Annual report has issued. Some interesting (?) facts:
On June 10, 2015, the Company issued a $600,000 convertible promissory note (the “Promissory Note”) with interest payable at 10% per annum. In connection with the issuance of the Promissory Note, the Company also issued 2,000,000 common stock purchase warrants, with a term of four years, at an exercise price of $.75 per share.
The Promissory Note matures twelve months from issuance, may be extended for an additional three months, and may be converted at any time in whole or in part, at the lesser of:
(i) 25% discount to the next round of financing prior to conversion in excess of $1 million; or
(ii) $.30 per share; or,
(iii) Commencing six months after issuance date, at the investor’s sole discretion, at a 20% discount to the lowest trading price ten business days prior to conversion.
Also, Alex Kennedy resigned effective Oct 1 from her current positions - no mention as to whether she is still employed in another position.
