RE: reading back over some old info23 Aug 2019 11:19
and this final paragraph may well explain some of the further behind the scenes goings on and subsequent silence.
Heres hoping- lots of little pointers starting to materialise. As Depeche Mode sang - break the silence. LMOA
In September 2018, it came to the Company's attention that on August 28, 29, 30, 2018, and
September 3, 2018, YA II PN, Ltd. arbitrarily sold 82,077,412 ordinary shares in the Company that
have not been authorised, issued and admitted to trading by the Company. On August 28, 2018 and
September 3, 2018, the Company received conversion notices from YA II PN, Ltd. in respect of 241
of its Series A Preferred Convertible Shares each in lieu of respective cash payments for the months
of August and September. Those conversion notices stipulated that the number of Ordinary Shares
to be issued following conversion were 82,077,412 and 93,784,120 Ordinary Shares respectively.
The Company immediately commenced an investigation into this matter and on September 12, 2018
the Company's legal advisers informed YA II PN, Ltd. that (i) the Company had serious concerns as
to the validity of the conversion notices and the calculations contained therein and (ii) the Company
does not consider that it would be appropriate to action any conversions in respect of the conversion
notices pending further investigation. In response, later on the same day, the Company received a
purported notice of default from YA II PN, Ltd. in respect of the conversion notices and demanded
the redemption in cash of the outstanding 2,650 Preferred Shares at a liquidation amount of
$2,650,000. The Company vigorously disputes the validity of both the conversion notices and the
purported default notice, and is continuing to investigate YA II PN Ltd.'s actions in that regard,
particularly the above sales and YA II PN, Ltd.'s any other possible unauthorized dealings in shares.
Events occurring after June 30, 2018 were evaluated through September 26, 2018, the date these
financial statements were available to be issued, to ensure that any subsequent events meeting the
criteria for recognition or disclosure were included.
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