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. Q LOTUS HOLDINGS INC (1391142) 10-Q published on Feb 19, 2014 at 2:08 pm
Basic net loss per share is computed by dividing net loss per share available to common stockholders by the weighted average shares of common stock outstanding for the period and excludes any potentially dilutive securities. Diluted earnings per share reflect the potential dilution that would occur upon the exercise or conversion of all dilutive securities into common stock. The computation of loss per share for the three and nine month periods ended December 31, 2013 excludes potentially dilutive securities, including warrants of 153,956,000 and convertible securities of approximately 79,048,000, because their inclusion would be anti-dilutive. The computation of loss per share for the three and nine month periods ended December 31, 2012 excludes potentially dilutive securities, including warrants of 5,572,500 and convertible securities of 13,439,216, because their inclusion would be anti-dilutive. At December 31, 2013 The Company did not possess an adequate amount of authorized shares to satisfy common stock for all of its convertible instruments.
To date the company has paid $6,838 to secure rights to silica mining claims that will be used as collateral for asset backed notes to bring financing into the Company to fund operations.
In September 2013 the Company authorized the issuance of 400,000 shares of common stock to Jeffrey R. Davis for $2,000 cash ($0.005 per share). These shares have not yet been issued.
On February 11, 2014 the Company issued a Fourth Amended and Restated Promissory note to the Goldstein Family whereby the Goldstein’s contributed an additional $15,000 for use in operations and extended the maturity date of the note to March 15, 2014.
On February 12, 2014, the Company entered into another financing transaction with Asher pursuant to which the Company issued a $22,500 principal amount, 8% Convertible Note, to Asher. The Note matures on November 14, 2014.
Conversion of the notes and the warrants are limited to the number of shares of common stock issuable without exceeding the Company’s authorized maximum number of shares outstanding. The Company has agreed to use its commercially reasonable best efforts to obtain shareholder approval to increase the authorized maximum number of shares outstanding, if necessary.