Slojab
13 years ago
Doubtful. More news, btw.
Highlights.....
On June 4, 2011 the Company was notified by the Lender that they were calling the
Convertible Promissory Note in the amount of $45,000. The Company is negotiating
with the Lender and anticipates settlement with the issue of 31,528,158 common
shares which the lender was entitled to under the terms of the note as of March 12,
2012. Lender is also entitled to an additional 6,088 shares per day the note remains
unsettled from March 12, 2012. No definite agreement has been reached as of the
date of these statements but the Company recognized its obligation under the terms of
the note and expects to settle with the issue of stock..
On August 2, 2011, the Company was notified by the Lender that they were calling
the Convertible Promissory Note in the amount of $13,000. The Company is
negotiating with the Lender and anticipates settlement with the issue of 9,000,846
common shares which the lender was entitled to under the terms of the note as of
March 12, 2012. Lender is also entitled to an additional 1,759 shares per day the note
remains unsettled from March 12, 2012. No definite agreement has been reached as
of the date of these statements but the Company recognized its obligation under the
terms of the note and expects to settle with the issue of stock.
On August 2, 2011, the Company was notified by the Lender that they were calling
the Convertible Promissory Note in the amount of $4,700. The Company is
negotiating with the Lender and anticipates settlement with the issue of 3,195,014
common shares which the lender was entitled to under the terms of the note as of
March 12, 2012. Lender is also entitled to an additional 636 shares per day the note
remains unsettled from March 12, 2012. No definite agreement has been reached as
of the date of these statements but the Company recognized its obligation under the
terms of the note and expects to settle with the issue of stock.
The Company was notified on June 11, 2011, by the Lender, who holds a Convertible
Promissory Note issued on May 27, 2011 in the amount of $51,000.00 that the Issuer
by virtue of its suspension of trading in its securities had defaulted in the terms and
conditions of such Convertible Promissory Note. The Company cannot opine as to
the outcome of such discussions. Currently, the Company does not have the
financial ability to redeem such debt and such debt remains outstanding.
The Convertible Promissory Notes in the amount of $10,500 issued on November 24,
2011 is not currently in default.
lowman
13 years ago
FYI & FWIW:
APRM, (currently along with 225 other stocks as of 10-13-11), is on the non-DTC eligible list.
The reason for this DTCC status, though excused in various other ways by the publicly traded company and/or brokerage houses, is quite simple: questionable unregistered shares were issued by the company.
Finding anyone to admit this publicly is impossible though. The SEC no more wants to acknowledge the fallout of unregistered shares than they wanted to acknowledge the fallout of allowing MMs the right to 'maintain an orderly market', ie; naked shorting.
While unregistered shares in themselves is not technically a crime, the problem they created is why the DTCC refuses to clear trading in them electronically. That problem is: unregistered shares opened the door to counterfeit shares and shares issued under false pretense, and the DTCC does not want to be caught holding/clearing such shares any longer.
(Yes, stock certificates can be counterfeited no differently than money. Perhaps easier, since U.S. currency is becoming more and more difficult to counterfeit.)
One might think that they are safe with trading in a non-DTCC eligible stock so long as their brokerage firm does their own self-clearing or uses some other clearing house besides the DTCC. For the time being, this is most likely true. However, there are indications that clearing of stocks with unregistered shares issued may very well eventually be coming to an end, at the current trade rates. The costs for such clearing is slowly becoming unbearable. The risk of clearing stocks that may have counterfeit shares is growing daily and the revenue generated from doing so is becoming unjustified. This is why brokerage firms are starting to charge exorbinent rates to physically clear certain stocks, ie; those with (questionable) unregistered shares. Physical clearing ensures the shares bought or sold are authentic, and not counterfeited or naked shorted.
It should be clearly understood, the precedence the DTCC is setting by requiring physical delivery of certain stocks. It is not greed on the part of just one clearing house. It is instead, precaution on their part, for a problem they are anticipating will be growing, and perhaps growing out of control.
No one will deny naked shorting exists, nor can it be denied it is growing. Nothing has changed to divert it yet. Nothing has changed to stop counterfeiting of stock certificates, either. It doesn't take any stretch of the imagination to see where counterfeit and/or naked shares will lead. The DTCC is merely putting their foot down and protecting themselves from clearing any stocks with questionable shares issued.
One only needs to comprehend the magnitude of this physical clearing action taken by a large clearing house to understand how/why this very same action will become commonplace at all brokerage firms, in due time.
GLTA and trade wisely!
For more on the DTCC issues, visit: http://investorshub.advfn.com/boards/board.aspx?board_id=22531