Sunday, August 21, 2016 4:40:25 PM
From the recent Annual Financial Statement.
Change in fair value of derivative liabilities increased to $326,899 from $0 for the years ended January 31, 2016 and 2015, respectively. Our change in fair value of derivative liabilities increased due to the issuance of convertible notes payable.
Loss on issuance of stock increased to $2,956,954 from $0 for the years ended January 31, 2016 and 2015, respectively. Loss on issuance of stock increased due to the conversion of all deferred compensation to the CEO to preferred shares
On January 18, 2016, in connection with the acquisition of Connexum, the Company issued a $1,000,000 note to Net D which bears annual interest of 18%. The Company is required to make monthly principal and interest payments of $63,806 for a period of 18 months through August 1, 2017. The Company paid $25,000 in a good faith advance on January 27, 2016.
NOTE 9 – CONVERTIBLE NOTES PAYABLE
The Company had the following convertible notes payable outstanding as of January 31, 2016 and 2015:
January, 31, 2016
January, 31, 2015
Dated – August 22, 2014
$ 1,700,000
$ 1,800,000
Dated – July 31, 2015
65,000
-
Dated - August 12, 2015 and December 15, 2015
66,666
-
Dated - August 18, 2015
38,000
-
Dated - September 29, 2015
27,500
-
Dated - October 7, 2015
26,500
-
Dated - October 26, 2015
28,500
-
Dated - November 6, 2015
34,000
-
Dated - November 18, 2015
50,000
-
Dated - December 29, 2015
35,000
-
Dated - January 4, 2016
40,000
-
Dated - January 20, 2016
38,500
-
2,149,666
1,800,000
Less: debt discount and deferred financing fees
(204,427
)
(208,950
)
1,945,239
1,591,050
Less: current portion of convertible notes payable
1,934,932
(1,591,050
)
Long-term convertible notes payable
$
10,307
$
-
The Company recognized amortization expense related to the debt discount and deferred financing fees of $342,831 and $149,250 for the years ended January 31, 2016 and 2015, respectively, which are included in interest expense in the consolidated statements of operations and comprehensive income (loss).
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