n May 12, 2016, the Company converted $2,000 of principal into 8,163,265 shares of common stock. The determined fair value of the debt derivatives of $6,163 was reclassified into equity during the period ended June 30, 2016. As of June 30, 2016, the outstanding loan balance on this including forbearance liability was $318,057.
The charge of the amortization of debt discounts and costs for the three months ended June 30, 2016 and 2015 was $0 and $27,362, respectively, and was accounted for as interest expense.
The charge of the amortization of debt discounts and costs for the six months ended June 30, 2016 and 2015 was $0 and $82,269, respectively, and was accounted for as interest expense. The remaining balance for the six months ended June 30, 2016 is $318,057.
Apollo Capital Corp- Convertible loan summary:
For the six months ended June 30, 2016, the Company converted $202,515 of principal into 551,892,855 shares of common stock, the related derivative liability of notes.
As of June 30, 2016 and December 31, 2015 the remaining balance due to Apollo Capital Corp is $383,330 and $0, respectively.
7. GE Park, LLC
On January 10, 2016, the terms a GE Park demand note totaling $50,000 and $4,000 of accrued interest was modified into convertible note (See Note 10). This note became convertible at 70% of the lowest traded price utilizing a 10-day look-back period. The determined fair value of the debt derivatives of $53,398 was charged as a loss on debt modification for the six months ended June 30, 2016. The note was fully converted into 77,142,856 shares valued at $54,000 during the six months ended June 30, 2016. The remaining balance for the six months ended June 30, 2016 is $0.
8. Apollo Management Group, LLC
On April 18, 2016, the Company issued to Apollo Capital Group, LLC (“Apollo Capital”) a Convertible Promissory Note (the “Note”) in the original principal amount of $220,000 (the “Purchase Price”) which Note bears interest at 12% per annum and is compounded daily. The Company sold the Note to Apollo Capital for $200,000 with $20,000 retained by Apollo Capital as an original issuance discount for due diligence and legal expenses related to the transaction. The principal amount and accrued interest under the Note is convertible into the Company’s common stock, $0.001 par value (the “Common Stock”), at Apollo Capital’s option, at any time beginning 180 days after the date of issuance at a 50% discount of by the lowest trading price for the Company’s common stock during the 20 trading day period prior to conversion (the “Conversion Price”). All outstanding principal and accrued interest on the Note is due and payable on the maturity date, which date is October 17, 2016 (the “Maturity Date”). The conversion price is subject to adjustment in the event the Company sells or grants any option to purchase or sells or grants any right to reprice, or otherwise disposes of or issues (or announces any sale, grant or any option to purchase or other disposition), any common stock or common stock equivalents entitling any person to acquire shares of Common Stock at an effective price per share that is lower than the conversion price in effect on the date of such issuance. In addition, the Conversion Price is subject to proportional adjustment in the event of stock splits, stock dividends and similar corporate events.
The principal balance of the Note may be prepaid at any time after 10 days’ prior written notice by the Company to Apollo Capital by paying Apollo Capital an amount equal to the Prepayment Percentage (as hereinafter defined) multiplied by the sum of the principal amount due, accrued interest and any other amounts due under the Note. The Prepayment Percentage is (i) 150% during the period beginning on the date the Note is issued and ending 90 days thereafter or (ii) 200% during the period beginning 91 days after the Note is issued and ending 180 days thereafter. After the expiration of the 180 days after the date the Note issued, the Company has no right of prepayment.
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SEANIEMAC INTERNATIONAL, LTD. AND SUBSIDIARIES
