good luck...whatever they are working on is hopefully a 5-15$ Million dollar contract..
4. CONVERTIBLE NOTES PAYABLE
(a) Convertible Note due on December 30, 2017
On March 15, 2017, the Company entered into a convertible loan agreement with an investor. The Company received net proceeds of $35,000 from total loan
proceeds of $38,000, which bears interest at 12% per annum and is due on December 30, 2017. Legal fees of $3,000 were paid in respect of the note and deducted
from proceeds advanced. Interest shall accrue from the advancement date and shall be payable on maturity. Any portion of the loan and unpaid interest are
convertible at any time at the option of the lender into shares of common stock of the Company at a conversion price of a 42% discount to the average lowest two
(2) trading prices for the previous fifteen (15) trading days to the date of conversion.
During the nine months ending September 30, 2017, the note holder converted $8,000 in principal into 987,654 shares of the Company’s common stock.
(b) Convertible Note due on April 25, 2018
On April 25, 2017, the Company entered into a convertible loan agreement with an investor. The Company received net proceeds of $50,000 from total loan
proceeds of $55,000, which bears interest at 8% per annum and is due on April 25, 2018. Legal fees of $5,000 were paid in respect of the note and deducted from
proceeds advanced. Interest shall accrue from the advancement date and shall be payable on maturity. Any portion of the loan and unpaid interest are convertible
at any time at the option of the lender into shares of common stock of the Company at a conversion price of a 42% discount to the average lowest three (3) trading
prices for the previous twenty (20) trading days to the date of conversion.
(c) Convertible Note due on May 1, 2018
On May 1, 2017, the Company entered into a convertible loan agreement with an investor. The Company received net proceeds of $40,000 from total loan
proceeds of $45,000, which bears interest at 8% per annum and is due on May 1, 2018. Original issue discount of $2,300 and legal fees of $2,700 were paid in
respect of the note and deducted from proceeds advanced. Interest shall accrue from the advancement date and shall be payable on maturity. Any portion of the
loan and unpaid interest are convertible at any time at the option of the lender into shares of common stock of the Company at a conversion price of a 42% discount
to the average three (3) lowest closing price for the previous twenty (20) trading days preceding the date of conversion.
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(d) Convertible Note due on May 8, 2018
On May 8, 2017, the Company entered into a convertible loan agreement with an investor. The Company received net proceeds of $30,000 from total loan
proceeds of $36,000, which bears interest at 8% per annum and is due on May 1, 2018. Original issue discount of $4,500 and legal fees of $1,500 were paid in
respect of the note and deducted from proceeds advanced. Interest shall accrue from the advancement date and shall be payable on maturity. Any portion of the
loan and unpaid interest are convertible at any time at the option of the lender into shares of common stock of the Company at a conversion price of a 45% discount
to the lowest trading price for the previous twenty (20) trading days to the date of conversion.
In addition, the Company paid an additional $3,000 to a consultant in respect to the consulting agreement (ref: Note 5 – (4)).
(e) Convertible Note due on February 28, 2018
On May 22, 2017, the Company entered into a convertible loan agreement with an investor. The Company received net proceeds of $25,000 from total loan
proceeds of $28,000, which bears interest at 12% per annum and is due on February 28, 2018. Legal fees of $3,000 were paid in respect of the note and deducted
from proceeds advanced. Interest shall accrue from the advancement date and shall be payable on maturity. Any portion of the loan and unpaid interest are
convertible at any time at the option of the lender into shares of common stock of the Company at a conversion price of a 42% discount to the average lowest two
(2) trading prices for the previous fifteen (15) trading days to the date of conversion.
(f) Convertible Note due on May 25, 2018
On May 25, 2017, the Company entered into a convertible loan agreement with an investor. The Company received net proceeds of $47,500 from total loan
proceeds of $50,000, which bears interest at 8% per annum and is due on May 25, 2018. Legal fees of $2,500 were paid in respect of the note and deducted from
proceeds advanced. Interest shall accrue from the advancement date and shall be payable on maturity. Any portion of the loan and unpaid interest are convertible
at any time at the option of the lender into shares of common stock of the Company at a conversion price of a 42% discount to the lowest closing price in the
previous twenty (20) trading days to the date of conversion.
In addition, the Company paid an additional $4,750 to a consultant in respect to the consulting agreement (ref: Note 5 – (4)).
(g) Convertible Note due on March 16, 2018
On June 16, 2017, the Company entered into a convertible loan agreement with an investor. The Company received net proceeds of $47,250 from total loan
proceeds of $64,000, which bears interest at 8% per annum and is due on March 16, 2018. Original issue discount of $9,000 and legal fees of $7,750 were paid in
respect of the note and deducted from proceeds advanced. Interest shall accrue from the advancement date and shall be payable on maturity. Any portion of the
loan and unpaid interest are convertible at any time at the option of the lender into shares of common stock of the Company at a conversion price of a 42% discount
to the lowest trading price for the previous thirty (30) trading days to the date of conversion.
In addition, the Company paid an additional $4,725 to a consultant in respect to the consulting agreement (ref: Note 5 – (4)).
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(h) Convertible Note due on June 19, 2018
On June 16, 2017, the Company entered into a convertible loan agreement with an investor in the form of a back-end note. The Company received net proceeds of
$20,000 from total loan proceeds of $25,500, which bears interest at 2% per annum and is due on June 16, 2018. Original issue discount of $4,000 and legal fees of
$1,500 were paid in respect of the note and deducted from proceeds advanced. Interest shall accrue from the advancement date and shall be payable on maturity.
Any portion of the loan and unpaid interest are convertible at any time at the option of the lender into shares of common stock of the Company at a conversion
price of a 45% discount to the lowest trading price for the previous twenty (20) trading days to the date of conversion.
In addition, the Company paid an additional $2,000 to a consultant in respect to the consulting agreement (ref: Note 5 – (4)).
(i) Convertible Note due on April 10, 2018
On August 10, 2017, the Company entered into a convertible loan agreement with an investor. The Company received net proceeds of $42,000 from total loan
proceeds of $44,200, which bears interest at 8% per annum and is due on April 10, 2018. Legal fees of $2,200 were paid in respect of the note and deducted from
proceeds advanced. Interest shall accrue from the advancement date and shall be payable on maturity. Any portion of the loan and unpaid interest are convertible
at any time at the option of the lender into shares of common stock of the Company at a conversion price of a 42% discount to the lowest closing price in the
previous twenty (20) trading days to the date of conversion.
imho
mj
AI
