Company defaulted on $200,000 convertible note in
Post# of 2883
Posted On: 05/02/2015 12:43:11 AM
Company defaulted on $200,000 convertible note in August 2014. This was issued to settle a court case. They could not make monthly payments of 17K.
Company received a Demand Letter from above claimants (3 people) on October 27, 2014.
Enter Monster Marketing, the desperately needed revenue stream, for a purchase price of 40 million shares.
The company reached another settlement agreement on November 17, 2014.
It appears these Settlement Shares are the "Series A-1 Convertible Preferred Stock" referenced in the 12/31/14 Annual Report.
Company received a Demand Letter from above claimants (3 people) on October 27, 2014.
Enter Monster Marketing, the desperately needed revenue stream, for a purchase price of 40 million shares.
The company reached another settlement agreement on November 17, 2014.
Quote:
This Court Order provided amongst other items for the issuance of non restricted shares of common stock pursuant to Section 3(a)(10) of the Act that could be resold by the individual three claim holders without regard to the statutory guidelines of Reg. § 230.144, also known as Rule 144, under the Securities Act of 1933, as amended, so long as the Shares are issued in a manner which would not result in the individual claim holder owning more than 9.99% of all the Company’s common stock on such date, as determined in accordance with Section 16 of the Securities and Exchange Act of 1934, as amended, and the regulations promulgated thereunder.
It appears these Settlement Shares are the "Series A-1 Convertible Preferred Stock" referenced in the 12/31/14 Annual Report.
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