LIG Assets Inc (LIGA)

[ChannelTrader]

Yes...impressive.

NOTE 14 - CURRENT CONVERTIBLE NOTES PAYABLE

As of the year ended December 31, 2016, the Company owed $189,895. This balance was reduced dramatically due to our financial review and aggressive negotiations By Chairman Simons. During 2017 the Company issued no new convertible notes payable and it did not issue any common stock in payment of convertible notes. The balance of the convertible notes payable as of May 13, 2019, is $34,329.

This figure was reduced by $9,000 from Dec 31 2017 as part of the SEC case against Ibrahim Almagarby. Upon conclusion of the SEC Investigation the company expects to receive cash, shares, or a combination of both to compensate for Mr. Almagarby’s ill-gotten gains. We do not expect the remaining balances to convert to common shares.