ATTENTION ALL
Keeping the convertible notes in perspective. All from the recent 10Q/A:
The Company entered into a Convertible Promissory Note with Asher Enterprises Inc. on January 9, 2012 in the amount of $37,500. The note has an interest rate of 8% with the maturity date of October 11, 2012. It will be interesting to see how this gets handled.
The Company entered into a Convertible Promissory Note with Grand View Ventures on February 16, 2012 in the amount of $190,000. The note has an interest rate of 15% with the maturity date of February 16, 2013
As of June 30, 2012, the carrying value of the convertible notes was $200,541. This amount is only going to continue to get larger and larger.
The Company entered into a Convertible Promissory Note with Grand View Ventures on May 3, 2012 in the amount of $133,000. The note has an interest rate of 15% with the maturity date of November 1, 2012. This one is due only 3 weeks after the January 9, 2012 Asher note, it will be like a double whamy.
The Company entered into a Promissory Note with Fogo, Inc. on July 31, 2012 in the amount of $200,000. The note has an interest rate of 12% with the maturity date of January 27, 2013.
The Company entered into a Convertible Promissory Note with Asher Enterprises Inc. on July 17, 2012 in the amount of $53,000. The note has an interest rate of 8% with the maturity date of April 19, 2013. The terms of the Asher notes have now been cut from 12 months to 9 months.
Promissory note payable dated May 5, 2010 due to Brian Hebb including accrued interest. $155,146. Sierra Resource Group previously attempted to write this debt off, it looks like the private accounting firm decided that it was "real debt."
