Monday, August 14, 2017 12:31:11 PM
pay off some toxic debt BUT issue more!
<<In July 2017, the Company entered into a convertible debenture with Lucas Hoppel, with a principal balance of $110,000 due and payable on January 15, 2018.
The note carries an original issue discount of $10,000, accrues interest at a rate of eight percent (8%) per annum and is convertible into the Company’s commonstock at a 35% discount to the lowest trade price during the previous twenty five trading days prior to the date of conversion, after 180 days, in whole or in part at the option of the holder. The note carries a prepayment penalty, adjusting every ninety days to a maximum of one hundred twenty percent (120%) of the then outstanding principal and interest balance due, if the note is paid back within the first one hundred eighty (180) days.
In July 2017, the Company paid back its January 2017 convertible note with Power Up Lending Group, Ltd. A total payment of $211,293 was issued, representing $153,500 in principal and $57,793 in interest and penalties.
In July 2017, the Company entered into a convertible debenture with Power Up Lending Group, Ltd. with a principal balance of $153,000 due and payable on orbefore, 2017. The note carries an original issue discount of $3,000 and accrues interest at a rate of eight percent (8%) per annum and is convertible into the Company’s common stock at a 39% discount on the average of the lowest three trading prices during the ten trading days prior to conversion, after 180 days, in whole or in part at the option of the holder. The note also carries a prepayment penalty, adjusting every 30 days to a maximum of one hundred thirty percent (130%) of the then outstanding principal and interest balance due, if the note is paid back within the first one hundred eighty (180) days
<<http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12226383
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