APT Systems Inc (APTY)

[funnyG986]

APTY nice read from 10K. Here is what going to happen next



NOTE 13 - SUBSEQUENT EVENTS

The Company did acquire a novelty app for $36,000 along with assuming the current average gross revenues of $12,500 per month. Apple deducts a 30% handling fee and there are modest marketing costs to maintain this income stream for Snapt Games. The Company is working on its third game app intended for release before the end of May 2018.

The Company entered into an agreement with an accredited investor on April 6, 2018 for a new convertible note for $150,000. The note is due and payable twelve months from the issuance date and bears interest at 8% per annum with an original issuance discount of $15,000 plus $2,500 of legal fees due at closing. If the Note is paid off prior to the due date, the Company is required to pay the face amount plus a penalty of 30%. Also noted, after 181 days from the issuance date, the Note becomes convertible into the shares of the Company’s common stock. The conversion rate is equal to the higher of $0.006 or 55% of the market price during the previous 12 trading days.

Part of the proceeds from the April 6th Note were used to pay down an existing note issued in September by half, being $35,000 and the company is negotiating further terms to continue to pay down the balance outstanding.

The Company entered into an agreement with Triton Funds LLC to provide equity funding to the Company under a registered offering. The Company has asked counsel to prepare the necessary S-1 for the $600,000 funding commitment at $0.01 per share. We hope to have this filed in May of 2018.