Background:
The last conversion was in July, it's September! I wonder why conversions just mysteriously stopped even though many were past due and were actively converting?
Ontario will enter into a loan agreement with the Registrant (the “Loan Agreement”) pursuant to which Ontario will make a secured loan of US$1,450,000 (the “Loan”) to the Registrant on or before the Closing Date
A portion of the loan amount shall be placed into the trust account of legal counsel to Ontario and directed to fully repay approximately US$750,000 principal amount of convertible debt of the Registrant (the “Convertible Debt”) that is currently outstanding,
Yes, the quarterly is late which is very uncharacteristic of this company. What could possibly be the hold-up!
If the 10-Q cannot be filed in a timely manner, the company must file a Form 10-QT with the commission. A very common reason for an NT 10-Q is a merger or acquisition, which prevents results from being incorporated in time for the filing.
https://www.investopedia.com/terms/s/sec-form-nt-10-q.asp
But they're broke how can they ever go on?
A portion of the Loan amount shall be placed into the trust account of legal counsel to Ontario and directed to fully repay approximately US$750,000 principal amount of convertible debt of the Registrant (the “Convertible Debt”) that is currently outstanding, and the balance shall be used as working capital.
There must be another reason convertible notes stopped because we know they had a firm closing date with no possible way to extend the terms, which were incorporated in the extension date as well, right?
The funding of the Loan pursuant to the Definitive Agreements for the Proposed Transaction incorporating the terms hereof shall occur on or before July 30, 2019, or such other date as may be agreed upon by Ontario and the Registrant (the “Closing Date”).
We also know that they could just terminate the deal and not tell shareholders because an 8k is only for a material event, right?
Item 1.01 Entry into a Material Definitive Agreement
https://www.otcmarkets.com/filing/html?id=135...WVWxskRu3h
Your company must also file current reports on Form 8-K to report certain specified events, often within four business days after occurrence of the event. Examples of the events that trigger the filing of a current report are:
entry into and termination of a material definitive agreement (a copy of the agreement must also be publicly filed);
https://www.sec.gov/fast-answers/answersform8khtm.html
In all seriousness, it looks to me that not only is this deal still very much on, but binding elements of the deal have already been implemented, thus the end of conversions.
In addition to that fact, we have also seen the restricted shares issued to correspond with the 36,250,000 shares needed to secure the loan, as well as preferred shares being issued as well.
Quiet periods, and the late filings that often are part of them, are very hard for many investors to endure. The only thing harder is trying to accumulate a large position when the quiet period ends.
This is easier to read than a donk at a hold-em table and real players know exactly what time it is!
PCTL!!
Information posted by: sello
The last conversion was in July, it's September! I wonder why conversions just mysteriously stopped even though many were past due and were actively converting?
Ontario will enter into a loan agreement with the Registrant (the “Loan Agreement”) pursuant to which Ontario will make a secured loan of US$1,450,000 (the “Loan”) to the Registrant on or before the Closing Date
A portion of the loan amount shall be placed into the trust account of legal counsel to Ontario and directed to fully repay approximately US$750,000 principal amount of convertible debt of the Registrant (the “Convertible Debt”) that is currently outstanding,
Yes, the quarterly is late which is very uncharacteristic of this company. What could possibly be the hold-up!
If the 10-Q cannot be filed in a timely manner, the company must file a Form 10-QT with the commission. A very common reason for an NT 10-Q is a merger or acquisition, which prevents results from being incorporated in time for the filing.
https://www.investopedia.com/terms/s/sec-form-nt-10-q.asp
But they're broke how can they ever go on?
A portion of the Loan amount shall be placed into the trust account of legal counsel to Ontario and directed to fully repay approximately US$750,000 principal amount of convertible debt of the Registrant (the “Convertible Debt”) that is currently outstanding, and the balance shall be used as working capital.
There must be another reason convertible notes stopped because we know they had a firm closing date with no possible way to extend the terms, which were incorporated in the extension date as well, right?
The funding of the Loan pursuant to the Definitive Agreements for the Proposed Transaction incorporating the terms hereof shall occur on or before July 30, 2019, or such other date as may be agreed upon by Ontario and the Registrant (the “Closing Date”).
We also know that they could just terminate the deal and not tell shareholders because an 8k is only for a material event, right?
Item 1.01 Entry into a Material Definitive Agreement
https://www.otcmarkets.com/filing/html?id=135...WVWxskRu3h
Your company must also file current reports on Form 8-K to report certain specified events, often within four business days after occurrence of the event. Examples of the events that trigger the filing of a current report are:
entry into and termination of a material definitive agreement (a copy of the agreement must also be publicly filed);
https://www.sec.gov/fast-answers/answersform8khtm.html
In all seriousness, it looks to me that not only is this deal still very much on, but binding elements of the deal have already been implemented, thus the end of conversions.
In addition to that fact, we have also seen the restricted shares issued to correspond with the 36,250,000 shares needed to secure the loan, as well as preferred shares being issued as well.
Quiet periods, and the late filings that often are part of them, are very hard for many investors to endure. The only thing harder is trying to accumulate a large position when the quiet period ends.
This is easier to read than a donk at a hold-em table and real players know exactly what time it is!
PCTL!!
Information posted by: sello
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