You forgot to read subsequent events in 10K, page
Post# of 22465
(Total Views: 375)
Posted On: 05/24/2018 10:40:50 AM
You forgot to read subsequent events in 10K, page F31 and F32. It clearly shows where they were issuing shares for funding.
Quote:
Between July1, 2017 and April 12, 2018, the Company entered into Convertible Debenture Agreements to obtain a total of $1,237,000 in gross proceeds from three non-affiliated parties (collectively hereinafter referred to as the “Debenture Holders”). The Debentures have various terms maturing between May 1, 2018 and November 30, 2019. The Debentures bear interest at the rate of 8% per annum and are pre-payable by the Company at any time without penalty. The Debenture Holders have the right of conversion into unregistered and restricted shares of Common Stock at a conversion price of $0.12 per share at any date and will receive an equal number of warrants having a strike price of $0.15 per share and a term of five years. Details of each debenture are below:
On July 20, 2017, the Company entered into Convertible Debenture Agreements to obtain $100,000 in gross proceeds from non-affiliated parties (collectively hereinafter referred to as the “Debenture Holders”). The Debentures had an initial term of one year maturing on January 19, 2018 and bear interest at the rate of 8% per annum. This note was converted under the terms of a settlement agreement dated 20 September 2017.The maturity date was extended to May 1, 2018 in an extension agreement dated April 6, 2018. The debentures are pre-payable by the Company at any time without penalty. The Debenture Holders have the right of conversion into unregistered and restricted shares of Common Stock at a conversion price of $0.12 per share at any date. The Debenture Holders received 250,000 common stock warrants exercisable at $0.15 per share through July 20, 2019.
On September 11, 2017, the Company entered into Convertible Debenture Agreements to obtain $150,000 in gross proceeds from non-affiliated parties (collectively hereinafter referred to as the “Debenture Holders”). The Debentures had an initial term of six months maturing on March 11, 2018 and bear interest at the rate of 8% per annum. The maturity date was extended to May 1, 2018 in an extension agreement dated April 6, 2018. The debentures are pre-payable by the Company at any time without penalty. The Debenture Holders have the right of conversion into unregistered and restricted shares of Common Stock at a conversion price of $0.12 per share at any date. The Debenture Holders received 250,000 common stock warrants exercisable at $0.15 per share through September 11,2019.
On September 26, 2017, the Company entered into Convertible Promissory Note in the principal amount of $880,000 from non-affiliated parties (collectively hereinafter referred to as the “Debenture Holders”). $450,000 was paid at closing. The Debentures has a maturity date of on April 26, 2018 and bear interest at the rate of 8% per annum. The Debenture Holders have the right of conversion into unregistered and restricted shares of Common Stock at a conversion price of $0.12 per share at any date. The Debenture Holders received 250,000 common stock warrants exercisable at $0.15 per share through September 11,2019. On November 2, 2017 an additional $225,000 was advanced under this note.
On November 13, 2017, the Company entered into Convertible Debenture Agreements to obtain $27,000 in gross proceeds from non-affiliated parties (collectively hereinafter referred to as the “Debenture Holders”). The Debentures had an initial term of two years maturing on November 13, 2019 and bear interest at the rate of 8% per annum. The Debenture Holders have the right of conversion into unregistered and restricted shares of Common Stock at a conversion price of $0.12 per share at any date. The Debenture Holders received 112,482 common stock warrants exercisable at $0.15 per share through November 13, 2022.
On November 7, 2017, the Company entered into Convertible Debenture Agreements to obtain 100,000 in gross proceeds from non-affiliated parties (collectively hereinafter referred to as the “Debenture Holders”). The Debentures had an initial term of two years maturing on November 7, 2019 and bear interest at the rate of 8% per annum. The Debenture Holders have the right of conversion into unregistered and restricted shares of Common Stock at a conversion price of $0.12 per share at any date. The Debenture Holders received 416,600 common stock warrants exercisable at $0.15 per share through November 7, 2022.
On December 27, 2017, the Company entered into Convertible Debenture Agreements to obtain $75,000 in gross proceeds from non-affiliated parties (collectively hereinafter referred to as the “Debenture Holders”). The Debentures had an initial term of six months maturing on June 30, 2018 and bear interest at the rate of 8% per annum. The debentures are pre-payable by the Company at any time without penalty. The Debenture Holders have the right of conversion into unregistered and restricted shares of Common Stock at a conversion price of $0.12 per share at any date. The Debenture Holders received 250,000 common stock warrants exercisable at $0.15 per share through December 27,2019.
On February 8,2018, the Company entered into Convertible Debenture Agreements to obtain $45,000 in gross proceeds from non-affiliated parties (collectively hereinafter referred to as the “Debenture Holders”). The Debentures had an initial term of six months maturing on August 8, 2018 and bear interest at the rate of 8% per annum. The debentures are pre-payable by the Company at any time without penalty. The Debenture Holders have the right of conversion into unregistered and restricted shares of Common Stock at a conversion price of $0.12 per share at any date. The Debenture Holders received 500,000 common stock warrants exercisable at $0.15 per share through February 8, 2020.
On March 6,2018, the Company entered into Convertible Debenture Agreements to obtain $30,000 in gross proceeds from non-affiliated parties (collectively hereinafter referred to as the “Debenture Holders”). The Debentures had an initial term of six months maturing on September 6, 2018 and bear interest at the rate of 8% per annum. The debentures are pre-payable by the Company at any time without penalty. The Debenture Holders have the right of conversion into unregistered and restricted shares of Common Stock at a conversion price of $0.12 per share at any date. The Debenture Holders received 500,000 common stock warrants exercisable at $0.15 per share through March 6, 2020.
On March 23,2018, the Company entered into Convertible Debenture Agreements to obtain $35,000 in gross proceeds from non-affiliated parties (collectively hereinafter referred to as the “Debenture Holders”). The Debentures had an initial term of six months maturing on September 23, 2018 and bear interest at the rate of 8% per annum. The debentures are pre-payable by the Company at any time without penalty. The Debenture Holders have the right of conversion into unregistered and restricted shares of Common Stock at a conversion price of $0.12 per share at any date. The Debenture Holders received 500,000 common stock warrants exercisable at $0.15 per share through March 23, 2020.
The Company repaid $237,300 in principal plus interest to L2 Capital LLC and $101,700 plus interest to SBI Investments LLC on September 30, 2017, and $149,555 plus interest to L2 Capital LLC and $64,095 plus interest to SBI Investments LLC on November 3, 2017, respectively.
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