Where else on the OTC do you find another ticker like this one.They have to be working on Rigs somewhere
3. CONVERTIBLE LOANS
The Company entered into seventeen convertible loans with a third party during beginning in
December 2014 and during the 2015 and 2016 calendar years. The loans aggregate $399,017.68,
have a one year maturity and bear interest at 9% per annum and a default interest rate of 16% per
annum. All loans are in default. As of January 31, 2018, $31,993.19 principal amount and no
accrued interest of the notes was converted into 50,782,840 shares of common stock. The total
principal outstanding at March 31, 2018 was $367,024.48 and accrued interest was
126,875.58. The Company completed an agreement with a former affiliate of the Company
subsequent to March 31, 2018 which provided that in exchange for the conversion of a portion
of principal and associated accrued interest the balance of the convertible debt would be
returned to the Company and subsequently canceled. This conversion took place subsequent to
June 30, 2018 the Company issued 2,500,000 common shares in exchange for the payment of
convertible debt and the balance was canceled. Accordingly, as of the period ending September
30, there are no longer any convertible loans outstanding, however there was accrued interest
due in the amount of $35,188.64 for which 55,845,980 common shares were issued as agreed by
the Note Holder and the Company. The payment of the principal and accrued interest in shares
of the Company finalizes all outstanding Company convertible notes.
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