I think you are right on the $RBNW note. This is f
Post# of 103005
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Posted On: 10/19/2017 8:17:28 AM
I think you are right on the $RBNW note. This is from a recent 8k:
http://www.otcmarkets.com/edgar/GetFilingHtml...D=12318939
Date of this Amended 8-K/A Report : October 9, 2017
Reference: Renewable Energy and Power, Inc. 8-K Report dated Sept. 14, 2017
Item 1.01 Entry into a Material Definitive Agreement
A.) Registrant, Renewable Energy and Power, Inc., submitted an 8-K Report on Sept. 14, 2017 that stated the following:
“On March 3, 2016 the company issued a 10 % Convertible Promissory Note in the aggregate amount of $68,126. T his note matures on March 3, 2017 and is convertible at the lessor of 50 % of the of the lowest trading price for the 25 days prior to the conversion date or $0.001 post split. This note has matured and is currently in default. The outstanding balance due on this note is $55,901.25 and we are working with the debt holder to remedy the default. This note was not reflected on the balance sheet.”
Registrant hereby states that the sentence “The note was not reflected on the balance sheet” was erroneous and that the note was reflected on the balance sheet correctly since that time.
B.) Registrant did not reflect a note in the amount of $28,500 dated 3/31/2017 (but funded in April 2017) on the balance sheet for the 10-Q for the period ending March 31, 2017. The note is immaterial and thus the omission does not require a restatement of the financials in the March 31, 2017 10-Q . This omission will be corrected in the next 10-K report.
http://www.otcmarkets.com/edgar/GetFilingHtml...D=12318939
Date of this Amended 8-K/A Report : October 9, 2017
Reference: Renewable Energy and Power, Inc. 8-K Report dated Sept. 14, 2017
Item 1.01 Entry into a Material Definitive Agreement
A.) Registrant, Renewable Energy and Power, Inc., submitted an 8-K Report on Sept. 14, 2017 that stated the following:
“On March 3, 2016 the company issued a 10 % Convertible Promissory Note in the aggregate amount of $68,126. T his note matures on March 3, 2017 and is convertible at the lessor of 50 % of the of the lowest trading price for the 25 days prior to the conversion date or $0.001 post split. This note has matured and is currently in default. The outstanding balance due on this note is $55,901.25 and we are working with the debt holder to remedy the default. This note was not reflected on the balance sheet.”
Registrant hereby states that the sentence “The note was not reflected on the balance sheet” was erroneous and that the note was reflected on the balance sheet correctly since that time.
B.) Registrant did not reflect a note in the amount of $28,500 dated 3/31/2017 (but funded in April 2017) on the balance sheet for the 10-Q for the period ending March 31, 2017. The note is immaterial and thus the omission does not require a restatement of the financials in the March 31, 2017 10-Q . This omission will be corrected in the next 10-K report.
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****Disclaimer**** Nothing I post is meant to be investment advice. Please do your own DD and research. At the end of the day we are all responsible for our own actions. I click the buy button and I click the sell button. I and I alone.
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