This is a toxic convertible debenture death spiral all year. Look at them all, this stock cannot go up. The following are the notes to FROG's 10Q
Note 7 – Convertible Notes Payable
Note payable consists of the following at September 30, 2012 and March 31, 2012, respectively:
September 30, March 31,
2012 2012
Unsecured convertible promissory note originated on September 21, 2012, carries an 8% interest rate, matures on September 21, 2013, convertible at the holder’s discretion into the greater of 25% of the average of the lowest three (3) trading prices over the ten (10) day trading period prior to the conversion date, or $0.0001 per share. $ 17,500 $ –
Unsecured convertible promissory note originated on August 6, 2012, carries an 8% interest rate, matures on August 6, 2013, convertible at the holder’s discretion into the greater of 55% of the average of the lowest three (3) trading prices over the ten (10) day trading period prior to the conversion date, or $0.001 per share. 20,000 –
Unsecured convertible promissory note originated on August 6, 2012, carries an 8% interest rate, matures on August 6, 2013, convertible at the holder’s discretion into the greater of 55% of the average of the lowest three (3) trading prices over the ten (10) day trading period prior to the conversion date, or $0.001 per share. 20,000 –
Unsecured convertible promissory note originated on August 22, 2012, carries an 8% interest rate, matures on August 22, 2013, convertible at the holder’s discretion into the greater of 25% of the average of the lowest three (3) trading prices over the ten (10) day trading period prior to the conversion date, or $0.0001 per share. 7,500 –
Unsecured convertible promissory note originated on July 30, 2012, carries an 8% interest rate, matures on July 30, 2013, convertible at the holder’s discretion into the greater of 25% of the average of the lowest three (3) trading prices over the ten (10) day trading period prior to the conversion date, or $0.0001 per share. 2,500 –
Unsecured convertible promissory note originated on July 26, 2012, carries an 8% interest rate, matures on July 26, 2013, convertible at the holder’s discretion into the greater of 25% of the average of the lowest three (3) trading prices over the ten (10) day trading period prior to the conversion date, or $0.0001 per share. 40,000 –
Unsecured convertible promissory note originated on July 12, 2012, carries an 8% interest rate, matures on July 12, 2013, convertible at the holder’s discretion into the greater of 25% of the average of the lowest three (3) trading prices over the ten (10) day trading period prior to the conversion date, or $0.0001 per share. 7,600 –
Unsecured convertible promissory note originated on June 29, 2012, carries an 8% interest rate, matures on December 29, 2012, convertible at the holder’s discretion into the greater of 55% of the average of the lowest three (3) trading prices over the ten (10) day trading period prior to the conversion date, or $0.05 per share. The fixed conversion price component was amended to $0.006 per share on May 22, 2012. All other terms remain unchanged. 5,000 –
9
FrogAds, Inc.
(A Development Stage Company)
Notes to Condensed Financial Statements
(Unaudited)
Unsecured convertible promissory note originated on June 18, 2012, carries an 8% interest rate, matures on December 18, 2012, convertible at the holder’s discretion into the greater of 55% of the average of the lowest three (3) trading prices over the ten (10) day trading period prior to the conversion date, or $0.05 per share. The fixed conversion price component was amended to $0.006 per share on May 22, 2012. All other terms remain unchanged. 10,000 –
Unsecured convertible promissory note originated on June 8, 2012, carries an 8% interest rate, matures on December 8, 2012, convertible at the holder’s discretion into the greater of 55% of the average of the lowest three (3) trading prices over the ten (10) day trading period prior to the conversion date, or $0.05 per share. The fixed conversion price component was amended to $0.006 per share on May 22, 2012. All other terms remain unchanged. 15,000 –
Unsecured convertible promissory note originated on May 25, 2012, carries an 8% interest rate, matures on November 25, 2012, convertible at the holder’s discretion into the greater of 55% of the average of the lowest three (3) trading prices over the ten (10) day trading period prior to the conversion date, or $0.05 per share. The fixed conversion price component was amended to $0.006 per share on May 22, 2012. All other terms remain unchanged. 10,000 –
Unsecured convertible promissory note originated on May 25, 2012, carries an 8% interest rate, matures on November 25, 2012, convertible at the holder’s discretion into the greater of 55% of the average of the lowest three (3) trading prices over the ten (10) day trading period prior to the conversion date, or $0.05 per share. The fixed conversion price component was amended to $0.006 per share on May 22, 2012. All other terms remain unchanged. 15,000 –
Unsecured convertible promissory note originated on April 30, 2012, carries an 8% interest rate, matures on October 30, 2012, convertible at the holder’s discretion into the greater of 55% of the average of the lowest three (3) trading prices over the ten (10) day trading period prior to the conversion date, or $0.05 per share. The fixed conversion price component was amended to $0.006 per share on May 22, 2012. All other terms remain unchanged. 25,000 –
Unsecured convertible promissory note originated on April 25, 2012, carries an 8% interest rate, matures on October 25, 2012, convertible at the holder’s discretion into the greater of 55% of the average of the lowest three (3) trading prices over the ten (10) day trading period prior to the conversion date, or $0.05 per share. The fixed conversion price component was amended to $0.006 per share on May 22, 2012. All other terms remain unchanged. 50,000 –
10
FrogAds, Inc.
(A Development Stage Company)
Notes to Condensed Financial Statements
(Unaudited)
Unsecured convertible promissory note originated on April 17, 2012, carries an 8% interest rate, matures on October 17, 2012, convertible at the holder’s discretion into the greater of 55% of the average of the lowest three (3) trading prices over the ten (10) day trading period prior to the conversion date, or $0.05 per share. The fixed conversion price component was amended to $0.006 per share on May 22, 2012. All other terms remain unchanged. 25,000 –
Unsecured convertible promissory note originated on April 13, 2012, carries an 8% interest rate, matures on October 13, 2012, convertible at the holder’s discretion into the greater of 55% of the average of the lowest three (3) trading prices over the ten (10) day trading period prior to the conversion date, or $0.05 per share. The fixed conversion price component was amended to $0.006 per share on May 22, 2012. All other terms remain unchanged. 25,000 –
Unsecured convertible promissory note originated on April 2, 2012, carries an 8% interest rate, matures on October 2, 2012, convertible at the holder’s discretion into the greater of 55% of the average of the lowest three (3) trading prices over the ten (10) day trading period prior to the conversion date, or $0.05 per share. The fixed conversion price component was amended to $0.006 per share on May 22, 2012. All other terms remain unchanged. 30,000 –
Unsecured convertible promissory note originated on March 30, 2012, carries an 8% interest rate, matures on September 29, 2012, convertible at the holder’s discretion into the greater of 55% of the average of the lowest three (3) trading prices over the ten (10) day trading period prior to the conversion date, or $0.05 per share. The fixed conversion price component was amended to $0.006 per share on May 22, 2012. All other terms remain unchanged. 25,000 25,000
Unsecured convertible promissory note originated on March 23, 2012, carries an 8% interest rate, matures on September 23, 2012, convertible at the holder’s discretion into the greater of 55% of the average of the lowest three (3) trading prices over the ten (10) day trading period prior to the conversion date, or $0.05 per share. The fixed conversion price component was amended to $0.006 per share on May 22, 2012. All other terms remain unchanged. 30,000 30,000
Unsecured convertible promissory note originated on March 23, 2012, carries an 8% interest rate, matures on September 23, 2012, convertible at the holder’s discretion into the greater of 55% of the average of the lowest three (3) trading prices over the ten (10) day trading period prior to the conversion date, or $0.05 per share. The fixed conversion price component was amended to $0.006 per share on May 22, 2012. All other terms remain unchanged. 30,000 30,000
Unsecured convertible promissory note originated on March 16, 2012, carries an 8% interest rate, matures on September 17, 2012, convertible at the holder’s discretion into the greater of 55% of the average of the lowest three (3) trading prices over the ten (10) day trading period prior to the conversion date, or $0.05 per share. The fixed conversion price component was amended to $0.006 per share on May 22, 2012. All other terms remain unchanged. 30,000 30,000
Unsecured convertible promissory note originated on February 24, 2012, carries an 8% interest rate, matures on August 24, 2012, convertible at the holder’s discretion into the greater of 55% of the average of the lowest three (3) trading prices over the ten (10) day trading period prior to the conversion date, or $0.05 per share. The fixed conversion price component was amended to $0.006 per share on May 22, 2012. All other terms remain unchanged. 7,900 35,000
11
FrogAds, Inc.
(A Development Stage Company)
Notes to Condensed Financial Statements
(Unaudited)
Unsecured convertible promissory note originated on February 13, 2012, carries an 8% interest rate, matures on February 12, 2013 convertible into common stock at $0.20 per share at the holder’s discretion. The conversion terms were amended on May 22, 2012 to be convertible into common stock at 55% of the average of the three lowest bid prices over the 10 days prior to conversion, or $0.006 whichever is greater. All other terms remain unchanged. 80,000 80,000
Unsecured convertible promissory note originated on February 2, 2012, carries an 8% interest rate, matures on February 1, 2013, convertible into common stock at $0.20 per share at the holder’s discretion. The conversion terms were amended on May 22, 2012 to be convertible into common stock at 55% of the average of the three lowest bid prices over the 10 days prior to conversion, or $0.006 whichever is greater. All other terms remain unchanged. 75,000 100,000
Unsecured convertible promissory note originated on January 26, 2012, carries an 8% interest rate, matures on January 25, 2013, convertible into common stock at $0.20 per share at the holder’s discretion. The conversion terms were amended on May 22, 2012 to be convertible into common stock at 55% of the average of the three lowest bid prices over the 10 days prior to conversion, or $0.006 whichever is greater. All other terms remain unchanged. 15,000 15,000
Unsecured convertible promissory note originated on January 23, 2012, carries an 8% interest rate, matures on January 22, 2013, convertible into common stock at $0.20 per share at the holder’s discretion. The conversion terms were amended on May 22, 2012 to be convertible into common stock at 55% of the average of the three lowest bid prices over the 10 days prior to conversion, or $0.006 whichever is greater. All other terms remain unchanged. On August 21, 2012 the note was assigned amongst ten parties, and a cumulative of $25,000 of principal and $1,000 of accrued interest was converted into a total of 52,000,000 shares of common stock. Of these shares, 30,512,396 shares were converted in excess of the conversion terms; therefore a loss of $61,025 has been recorded based on the closing price of the Company’s common stock on the date of grant. – 25,000
Unsecured convertible promissory note originated on January 11, 2012, carries an 8% interest rate, matures on January 10, 2013 convertible into common stock at $0.20 per share at the holder’s discretion. The conversion terms were amended on May 22, 2012 to be convertible into common stock at 55% of the average of the three lowest bid prices over the 10 days prior to conversion, or $0.006 whichever is greater. All other terms remain unchanged. The debt and accrued interest was converted into 2,025,974 shares of common stock on June 1, 2012. The note was converted in accordance with the conversion terms, therefore no gain or loss has been recorded. – 25,000
Unsecured convertible promissory note originated on November 17, 2011, carries an 8% interest rate, matures on November 16, 2012, convertible into common stock at $0.20 per share at the holder’s discretion. The conversion terms were amended on May 22, 2012 to be convertible into common stock at 55% of the average of the three lowest bid prices over the 10 days prior to conversion, or $0.006 whichever is greater. All other terms remain unchanged. The debt and accrued interest was converted into 2,307,026 shares of common stock on June 1, 2012. The note was converted in accordance with the conversion terms, therefore no gain or loss has been recorded.
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