Seaniemac International Ltd (fka BETS)

[Drugdoctor]

On June 18, 2013, the Company issued a $53,000 convertible promissory note to Asher Enterprises, Inc. (“Asher”). The note bears interest at 8% per annum and matures on March 20, 2014. Interest is payable upon the note’s maturity. Asher may at its option convert the note into shares of the Company’s common stock after 180 days of the date the note is signed through its maturity date. The conversion price is the greater of (i) the fixed conversion price of $0.00005 per share and (ii) variable conversion price. The variable conversion price is 58% of the average of the lowest three closing bid prices for the common stock during the 10 day trading days prior to the date of conversion. Accrued interest as of September 30, 2013 is $1,208. The Company incurred $3,000 in loan costs in connection with the promissory note. These costs were capitalized and are being amortized on a straight line basis over the term of the loan. Amortization of $1,000 and $1,167 was recorded in the three and nine month periods ended September 30, 2013.

They made a deal with the devil.... ugh