Eco Science Solutions (OTC: ESSI) swaps $255K company debt for stock
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Eco Science Solutions, Inc. approved the conversion of $255,000 of debt owed to one individual and one entity into 9,107,143 restricted common shares. This transaction reduces debt while issuing new equity to the creditors.
After issuing these 9,107,143 shares, the company’s issued and outstanding common shares will total 623,814,985. The new shares are restricted, meaning they are subject to limitations on resale under applicable securities laws.
Positive
- None.
Negative
- None.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
FAQ
What did Eco Science Solutions (ESSI) disclose in this 8-K filing?
Eco Science Solutions disclosed that its board approved converting $255,000 of debt into 9,107,143 restricted common shares. This changes part of its obligations from debt to equity and increases total issued and outstanding shares to 623,814,985.
How much debt did ESSI convert into common stock?
Eco Science Solutions converted $255,000 of debt owed to one individual and one entity into equity. In exchange, the creditors received 9,107,143 restricted common shares, replacing that portion of the company’s debt with newly issued stock.