debt
confidence high
sentiment negative
materiality 0.60
Accredited Solutions issues $129K convertible note at 65% discount; issues 80M shares to Petro X shareholders
Accredited Solutions, Inc.
- Issued 9% convertible promissory note for $129,250 (net $125K) to 1800 Diagonal Lending, convertible at 65% of market price after 180 days.
- Note matures July 27, 2023; prepayment premium of 115-125% allowed only before 180 days; no prepayment after.
- Issued 80,000,000 shares of common stock to former shareholders of Petro X Solutions as earnout consideration from May 2022 merger.
- Total outstanding shares after issuances: ~185M (assuming prior ~105M plus 80M, excluding conversion shares).
- Proceeds used for general working capital; legal/due diligence fees of $4,250 deducted.