Tuesday, June 14, 2022 5:54:32 PM
INTO SHARES.
IT WILL 102,739,000 DILUTED
LOOK OUT MORE LOSSES LOLS
(e) On September 13, 2021, the Company entered into a securities purchase agreement with a non-related party. Pursuant to the agreement, the Company received cash proceeds of $2,000,000 on September 13, 2021 in exchange for the issuance of an unsecured convertible promissory note in the principal amount of $2,400,000, which was inclusive of a $400,000 original issue discount and bears interest at 9% per annum to the holder and matures June 20, 2022. If the convertible note is not paid in full before December 12, 2021, an additional $100,000 of guaranteed interest will be added to the note. An additional $100,000 of guaranteed interest will be added to the note on the 12th day of each succeeding month during which any portion of the convertible note remains unpaid. Any principal or interest on the convertible note that is not paid when due or during any period of default bears interest at 24% per annum.
In the event of a default, the note is convertible at the price that is equal to a 40% discount to the lowest trading price of the Company’s common shares during the 30 day trading period prior to the conversion date.
During the three months ended March 31, 2022, the Company recorded $166,369 in interest expense including $354,000 of additional interest. As at March 31, 2022, the carrying value of the convertible promissory note was $2,251,304 (December 31, 2021 - $2,084,935).
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