SoOum Corp. (fka SOUM)

[Kool Aid Man]

Millions in legal proceedings, judgements, defaults--still unpaid?

Page 12 http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=10347641

NOTE J – Commitments and Contingencies

Various creditors have brought legal proceedings for collections of their claims against the Company. Judgments payable at September 30, 2014 and December 31, 2013 are $1,093,571 and $1,066,755, respectively

NOTE K – Notes Payable – Affiliates

The Company has borrowed $1,100,611 from a former member of the Board of Directors and two (2) related parties. The related party notes total to $5,600. Two of the notes from the former Board of Directors total to $1,045,000 and are unsecured. The third note in the amount of $50,000 is secured by a second lien on the Company’s assets. The notes to the former member of the Board of Directors are in default and the Company has included approximately $1,074,149 of accrued interest in accrued expenses at September 30, 2014.