Only Note that should be left for MELY... I know someone asked about this yesterday or so...
LG Capital Funding
On September 17, 2014, the Company executed an Unsecured Promissory Note to LG Capital Funding, LLC. Under the terms of the note, the Company has borrowed a total of $55,000, which accrues interest at an annual rate of 8% and has a maturity date of September 17, 2015. The note also contains customary events of default. During the three months endedSeptember 30, 2014, the Company accrued $157 (three months ended September 30, 2013 - $0) in interest expense.
After 180 days from issuance, the note may be converted at the option of the holder into common stock of the Company. The conversion price is 55% of the market price, where market price is defined as “the lowest closing bid price on the OTCBB for the ten prior trading days including the day upon which a Notice of Conversion is received by the Company.”
As of September 30, 2014, principal balance of $55,000 (September 30, 2013 - $0), accrued interest of $157 (September 30, 2013 - $0), debt discount of $0 (September 30, 2013 - $0) and a derivative liability of $0 (September 30, 2013 - $0) was recorded.
Note Convertible Date: 16 March 2015 if counting 180 days including weekends and holidays
This is if MELY doesn't have this paid off prior to..
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