$SIGO NOTE 5– NOTE PAYABLE
The Company entered into borrowing arrangements with a third party not related to the Company. The notes are due on December 31, 2018. The notes accrued interest at 0% for the initial 9 months and then 5% on annual rate thereafter.
The Company has begun discussions to convert the note payable into a funding agreement into the Company’s grow operations whereby the note holders would receive $250-300 per pound that is produced in return for their investment. The investment would not include any equity or voting participation in the company and would be only based on production from company’s current operations. The Company is waiting for the initial harvest, drying and trimming to be completed before finalizing the agreement and expects to finalize the agreement within the next 4-6 weeks.
NOTE 6 – SUBSEQUENT EVENTS
Notes Payable – On May 1, 2017, May 8, 2017 and July 12, 2017, the Company entered into promissory note agreement with a third party for amounts $30,000, $4,000 and $91,500, respectively. The notes bear no interest for the initial nine months and then 5% per annum interest after the initial nine months. The notes are due and payable on December 31, 2018.
