From Thoth: update on note conversions
Thoth Member Level Sunday, 12/03/17 02:31:22 PM
Re: DJPennyTrader post# 12203
of 12214 Go
Here is a repost from a few weeks back, more debt has converted since then btw.
From the recent 3rd Q and 2nd Q:
From 2nd Q:
$100k + $24k + $36k + $90k + $90k + $60k + $66k + $15k + $30k + $60k + $33k+ $67k = $671,000 <--- This is the amount of convertible debt we had on the books when 2nd Q was released
In the 3rd Q, GRCK took on 2 more convertible notes of $103,000 in total. One has prepayment penalties and the other cannot be converted for 180 days.
If you read the 3rd Q, there are roughly $200k in notes paid off in 3rd Q.
We added roughly 32 mil shares in 3rd Q with an average conversion price of .00625. The OS at end of 3rd Q was about 59 mil.
So at the end of 3rd Q we need to subtract $200k in notes paid but add the new $103k notes (remember these notes can convert no earlier than next March-June).
So, that means after 3rd Q conversions, we still had roughly $574k in notes due if we add new notes.
The Q then says;
In October and November 2017, the Company issued a total of 80,773,597 shares of common stock for the conversion of debt including principal of $281,345, interest of $21,873 and fees of $4,508.
$305,000 / 80,773,597 = .003775 <--- This appears to be the average conversion price for shares issued so far during Oct/Nov.
If you take the debt converted in 3rd Q and the debt converted so far this 4th Q, you get about $510k of debt that has been converted as of the week of 3rd Q release. That leaves roughly $160k in ‘old debt’ to convert. If you add the debt set to convert in 2nd Q of next year, we have $263k in total convertible debt.
I’ll redo this more specifically and I won’t do it again.
Lets say 12.5 mil shares diluted since recent Q release, I think it’s closer to 15 mil personally because every ‘cross trade’ isn’t logged at EOD, it happens in between sessions as well.
Let’s use recent low of .0063 and discount of 58%.
.0063 x .58 = .003654
.0063 - .003654 = .002646 <-conversion price for recent 15 mil shares or so.
.002646 x 15 mil shares = $39,690 <- This is roughly how much debt has been converted since recent 3rd Q release.
We know about $40k of that debt was converted. $120k in convertible debt isn't a lot of debt. We are near the end of the debt at absolute worst case scenario.
If we add new convertibles from 3rd Q, I’d change it to say this:
We know about $40k of that debt was converted so far this Q. Add the $103k in new convertibles and we get $223 k in debt total. Being that $103k of that debt isn’t set to convert until next March at the earliest, I’m seeing no more than $120k in convertibles left to convert this Q, AS I ALREADY SAID LOL