From the last quarterly. Toxic notes and AMREFA due next month there's even less of this funding to do anything with than we thought. I think all this money will be spoken for.
During the nine months ended January 31, 2019 the Company issued three unsecured convertible notes payable in a total amount of $467,707 in cash, with original issue discounts and debt issuance costs totaling $30,878, interest rates of 12% per annum and due dates ranging from November 22, 2018 to June 14, 2019.
During the nine months ended January 31, 2019, the Company converted 8,534,625 shares of Preferred Stock Series B and the related dividend payable in the amount of $165,466 into an unsecured note payable due to AMREFA (“AMREFA NP”) in the amount of $1,427,262. A note “Original Note” for $1,427,262 dated December 31, 2017 was issued to AMREFA for the redemption of the Preferred Stock Series B. The Original Note provided for the principal to be paid in installments on June 30, 2018, December 31, 2018 and June 30, 2019. The Original Note was amended on December 5, 2018 (“December Note”), but was not recognized as the note holder did not return the Preferred Stock Series B. The December Note provided that the Company and the Holder agreed to cancel the Preferred Stock Series B and for a waiver of any past defaults under the Original Note with all principal and interest be paid on or before June 30, 2019.
