cash payment on that date.
In July the Company assigned the available debt in RIGH convertible to a third party for $75,000 , but because the RIGH was not able to file its financials and restore the entity to a “Limited Information” until recently.”
http://www.otcmarkets.com/financialReportView...p;id=91991
Debt Paid In-full:
On the Nov. 15, 2012 dated disclosure, the third party had received 1.1B shares for that $75K. Here it is again for all to see again.
"During the nine-month period ended September 30, 2012 the Company converted a total of $75,703 of promissory notes issued by RightSmile in 2010 into common stock. The Company issued 1,182,549,444 shares of restricted common stock in full and complete satisfaction of $75,703 in principal and $9,420 in accrued and unpaid interest ."
Page 10: http://www.otcmarkets.com/financialReportView...p;id=94646
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