Sunday, October 10, 2021 6:36:26 PM
The two latest funding things do not look like Brett's doing. In the first at the end of June, we sold $87k receivables for $60k. No one would argue that those terms are better than what Brett was giving us before. Perhaps he ran out of funds, but I don't think so.. I'd guess his targets/demands weren't hit and he cut us off until they were. This was a few months ago and so maybe he is back to being interested now.. WHo knows? I agree with the concerns about the two bold items below, and I do think they're 'proof' that Brett wasn't excited enough to fund us on the same terms as before. However, on the VERY positive side of things, it looks like we see in subsequent evens that some of this stuff had been taken care of... so perhaps Brett just didn't have any funds over the summer but he stepped in and help pay the bottom things off? Who knows? Overall, looks like it wasn't a great summer, but we came through it.. I agree with the concerns about some of this summer funding, but hope it's all in the past. I do believe Brett is here for the long term and whether he funds us anymore or not, I hope we become cash flow positive soon and don't need it!
On August 12, 2021, the Company settled the outstanding principal and accrued interest on a convertible note payable through a cash payment of $179,000.
On August 16, 2021, the Company settled the remaining outstanding principal on a convertible note payable of $88,795 and accrued interest through a cash payment of $21,000. In conjunction with the debt payment, 8,000,000 shares were issued on 9/1/21. As part of the settlement, the holders of 107,142,857 warrants have agreed to cancel said warrants once the Company is no longer delinquent with its filings with the SEC.
On September 16, 2021, the Company settled the outstanding principal and accrued interest on a convertible note payable through a cash payment of $122,694.
On June 29, 2021, the Company sold future receivables with a non-related party for $87,000, of which $27,000 was loan fees and original issue discount resulting in cash proceeds to the Company of $60,000. During the six months ended June 30, 2021, $0 of the discount was amortized to expense, leaving a net note balance of $60,000 (discount balance of $27,000).
On May 3, 2021, the Company entered into a convertible promissory note with a non-related party for $128,000, of which $3,000 was an original issue discount resulting in cash proceeds to the Company of $125,000. The note is due on May 3, 2022 and bears interest on the unpaid principal balance at a rate of 12% per annum. Stringent pre-payment terms apply (from 15% to 40%, dependent upon the timeframe of repayment during the note's term) and any part of the note which is not paid when due shall bear interest at the rate of 22% per annum from the due date until paid. The Note may be converted by the Lender at any time after 180 days of the date of issuance into shares of Company's common stock at a conversion price equal to 61% of the lowest trading price during the 15-trading day period prior to the conversion date. As the stock price at the issuance date was lesser than the effective conversion price, it was determined that no beneficial conversion feature exists. As the note is not convertible until 180 days following issuance, no derivative liability was recognized as of June 30, 2021.
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