Can somebody give me some clarity on this below as
Post# of 36537
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Posted On: 05/01/2020 10:45:50 PM
Can somebody give me some clarity on this below as my math is not good, I don't even attempt to figure this out myself...but according to the calculator these shares were given in lieu of payment at around .40 each....is that good or bad for the pps….HELP
On January 14, 2020, we closed under a securities purchase agreement with an investor pursuant to which we sold a convertible note bearing interest at 4% per year in the principal amount of $275,000. The purchase price of the note was $262,500 and the remaining $12,500 of principal amount represents original issue discount and issued 75,000 shares of common stock for the commitment. Subject to certain ownership limitations, the note will be convertible at the option of the holder at any time into shares of our common stock at a conversion price equal to the lesser of
•
A price determined as of the date of closing; and
•
80% of the lowest volume weighted average trading price of the common stock on the twenty days prior to (and including) the date a notice of conversion is received.
On February 3, 2020, we converted $74,572 of principal into 181,000 shares of common stock.
On February 9, 2020, we converted $100,464 of principal into 260,000 shares of common stock.
The securities discussed under this Item 15 were issued in reliance on the exemption from registration provided in Section 4(a)(2) of the Securities Act for transactions not involving a public offering.
On January 14, 2020, we closed under a securities purchase agreement with an investor pursuant to which we sold a convertible note bearing interest at 4% per year in the principal amount of $275,000. The purchase price of the note was $262,500 and the remaining $12,500 of principal amount represents original issue discount and issued 75,000 shares of common stock for the commitment. Subject to certain ownership limitations, the note will be convertible at the option of the holder at any time into shares of our common stock at a conversion price equal to the lesser of
•
A price determined as of the date of closing; and
•
80% of the lowest volume weighted average trading price of the common stock on the twenty days prior to (and including) the date a notice of conversion is received.
On February 3, 2020, we converted $74,572 of principal into 181,000 shares of common stock.
On February 9, 2020, we converted $100,464 of principal into 260,000 shares of common stock.
The securities discussed under this Item 15 were issued in reliance on the exemption from registration provided in Section 4(a)(2) of the Securities Act for transactions not involving a public offering.
On January 14, 2020, we closed under a securities purchase agreement with an investor pursuant to which we sold a convertible note bearing interest at 4% per year in the principal amount of $275,000. The purchase price of the note was $262,500 and the remaining $12,500 of principal amount represents original issue discount and issued 75,000 shares of common stock for the commitment. Subject to certain ownership limitations, the note will be convertible at the option of the holder at any time into shares of our common stock at a conversion price equal to the lesser of
•
A price determined as of the date of closing; and
•
80% of the lowest volume weighted average trading price of the common stock on the twenty days prior to (and including) the date a notice of conversion is received.
On February 3, 2020, we converted $74,572 of principal into 181,000 shares of common stock.
On February 9, 2020, we converted $100,464 of principal into 260,000 shares of common stock.
The securities discussed under this Item 15 were issued in reliance on the exemption from registration provided in Section 4(a)(2) of the Securities Act for transactions not involving a public offering.
On January 14, 2020, we closed under a securities purchase agreement with an investor pursuant to which we sold a convertible note bearing interest at 4% per year in the principal amount of $275,000. The purchase price of the note was $262,500 and the remaining $12,500 of principal amount represents original issue discount and issued 75,000 shares of common stock for the commitment. Subject to certain ownership limitations, the note will be convertible at the option of the holder at any time into shares of our common stock at a conversion price equal to the lesser of
•
A price determined as of the date of closing; and
•
80% of the lowest volume weighted average trading price of the common stock on the twenty days prior to (and including) the date a notice of conversion is received.
On February 3, 2020, we converted $74,572 of principal into 181,000 shares of common stock.
On February 9, 2020, we converted $100,464 of principal into 260,000 shares of common stock.
The securities discussed under this Item 15 were issued in reliance on the exemption from registration provided in Section 4(a)(2) of the Securities Act for transactions not involving a public offering.
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