14 Apr 2014capital raising announcement▼ BadMajor
On April 9, 2014 the company agreed with Kodiak Capital Group, LLC to a possible funding line of up to $10,000,000, usable only after a Form S-1 registration statement becomes effective, with shares sold to Kodiak at 75% of the lowest closing bid over five trading days. Kodiak got 1,500,000 restricted shares as a commitment fee plus a $15,000 document fee. The board also raised authorized common shares to 1,400,000,000, and the filing says the $250,000 acquisition debt remains, held by Dr. Berry as a 0% convertible debenture payable on demand. Discounted share sales and the larger authorized count point to potential dilution (inference).