Friday, November 28, 2014 8:44:28 PM
I SHOW YOU ISRAEL ,I KNOW THIS ONE WELL MORE DEBT THAN FIRST THOUGHT ,I DIDN'T REALIZE THEY SPREAD IT AROUND THE USE TOO
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=10008010
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=10008029
BREEDIT CORP.
(Exact Name Of Registrant As Specified In Its Charter)
60 Mazeh Street, Suite 12, Tel Aviv, Israel 65789
(Address of Principal Executive Offices)
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=9712798
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=9712771
IT ALL STARTS HERE WITH THE PPTF FOUNDERS SAME GROUP THAT CHANGED THE NAME FROM PRO GAMING TO BREEDIT ,ALL ISRAELIS ,ALWAYS HAS BEEN AND ALWAYS WILL BE ,SAME GUYS THAT GOT THE DR FROM THE UNIVERSITY IN ISRAEL INVOLVED.
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=9599051
(5) Revenue Recognition
On July 1 2011 and on July 10, 2011, the Company signed license agreements with two separate corporations in Israel and Luxemburg (the "Licensees"). Subject to the terms and condition of each agreement the Company granted each Licensee a license to use the Company's proprietary online gaming platform in certain parts of the world. Each license is, in general, non-exclusive, except for certain countries specified within each agreement. The agreements grant each Licensee the right to develop and operate websites offering online games based on the Company's proprietary technology for a period of 5 years as of the respective agreement's effective date. In the event that by the eighteenth-month anniversary of the each agreement's effective date the respective Licensee fails to have at least one active website in each of the countries that comprise the exclusive territory of the agreement, the Company shall be entitled to either terminate exclusivity for these countries or terminate the entire agreement. In consideration of these agreements, and of support services to be provided by the Company through the license period, the Licensees have paid the Company non-refundable, one-time license fees totaling $119,000. In addition to such license fees, once each Licensee realizes revenues at a certain level specified in its respective agreement from its use of the Company's platform, it shall pay the Company a royalty in the amount of 50% of gross revenues realized from its use of this platform.
On December 26, 2011, the corporation from Luxemburg announced the termination of the agreement due to the economic situation in Europe. As a result, the entire license fee in the amount of $90,000 was recognized immediately as revenues.
As of September 30, 2013 and 2012, the Company recognized a total sum of $4,338 and $4,354, respectively, in revenues out of the total $119,000 license fees paid for both of the aforementioned agreements. The contract in the amount of $90,000 was canceled by the client; therefore we recognized the whole sum as revenues according to the terms of the agreement. The second contract grants the client licenses for a period of 5 years. The remaining sum of $15,938 was deferred on the Company's balance sheet, $5,800 as current and $10,138 as long term liabilities, and is expected to be recognized over the remaining period of the agreements.
As of September 30, 2013 and 2012, no royalties have been paid by or recognized in connection with the aforementioned agreements. One of the aforementioned Licensees is beneficially owned by an individual who holds 25,000 shares of the Company's common stock.
(6) Convertible and Non Convertible Notes
During the nine months ended September 30, 2013, we received $6,900 through the issuance of two convertible notes, bearing interest at the rate of 15% per annum, have a maturity date of 12 months and are convertible into common stock at $0.02 per share. The Company recorded amortization expenses related to the beneficial conversion features of $55,614 during the nine months ended September 30, 2013. The Company recorded total interest expense in the amount of $65,909 during the nine months ended September 30, 2013, including a total of $55,614 in amortization of debt discount and $10,295 in accrued interest.
During the nine months ended September 30, 2013, we received $10,020 through the issuance of non convertible notes bearing interest at a rate of one (1%) per annum and which have maturity date of 12 months.
During the nine months ended September 30, 2012, there were no borrowings, interest expense or amortization expense.
During the year ended December 31, 2012, the Company received a total of $86,300 through the issuance of six convertible notes. These notes bear interest at the rate of 15% per annum, have a maturity date of 12 months and are convertible into common stock $0.02 per share. The Company recorded amortization expenses related to the beneficial conversion features of $28,365 during the year ended December 31, 2012. The Company recorded total interest expense in the amount of $33,228 during the year ended December 31, 2012 including a total of $28,365 in amortization of debt discount and $4,863 in accrued interest.
From May 26, 2010 (inception) to September 30, 2013, the Company received a total of $93,200 through the issuance of eight convertible notes. The Company recorded total interest expense in the amount of $99,137 from inception to September 30, 2013 including a total of $83,979 in amortization of debt discount and $15,158 in accrued interest.
(7) Related Party Transactions
During 2012, the Company received a total of $86,300 as convertible notes from six shareholders. The notes bear interest at the rate of 15% per annum and having a maturity date of 12 months. The notes are convertible into common stock at $0.02 per share. The Company recorded interest expense in the amount of $4,863 during 2012 and $28,365 in amortization of debt discount during 2012.
During the nine-month period ended September 30, 2013, the Company received $6,900 in a related party borrowing evidenced by a note convertible into common stock at $0.02 per share. The Company recorded total interest expense in the amount of $65,909 during the nine months ended September 30, 2013, including a total of $55,614 in amortization of debt discount and $10,295 in accrued interest.
As described in Note 4, on June 7, 2010, the Company issued 15,250,000 shares of its common stock to directors and officers for $153 subscriptions receivable.
During the nine-month period ended September 30, 2013, the Company, in a non-cash transaction, was forgiven a total of $49,000 in accrued debt owed to related parties.
LOTTA Q'S TO READ TO FOLLOW THE DEBT FLOW " 3 YEARS WORTH TO FOLLOW THE DEBT HOLDERS AND 3RD PARTY DILUTORS "
THEY HAVE 7 (SHELLS/TICKERS/STOCKS) , I KNOW THE GROUP WELL.
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