Outstanding Indebtedness from recent 10q
Our current indebtedness as of March 31, 2018 is comprised of the following. For loans that have expired terms, we are in talks with the lenders to extend them. The company must increase revenue or raise more equity capital to meet the payment obligations.
Our current indebtedness as of March 31, 2018 is comprised of the following:
Unsecured loan payable in the amount of $193,739 bearing interest at 15% per annum and due on demand;
Unsecured loan payable in the amount of $317,500 bearing interest at 18% per annum;
Unsecured note payable in the amount of $47,394, bearing interest at 36% per annum, due on demand, and in default.
Unsecured loan payable in the amount of $69,746, due on demand, and is in default
Unsecured loan payable in the amount of $250,000, bearing interest at 10% per annum, with a minimum interest amount of $25,000, due on demand, and is in default.
Unsecured loan payment in the amount of $250,000, bearing interest at 10% per annum, is due on demand, and convertible into common shares at $1.75 per share.
Secured convertible loan payable in the amount of $949,068, bearing interest at 17.2% per annum, due on demand, and in default.
Unsecured, convertible note payable to related party in the amount of $310,000, bearing interest at 5% per annum, due on demand, and in default.
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Senior secured, convertible note payable in the amount of $245,889, bearing interest at 8% per annum, due on demand and convertible into common shares at the lower of: (i) $0.12 per share; or (ii) the closing sales price of the Company’s common stock on the date of conversion.
Unsecured, convertible note payable in the amount of $52,426, bearing interest at 12% per annum, due on demand and in default, and convertible into common shares at the lower of: (i) closing sale price of the Company’s common stock on the trading day immediately preceding the closing date; or (ii) 50% of the lowest sale price of the Company’s common stock during the twenty-five consecutive trading days immediately preceding the conversion date.
Unsecured, convertible note payable in the amount of $56,144, bearing interest at 12% per annum, due on demand and in default, and convertible into common shares at the lower of: (i) $0.03; or (ii) 50% of the lowest trading price during the previous twenty-five trading days ending on the latest complete trading day prior to the conversion date.
Unsecured, convertible note payable in the amount of $80,823, bearing interest at 10% per annum, due on July 17, 2018, and is convertible into common shares at the lower of: (i) $0.06 per share; or (ii) 55% of the lowest trading price during the twenty trading days prior to the date of conversion.
Unsecured, convertible note payable in the amount of $102,525, bearing interest at 8% per annum, due on August 16, 2018 and is convertible into common shares at a conversion price equal to 58% of the lowest trading price on the previous ten trading days ending on the last trading day before the date of conversion.
Unsecured, convertible note payable in the amount of $107,000, bearing interest at 10% per annum, due on April 30, 2018, and is convertible into common shares at the lower of: (i) $0.004 per share; or (ii) the lowest trading price on the previous twenty-five trading days ending on the last trading day before the date of conversion.
Unsecured, convertible note payable in the amount of $82,000, bearing interest at 10% per annum, due on June 8, 2018, and is convertible into common shares at the lower of: (i) $0.003 per share; or (ii) lowest trading price on the previous twenty-five trading days ending on the last trading day before the date of conversion.
On January 18, 2018, the Company issued a convertible promissory note in the principal amount of $55,000. The note is unsecured, bears interest at 10% per annum, is due on July 18, 2018, and is convertible into common shares at a conversion price equal to the lessor of the lowest trading price during the previous twenty-five trading days prior to: (i) the date of the note; or (ii) the latest complete trading day prior to the date of conversion.
On February 2, 2018, the Company issued a convertible promissory note in the principal amount of $107,500. The note is unsecured, bears interest at 10% per annum, is due on August 2, 2018, and is convertible into common shares at a conversion price equal to the lesser of the lowest trading price during the previous twenty-five trading days prior to: (i) the date of the promissory note; or (ii) the latest complete trading day prior to the conversion date. Interest will be accrued and payable at the time of promissory note repayment.
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On March 19, 2018, the Company issued a convertible promissory note in the principal amount of up to $900,000. As at March 31, 2018, the Company has received $300,000 from the note. The note is unsecured, bears interest at 12% per annum, is due on September 19, 2018, and is convertible into common shares after 180 days from issuance date at a conversion price equal to the lessor of (i) the lowest trading price during the previous fifteen trading days prior to the date of the promissory note; or (ii) 55% of the lowest trading price during the previous fifteen days prior to the latest complete trading day prior to the conversion date.
On January 19, 2018, the Company issued a convertible promissory note in the principal amount of $55,000. The note is unsecured, bears interest at 10% per annum, is due on January 19, 2019, and is convertible into common shares at a conversion price equal to 55% of the lowest trading price during the previous fifteen trading days prior to the conversion date, including the conversion date. Interest will be accrued and payable at the time of promissory note repayment.
Unsecured, convertible note payable in the amount of $101,807, bearing interest at 10% per annum, due on March 2, 2019, and is convertible into common shares at the lower of: (i) $0.03 per share; or (ii) lowest trading price during the previous twenty-five trading days prior to the last complete trading day prior to the date of conversion.
Unsecured, convertible note payable in the amount of $5,000, non-interest bearing, due on August 16, 2018, and is convertible into common shares at a conversion price equal to 75% of the average closing trading price during the previous five trading days prior to the date of conversion.
On March 2, 2018, the Company issued a convertible promissory note in the principal amount of $128,000. The note is unsecured, bears interest at 10% per annum, is due on March 2, 2019, and is convertible into common shares at a conversion price equal to 55% of the lowest trading price during the previous fifteen trading days prior to the conversion date, including the conversion date. Interest will be accrued and payable at the time of promissory note repayment.
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