Elray Gaming was formed in 2011 when a group of Successful Casino marketing specialists identified an opportunity: the market need for professional and qualified consultants. Since then Elray Gaming has incorporated VIP Gaming Promotion and Web Applications to its business portfolio. We are a global company with offices in Macau, USA, London, Sydney, BVI and Curacao.
The company is glad to announce the launch of Elray Mobile to develop a host of mobile products and technologies for the mobile gaming sector.
ELRA Convertible notes payable
From the September 30, 2016 10-Q
Convertible notes payable, at September 30, 2016 and December 31, 2015 consisted of the following:
| | | Interest Rate | | September 30, 2016 | | | December 31, 2015 | |
| | | | | | | | | |
| JSJ Investments, Inc. | | 10%~12% | | $ | 128,853 | | | $ | 133,293 | |
| LG Capital Funding, LLC | | 8% | | | 13,000 | | | | 28,250 | |
| WHC Capital, LLC | | 12% | | | 116,936 | | | | 116,936 | |
| Beaufort Capital Partners, LLC | | 12% | | | 10,966 | | | | 10,966 | |
| Tangiers Investment Group, LLC | | 0%~10% | | | 51,178 | | | | 69,356 | |
| GSM Fund Management, LLC | | 12% | | | 40,937 | | | | 48,666 | |
| Auctus Private Equity Fund, LLC | | 8% | | | - | | | | 40,000 | |
| Microcap Equity Group, LLC | | 10% | | | 18,892 | | | | 18,892 | |
| Virtual Technology Group, Ltd | | 0% | | | 481,500 | | | | 481,500 | |
| Gold Globe Investments Ltd | | 0% | | | 2,324,000 | | | | 2,324,000 | |
| Vista Capital Investments, LLC. | | 12% | | | 5,800 | | | | 5,800 | |
| Subtotal | | | | | 3,192,062 | | | | 3,277,659 | |
| Debt discount | | | | | (237,396 | ) | | | (803,022 | ) |
| Total | | | | $ | 2,954,666 | | | $ | 2,474,637 | |
JSJ Investments, Inc.
On May 31, 2013, the Company entered into a convertible promissory note with JSJ for $50,000. The note matured on December 2, 2013. The note holder has the option to convert the note to common shares in the Company at a discount of 50% of the average closing price over the last 120 days prior to conversion, or the average closing price over the last seven days prior to conversion. As of March 31, 2016, the remaining principal of $10,670 has not been converted.