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Re: slowmethod post# 32137

Sunday, 08/27/2017 9:55:12 PM

Sunday, August 27, 2017 9:55:12 PM

Post# of 50179
3. CONVERTIBLE LOANS
The Company entered into seventeen convertible loans with a third party during beginning in
December 2014 and during the 2015 and 2016 calendar years. The loans aggregate $399,017.68,
Page | 10
have a one year maturity and bear interest at 9% per annum and a default interest rate of 16% per
annum. The interest charge to the company is $15,952.47 per quarter based on a full cost for
2017. The loans are convertible into common stock at a discount of 30% to the then current
market price (20 day average) of the common stock. All loans are in default. The Company has
means of repaying the loans according to their terms, but may elect otherwise. The Company
has accrued the current quarter and period expense for reporting purposes. The Company does
not have sufficient authorized and unissued common stock to honor the conversion of the notes.
A former affiliate of the Company has acquired the notes from the lender.

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