even though the payables are now taken care of by a 7.5% note
we still needs money to PAY KRALLY et al. Yet another 8k on
deck soon. Not that the lawyers will ever see anything but a
few interest payments. LOLOLOL. Options too so now we
the lawyers,Krally and Singer ready to sell on any pop.
What a fiasco! 8k coming in soon for stock or a new note
Pave the way for the PIPER now to PIPE more stock.
With the lawyers having had the ability to force the co into
BK court the PIPER was scared. Now the lawyers are long
term debt holders(good luck) and the PIPER can issue 5M
shares or so at .40 to .50 and buy another quarter. Look
for volume to pick up and then whammo, another 8k SOON!
I believe they'll have to wait a while to exercise the options and sell the shares. Appears 12/31/2013 is the soonest they can exercise the options. Appears the shares/warrants tied to the promissory note are the unregistered variety at this time.
There is no doubt however, the maneuver serves only to kick the can down the road. There is still no available public information that cash flow exceeds expenses, or even comes close. The promissory note requires a $ 40,000+ payment at the end of every month, meaning they are committed to approximately $120,000+/- per month just to pay Krall, Singer, the CFO and the note ... that does not even consider all other salaries and expenses.
$ 1,440,000 in round numbers for 12 months for these commitments. Add your estimate for all other expenses.
When was the last time they reported revenue exceeding $ 3,000,000 in a year ?
Options are live now and at any point can be
exercised. Shares can also be issued by the co
directly to the Lawyers without registration as
they are exempt from the act. It is not a public
offering and is an informed investor. Only thing
that would have stopped it a bit would be if
PURE was at the limit of O/S authorized. Not
that I expect the Lawyers to ever get the opportunity
to make much though as we are on the CUSP of
needing more money and dilution yet again.
I think you've misread it. They're only required to make interest payments until 2/28/14, then they have to start paying the principal at $46,875 (multiply by 24 and you get total principal of $1,125k). Interest should be just north of $7k per month for the 1st year.