Get Started for Free Contexxia identifies hard-to-find pieces of information in SEC filings. No more highlighters, no more redlining, no more poring over huge documents. Amwest Imaging Inc (1495191) 10-Q published on Jan 24, 2013 at 8:25 am
Reporting Period: Nov 29, 2012
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ¨
The Asher note payable was issued in January of 2012 and is a convertible promissory note for $42,500. The note pays interest at 8% per annum, and principal and accrued interest is due on the maturity date of October 19, 2012. The conversion option price associated with the note has a 45 percent discount to the market price of the stock. The market price is based on the average of the two lowest trading prices during a fifteen day period prior to conversion. The note is convertible at any time after 180 days. During the nine months ended November 30, 2012, Asher elected to convert $42,500 of the note together with accrued interest of $1,700 into 18,539,683 shares of common stock.
There were no sales for the Company during the three months ended November 30, 2012 and 2011. Operations began in the fourth quarter of last year, however due to some billing issues there was no revenue recorded during the third quarter 2012. The issue has since been resolved and management believes the revenue will start again and continue to grow in the fourth quarter and during 2013. Management is devoting its efforts to increase sales through sales representatives, paid sales leads and advertising.
During the nine months ended November 30, 2012, the Asher note payable that was issued in January of 2012 accrued interest was converted in the amount of $42,500 of the note together with accrued interest of $1,700 into 18,539,683 shares of common stock.
** XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.