Just to be clear, Iconics conversion floor was eli
Post# of 3935
(Total Views: 169)
Posted On: 02/15/2017 3:43:30 PM
Re: BUMPERCARS #157
Just to be clear, Iconics conversion floor was eliminated, not J & N's. Per last filing, J & N converts at .10 per share.
You also left out the part below from the St George promissory note out.
If you look at the stocks trading activity from the end of sept until dec 21 (Iconics maturity date), it was all St George selling. There were roughly 25 million shares sold during that span.
Lets say St George (the only debt holder with the ability to convert at the time) sold 15 million of those shares(I think its closes to 20 mil). They sell at the average market price for last 20 trading days. During that period the average trading price was probably around .0085 because you have too account for the 20 days prior to 9/25(date of the filing).
.0085 x 15,000,000 = $127,500
if we do 20 mil
.0085 x 20,000,000 = $170,000
Based on the above, I'm guessing St George converted about $150k last quarter alone. That means of the $222k we owed St george last quarter, we have paid off $150k of it. Only leaving $70k.
Nothing to worry about here imo.
You also left out the part below from the St George promissory note out.
Quote:
During the period ended September 25, 2016, the Holder converted $60,000 of debt into 2,223,330 shares of Common Stock, at a conversion price $0.04043 pershare. In addition, the Company paid $8,875 of the principal balance. The balance outstanding as of September 25, 2016 was $222,625. As of September 25, 2016, the note was past due and in default.
If you look at the stocks trading activity from the end of sept until dec 21 (Iconics maturity date), it was all St George selling. There were roughly 25 million shares sold during that span.
Lets say St George (the only debt holder with the ability to convert at the time) sold 15 million of those shares(I think its closes to 20 mil). They sell at the average market price for last 20 trading days. During that period the average trading price was probably around .0085 because you have too account for the 20 days prior to 9/25(date of the filing).
.0085 x 15,000,000 = $127,500
if we do 20 mil
.0085 x 20,000,000 = $170,000
Based on the above, I'm guessing St George converted about $150k last quarter alone. That means of the $222k we owed St george last quarter, we have paid off $150k of it. Only leaving $70k.
Nothing to worry about here imo.
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