Microelectronics Technology Co. (fka MELY)

[moneybaby1]

Looks like Juan lent MELY money and will have shares soon. He definitely wants to get this PPS up since 112BIT is not in the toxic finance business

112BIT,LLC Note #1

On November 24, 2014, the Company issued a convertible promissory note to 112BIT, LLC. Under the terms of the note, the Company has borrowed a total of $50,000 from 112 BIT, LLC, which accrues interest at an annual rate of 6% and has a maturity date of June 1, 2015. The note also contains customary events of default. During the six months endedDecember 31, 2014, the Company accrued $304 (six months ended December 31, 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 60% of the market price, where market price is defined as “the lowest closing


bid price on the OTCBB for the five prior trading days including the day upon which a Notice of Conversion is received by the Company.”

As of December 31, 2014, principal balance of $50,000 (December 31, 2013 - $0) and accrued interest of $304 (December 31, 2013 - $0) was recorded.