If the notes were NOT in default, there would be no risk of
If the notes were NOT in default, there would be no risk of foreclosure of the assets. That certainly isn't language they have to include just to be on the safe side.
You also suggested all notes are at a fixed price, and that's BS. That's why they include this.......
These convertible notes represent significant potential dilution to the Company’s current shareholders as the convertible price of these notes is generally lower than the current market price of the Company’s shares.
This is the most recent note that came due.....
On September 08, 2014, the Company entered into a convertible note payable with a corporation. The note payable, with a face value of $53,500, including $3,500 of original issue discount, bears interest at 12.0% per annum and is due on September 8, 2015. The convertible note payable is convertible, at the holder’s option, into the Company’s common shares at the Variable Conversion Price. The Variable Conversion Price is defined as 60% multiplied by the lowest closing bid price for the Company’s common stock during the twenty (20) trading day period including the day the notice of conversion is received by the Company.
The concern should be when the debt isn't portrayed as toxic. The loans described above are the reason the stock price falls as lenders convert and sell the heavily discounted shares into the market.
The have less than $135K in assets at last report, with over $10MM in accumulated losses. I would call this bad stewardship of company resources.
If Kyle wants to lead a public company he should stand ready to be held to account, even by those that don't own shares.
If he can't stand the heat, he should get out of the kitchen.
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