I stand by that statement.. especially when these
Post# of 1456
Posted On: 08/21/2015 11:48:35 AM
I stand by that statement.. especially when these "GENIUSES" keep pulling crap like this...
FUTL 10Q
NOTE 5: SUBSEQUENT EVENTS
In connection with a convertible note dated August 13, 2014 in the amount of $58,000 (see Note 6), on May 29, 2015 the Company received a notice of default from the Lender. In connection with the notice of default, the Company failed to file its annual report on Form 10-K by the due date (the "10-K Default" and the Company failed to pay its required installment payment due on April 13, 2015 (the "Payment Default" and has not paid all remaining outstanding principal and interest balances due prior to May 13, 2015 (the "Maturity Default" . Pursuant to the default terms in the agreement, the Lender has elected to increase the outstanding balance by applying the Default Effect (the "Default Effect" and accelerate the outstanding balance. The Default Effect for Major Defaults is equal to the outstanding balance multiplied by 115%. The 10-K Default is a Major Default and the Default Effect is equal to $7,585 ($50,565 x 15%). The Payment Default is a Major Default and the Default Effect is equal to $8,791 ($58,609 x 15%). The Maturity Default is a Major Default and the Default Effect is equal to $10,296 ($68,641 x 15%). The debt agreement also provides that the Default Effect may be applied for up to three Major Defaults and three Minor Defaults. The Lender hereby demanded that the outstanding balance of principal, interest and Default Effect aggregating $79,755 be paid to Lender no later than June 3, 2015.
As of August 19, 2015, the Company and the lender has agreed on a payment process including cash and limited number of stock. The Company agreed to pay the lender 16,000 shares of FL common stock and $12K per month for 4 month. The Company has already issued the stock and has made the first payment of $12k.
FUTL 10Q
NOTE 5: SUBSEQUENT EVENTS
In connection with a convertible note dated August 13, 2014 in the amount of $58,000 (see Note 6), on May 29, 2015 the Company received a notice of default from the Lender. In connection with the notice of default, the Company failed to file its annual report on Form 10-K by the due date (the "10-K Default" and the Company failed to pay its required installment payment due on April 13, 2015 (the "Payment Default" and has not paid all remaining outstanding principal and interest balances due prior to May 13, 2015 (the "Maturity Default" . Pursuant to the default terms in the agreement, the Lender has elected to increase the outstanding balance by applying the Default Effect (the "Default Effect" and accelerate the outstanding balance. The Default Effect for Major Defaults is equal to the outstanding balance multiplied by 115%. The 10-K Default is a Major Default and the Default Effect is equal to $7,585 ($50,565 x 15%). The Payment Default is a Major Default and the Default Effect is equal to $8,791 ($58,609 x 15%). The Maturity Default is a Major Default and the Default Effect is equal to $10,296 ($68,641 x 15%). The debt agreement also provides that the Default Effect may be applied for up to three Major Defaults and three Minor Defaults. The Lender hereby demanded that the outstanding balance of principal, interest and Default Effect aggregating $79,755 be paid to Lender no later than June 3, 2015.
As of August 19, 2015, the Company and the lender has agreed on a payment process including cash and limited number of stock. The Company agreed to pay the lender 16,000 shares of FL common stock and $12K per month for 4 month. The Company has already issued the stock and has made the first payment of $12k.
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