NewStream Energy Technologies Group Inc (NSGP)

[ShadowSpy69]

Last Q to back up the looming/beginning of the convert notes to common stock - what do you think that means beginning Oct 2017? Question looms as to how much and when do they start to convert? Anyone?

https://ih.advfn.com/p.php?pid=nmona&article=75436060

NOTE 4: RELATED PARTY TRANSACTIONS

Accruals for salary and bonuses to officers and directors are included in accrued liabilities in the balance sheets and totaled $1,712,465 and $2,660,697 as of June 30, 2017 and December 31, 2016, respectively. During the six months ended June 30, 2017, officers and directors elected to convert $1,000,000 in accrued wages into 8,000,000 shares of the Company’s common stock.

During the six months ended June 30, 2017, officers of the company advanced $130,010 to the Company to cover short-term financing needs and the Company repaid an officer $30,000. The short-term loans are due on demand, do not accrue interest and are unsecured. During the six months ended June 30, 2016, an officers and director elected to forgive a total amount of $99,970 short-term loans and receive 1,000,000 shares of the Company’s common stock with a fair value of $127,400. As a result, a total of $27,430 loss on settlement of related party loans was recognized in current period.

NOTE 5: DEBT

Convertible Debt

During the six months ended June 30, 2017, the Company borrowed an aggregate of $1,215,943, net of original issue discounts and fees of $1,137,856, under convertible notes payable. Additional discounts of $1,105,486 were recognized during the six months ended June 30, 2017 due to derivative liabilities. As of June 30, 2017 and December 31, 2016, the Company had outstanding convertible notes payable of $7,949,288 and $6,650,484, net of unamortized discounts of $2,429,074 and $1,920,571, respectively. The outstanding convertible notes of the Company are unsecured, bear interest between 6% and 12% per annum, mature between October 2017 and June 2020 and are convertible at variable rates between $0.06 and $0.15 per share and at rates between 60% and 65% of the quoted market price of the Company’s common stock. All notes that were convertible during the six months ended June 30, 2017 were accounted for as derivative liabilities until the final resolution of outstanding variable conversion debt instruments (see Note 6). Aggregate amortization of the debt discounts on convertible debt for the six months ended June 30, 2017 and 2016 was $629,353 and $517,227, respectively.

During the six months ended June 30, 2017, the Company incurred loan default and standstill expenses added to debt principal of $98,849.

During the six months ended June 30, 2017, holders of convertible notes payable elected to convert a total of $1,889,616 in principal and $47,071 in accrued interest into a total of 29,403,968 shares of the Company’s common stock.