DD by Paul54 Thursday, 02/01/18 01:38:06 PM
I'm not so sure that February 12th will bring an end to the conversions, or the work of VNDM. It seems unlikely that most of these conversions are for SMI. On March 28, 2017; SMI agreed to limit their ownership of common stock to no more than 4.99%. Most likely to not have to deal with SEC reporting requirements. Which would explain why SMI hadn't been issued any shares yet, as of the last quarterly report.
http://irdirect.net/filings/viewer/index/9245...117000018/
So let us assume that VNDM has been converting stock warrants held by GBP Debt Holdings (I know I'm not alone in this theory).
If you look at page 16 of the last quarterly report, warrants number 16 & 17 represent warrants held by GBP Debt Holdings. Neither of those warrants expire until 2021.
http://irdirect.net/filings/viewer/index/9245...117000077/
The promissory note that matures on February 12, 2018; that people have referenced, is the money that GTHP owes GBP Debt Holdings. If GTHP doesn't pay it by that date, they'd have been in default. The thing is, GTHP hasn't had the money to pay GBP Debt Holdings for a long time. So GTHP already was in default of the debt, and in August of last year agreed to a forbearance agreement with GBP Debt Holdings.
http://irdirect.net/filings/viewer/index/9245...417007533/
GBP Debt Holdings has the option to convert that promissory note into shares. Most likely the cause of most of these conversions.
Near the end of Page 22:
http://irdirect.net/filings/viewer/index/9245...117000077/
"the convertible note is convertible at any time, in whole or in part, at the holder’s option, into shares of the Company’s common stock, at a conversion price equal to the lesser of $0.80 per share or 70% of the average closing price per share for the five trading days prior to issuance, subject to certain customary adjustments and anti-dilution provisions contained in the convertible note."
In that case it would be GBP Debt Holdings getting their money back with these conversions, but in the form of stock. I doubt GTHP would risk being foreclosed on, by ending the forbearance agreement on February 12th. And I doubt they have the money yet to pay off GBP Debt Holdings, or we'd have heard about it.
MAybe I'll be wrong about it all, but at least that's my theory. We'll probably know for sure by the time the next quarterly report comes out.
Starting in February, Power Up Lending Group will also have the option to some conversions of their own.
http://irdirect.net/filings/viewer/index/9245...117000051/
"On August 18, 2017, Guided Therapeutics, Inc. (the “Company”) entered into a securities purchase agreement with Power Up Lending Group Ltd. (“Power Up”), providing for the purchase by Power Up from the Company of a convertible note in the aggregate principal amount of $53,000. The note bears an interest rate of 12%, and is due and payable on May 19, 2018. The note may be converted by Power Up at any time after 180 days from issuance into shares of Company’s common stock at a conversion price equal to 58% of the average of the lowest two day trading prices of the common stock during the 15 trading days prior to conversion."
I'm not so sure that February 12th will bring an end to the conversions, or the work of VNDM. It seems unlikely that most of these conversions are for SMI. On March 28, 2017; SMI agreed to limit their ownership of common stock to no more than 4.99%. Most likely to not have to deal with SEC reporting requirements. Which would explain why SMI hadn't been issued any shares yet, as of the last quarterly report.
http://irdirect.net/filings/viewer/index/9245...117000018/
So let us assume that VNDM has been converting stock warrants held by GBP Debt Holdings (I know I'm not alone in this theory).
If you look at page 16 of the last quarterly report, warrants number 16 & 17 represent warrants held by GBP Debt Holdings. Neither of those warrants expire until 2021.
http://irdirect.net/filings/viewer/index/9245...117000077/
The promissory note that matures on February 12, 2018; that people have referenced, is the money that GTHP owes GBP Debt Holdings. If GTHP doesn't pay it by that date, they'd have been in default. The thing is, GTHP hasn't had the money to pay GBP Debt Holdings for a long time. So GTHP already was in default of the debt, and in August of last year agreed to a forbearance agreement with GBP Debt Holdings.
http://irdirect.net/filings/viewer/index/9245...417007533/
GBP Debt Holdings has the option to convert that promissory note into shares. Most likely the cause of most of these conversions.
Near the end of Page 22:
http://irdirect.net/filings/viewer/index/9245...117000077/
"the convertible note is convertible at any time, in whole or in part, at the holder’s option, into shares of the Company’s common stock, at a conversion price equal to the lesser of $0.80 per share or 70% of the average closing price per share for the five trading days prior to issuance, subject to certain customary adjustments and anti-dilution provisions contained in the convertible note."
In that case it would be GBP Debt Holdings getting their money back with these conversions, but in the form of stock. I doubt GTHP would risk being foreclosed on, by ending the forbearance agreement on February 12th. And I doubt they have the money yet to pay off GBP Debt Holdings, or we'd have heard about it.
MAybe I'll be wrong about it all, but at least that's my theory. We'll probably know for sure by the time the next quarterly report comes out.
Starting in February, Power Up Lending Group will also have the option to some conversions of their own.
http://irdirect.net/filings/viewer/index/9245...117000051/
"On August 18, 2017, Guided Therapeutics, Inc. (the “Company”) entered into a securities purchase agreement with Power Up Lending Group Ltd. (“Power Up”), providing for the purchase by Power Up from the Company of a convertible note in the aggregate principal amount of $53,000. The note bears an interest rate of 12%, and is due and payable on May 19, 2018. The note may be converted by Power Up at any time after 180 days from issuance into shares of Company’s common stock at a conversion price equal to 58% of the average of the lowest two day trading prices of the common stock during the 15 trading days prior to conversion."
