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Thursday, October 12, 2017 2:41:55 PM
Sonny Boyd Williams LLC (SBW) acquired $200,250 of the debt due from the former president together with the accrued interest thereon. Further, in January, February, March, July and October 2013, SBW loaned the Company an additional $635, $607, $635, $1,497 and $1,100 respectively for general working capital purposes at the interest rate of 12% compounded daily. As of April 30, 2017 the total principal amount due Sonny Boyd Williams LLC (SBW) was $182,134 with the accrued interest of $208,846.00.
In the first and the last quarters of 2013, SBW converted $7,500 and $21,065 respectively of the above debt, $7500 of which was applied to accrued interest, and $21,065 was applied to the reduction of principle into common stock of the Company. Furthermore, in the first quarter of 2014, SBW converted $14,660 to clear accrued interest in full and partially on the promissory notes from February 01, 2010 and June 01, 2010 respectively and in the 2nd quarter converted $33,535.
As a result of the above, the amount due SBW as of April 30, 2017 is $182,134 in principal and $226,989.00 in accrued interest.
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