That's right. The Q1 report had some interesting details:
Liabilities are made up of current liabilities and long-term liabilities. Current liabilities include accounts payable of $0.00 and short-term debt of $430,343.00 per the schedule below.
There were no long-term liabilities outstanding for the Company as of March 31, 2017.
Long-term debt consists of the following at March 31, 2107: Description Origination 3/31/2017
Keystone Gate Company Contract $ 185,000.00
Open Sky Software Contract $ 119,493.00
Other Long Term Payables
Various $ 29,500.00
GG Studios, LLC $ 20,000.00
Wroblewski Oil and Gas Company $ 76,350.00
Total Long-Term Debt $ 430,343.00
On May 24, 2017, the Company had long-term debt of $0.00 for notes payable to private lenders as well as previous consulting services rendered. These Notes have been classified as current since they are due at this time.
Now, the question here is whether this debt that is now current leads to more conversions.
Further: (Looks to be from May, which is probably due May 2018, but not stated.)
The Company currently has a $25,000.00 Convertible Promissory Note to Highgarden Capital Growth, Inc. carrying an interest rate of 8% and is convertible to all or any amount of the principal face amount of the Note then outstanding into shares of the Company’s common stock without restrictive legend of any nature, at a price (“Conversion Price”) for each share of Common Stock equal to a 60% discount to the of the lowest price traded of the Common Stock as reported on the National Quotations Bureau OTCQB/Pink exchange.
And:
On April 28, 2017, the Company entered into a Securities Purchase Agreement with CDN Associates, LLC, wherein $25,000.00 was provided under a one-year Convertible Promissory Note carrying 8% interest annually.
This looks to be due in April 2018.
By the time these are due, there should be revenues to pay them as agreed.
The ONLY thing that is not made clear is whether the long term debt, which is now zero, remains to be converted to shares. A little cloudy on details there. OTC may question them on that.
