Liberty Coal Energy Corp. (fka LBTG)

[Flex]

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NOTE 4 - CONVERTIBLE NOTES
CONVERTIBLE NOTES PAYABLE

In January 2013, February 2013, January 2013, May 2013, and June 2013 the Company borrowed $10,600, $32,500, 42,500 and $32,500
respectively, from Asher Enterprises, Inc. All four notes accrue interest at the rate of 8% per annum. They are due on September 16, 2013,
October 28, 2013, January 22, 2014, and March 17, 2014, respectively. These notes are convertible by the holder after 180 days at 65% of the
average of the lowest five closing bid prices in the ten trading day period before the conversion. The note has no financial covenants. The notes
as of June 30, 2013 have accrued interest of $2,082. As of June 30, 2013 Asher converted 70,000 of its principle from its prior notes into
9,904,522 shares of common stock.
NOTE 5 - CAPITAL STOCK
The Company has 1,500,000,000 common shares authorized at a par value of $0.001 per share.
On August 31, 2007, the Company issued 1,500,000 common shares to founders for total proceeds of $15,000.
On May 31, 2008, the Company completed a private placement whereby it issued 960,000 common shares at $0.05 per share for total proceeds
of $48,000.
On February 1, 2010, the Company completed a private placement whereby it issued 1,000,000 units for $0.25 per unit. Each unit consists of
one common share and common share purchase warrant allowing the holder to purchase a common share at $0.25 per share expiring February
1, 2012.
On February 1, 2010, the Company issued 100,000 common shares as partial consideration to acquire the Campbell Property.
On February 11, 2010, the Company completed a private placement whereby it issued 1,000,000 units for $0.25 per unit. Each unit consists of
one common share and common share purchase warrant allowing the holder to purchase a common share at $0.25 per share expiring February
1, 2012.
On March 15, 2010, the Company increased its authorized common shares from 50,000,000 shares to 1,500,000,000 shares and effected a 30
for 1 forward stock split. All share amounts reflected in the financial statements have been adjusted to reflect the results of the stock split.
Principal
amount
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8% convertible note to Asher Enterprises, Inc., due September 16, 2013 $ 10,600
8% convertible note to Asher Enterprises, Inc., due October 28, 2013 32,500
8% convertible note to Asher Enterprises, Inc., due January 22, 2014 42,500
8% convertible note to Asher Enterprises, Inc., due March 17, 2014 32,500
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Total Convertible Notes 118,100