Pacific Sands Inc (fka PFSD)

[ORCA]

LOL.WELL LIKE I SAID.CD IS HITTING.WHILE THERE IS STILL BID.CHECK BOLD OUT


8. CONVERTIBLE DEBT

Debt Discount – Costs incurred with parties who are providing short-term financing, which include the fair value of an embedded derivative conversion, are reflected as a debt discount and are amortized over the life of the related debt. When the debt is repaid, the related debt discount is recorded as additional interest expense and the related derivative liability is relieved into additional paid in capital.

A convertible note of $45,000 was issued on July 30, 2015. This note is set to mature on August 1, 2017.