HERE is were UNGS sold shares for cash,
ADD it all up
NOTE I - CONVERTIBLE DEBENTURE PAYABLE
Convertible debentures payable consist of the following at:
6/30/2014
12/31/2013
Caesar Capital $ - $ 49,000 Beaufort Capital 50,000 - Asher - 35,700 Tangiers 178,876 167,369 Total convertible debenture payable $ 228,876 $ 252,069
SYLIOS CORP
(Formerly US Natural Gas Corp)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
From Inception (March 28, 2008) through June 30, 2014 (Unaudited)
NOTE I - CONVERTIBLE DEBENTURE PAYABLE (continued)
On June 3, 2014, the Company entered into a Promissory Note (“Promissory Note”) with Tangiers Investment Group, LLC, (“Tangiers”) in the amount of Twenty Eight Thousand Five Hundred Dollars ($28,500). The Promissory Note was fully funded on June 3, 2014. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity at the option of the holder at the Variable Conversion Price, which shall mean 60% of the Market Price. The Market Price is defined as the lowest Trading Price for the common stock during the 20 (twenty) Trading Day period ending one Trading Day prior to the date the Conversion Notice is sent. The Convertible Note has a term of one (1) year and accrues interest at a rate equal to ten percent (10%) per year. The balance owed at June 30, 2014 is $28,500.
On May 8, 2014, the Company entered into a Promissory Note (“Promissory Note”) with Beaufort Capital, LLC, (“Beaufort”) in the amount of Twenty Thousand Dollars ($20,000). The Promissory Note was fully funded on May 8, 2014. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity at the option of the holder at the Variable Conversion Price, which shall mean 58% of the Market Price. The Market Price is defined as the lowest Trading Price for the common stock during the 20 (twenty) Trading Day period ending one Trading Day prior to the date the Conversion Notice is sent. The Convertible Note has a term of one (1) year and accrues interest at a rate equal to eight percent (8%) per year. The balance owed at June 30, 2014 is $20,000.
On April 25, 2014, the Company entered into a Promissory Note (“Promissory Note”) with Tangiers Investment Group, LLC, (“Tangiers”) in the amount of Twenty Eight Thousand Five Hundred Dollars ($28,500). The Promissory Note was fully funded on April 25, 2014. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity at the option of the holder at the Variable Conversion Price, which shall mean 60% of the Market Price. The Market Price is defined as the lowest Trading Price for the common stock during the 20 (twenty) Trading Day period ending one Trading Day prior to the date the Conversion Notice is sent. The Convertible Note has a term of one (1) year and accrues interest at a rate equal to ten percent (10%) per year. The balance owed at June 30, 2014 is $28,500.
On April 11, 2014, the Company entered into a Promissory Note (“Promissory Note”) with Beaufort Capital, LLC, (“Beaufort”) in the amount of Fifteen Thousand Dollars ($15,000). The Promissory Note was fully funded on April 11, 2014. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity at the option of the holder at the Variable Conversion Price, which shall mean 58% of the Market Price. The Market Price is defined as the lowest Trading Price for the common stock during the 20 (twenty) Trading Day period ending one Trading Day prior to the date the Conversion Notice is sent. The Convertible Note has a term of one (1) year and accrues interest at a rate equal to eight percent (8%) per year. The balance owed at June 30, 2014 is $15,000.
On April 2, 2014, the Company entered into a Promissory Note (“Promissory Note”) with Beaufort Capital, LLC, (“Beaufort”) in the amount of Fifteen Thousand Dollars ($15,000). The Promissory Note was fully funded on April 2, 2014. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity at the option of the holder at the Variable Conversion Price, which shall mean 58% of the Market Price. The Market Price is defined as the lowest Trading Price for the common stock during the 20 (twenty) Trading Day period ending one Trading Day prior to the date the Conversion Notice is sent. The Convertible Note has a term of one (1) year and accrues interest at a rate equal to eight percent (8%) per year. The balance owed at June 30, 2014 is $15,000.
On March 21, 2014, the Company entered into a Convertible Promissory Note (“Promissory Note”) with Tangiers Investment Group, LLC, (“Tangiers”) in the amount of Seventeen Thousand Five Hundred Dollars ($17,500). The Convertible Note was fully funded on March 21, 2014. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity at lower of $.002 or fifty percent (50%) of the lowest trading price of the Company’s common stock during the twenty (20) consecutive trading days prior to the date on which Holder elects to convert all or part of the Note. The Convertible Note has a term of one (1) year and accrues interest at a rate equal to eight percent (8%) per year. The balance owed at June 30, 2014 is $17,500.
On September 26, 2013, the Company entered into a Convertible Promissory Note (“Promissory Note”) with Tangiers Investment Group, LLC, (“Tangiers”) in the amount of Sixty Seven Thousand Five Hundred Dollars ($67,500). The Convertible Note was fully funded on September 27, 2013. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity at the option of the holder at the Variable
SYLIOS CORP
(Formerly US Natural Gas Corp)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
From Inception (March 28, 2008) through June 30, 2014 (Unaudited)
NOTE I - CONVERTIBLE DEBENTURE PAYABLE (continued)
Conversion Price, which shall mean 60% of the Market Price. The Market Price is defined as the lowest Trading Price for the common stock during the 20 (twenty) Trading Day period ending one Trading Day prior to the date the Conversion Notice is sent. The Convertible Note has a term of one (1) year and accrues interest at a rate equal to ten percent (10%) per year. The balance owed at June 30, 2014 is $67,500.
On September 16, 2013, the Company entered into a Convertible Promissory Note (“Promissory Note”) with Tangiers Investment Group, LLC, (“Tangiers”) in the amount of Twenty Thousand Dollars ($20,000). The Convertible Note was fully funded on September 18, 2013. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity at the option of the holder at the Variable Conversion Price, which shall mean 50% of the Market Price. The Market Price is defined as the lowest Trading Price for the common stock during the 10 (ten) Trading Day period ending one Trading Day prior to the date the Conversion Notice is sent. The Convertible Note has a term of one (1) year and accrues interest at a rate equal to ten percent (10%) per year. The balance owed at June 30, 2014 is $20,000.
On May 14, 2013, the Company entered into a Promissory Note (“Promissory Note”) with Tangiers Investment Group, LLC, (“Tangiers”) in the amount of Twenty Five Thousand Dollars ($25,000). The Promissory Note was fully funded on May 14, 2013. The Promissory Note is due on or before June 14, 2013. In the event
of such default, the amount due and owing to the Holder shall be the 125% of the outstanding Principal Amount of the Notes held by the Holder plus all accrued and unpaid interest, fees, and liquidated damages, if any. During the second quarter of 2014, the Promissory Note was paid in full through the issuance of common stock of the Company.
On May 14, 2013, the Company entered into a Convertible Promissory Note (“Promissory Note”) with Tangiers Investment Group, LLC, (“Tangiers”) in the amount of Ten Thousand Dollars ($10,000). The Convertible Note was fully funded on May 14, 2013. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity at the option of the holder at the Variable Conversion Price, which shall mean 60% of the Market Price. The Market Price is defined as the lowest Trading Price for the common stock during the 20 (twenty)
Trading Day period ending one Trading Day prior to the date the Conversion Notice is sent. The Convertible Note has a term of one (1) year and accrues interest at a rate equal to ten percent (10%) per year. During the second quarter of 2014, the convertible debenture was paid in full through the issuance of common stock of the Company.
On January 16, 2013, the Company entered into a Convertible Promissory Note (“Promissory Note”) with Tangiers Investment Group, LLC, (“Tangiers”) in the amount of Twenty Two Thousand Five Hundred Dollars ($22,500). The Convertible Note was fully funded on January 21, 2013. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity at the option of the holder at the Variable Conversion Price, which shall mean 60% of the Market Price. The Market Price is defined as the lowest Trading Price for the common stock during the 5 (five) Trading Day period ending one Trading Day prior to the date the Conversion Notice is sent. The Convertible Note has a term of one (1) year and accrues interest at a rate equal to ten percent (10%) per year. During the first quarter of 2014, the convertible debenture was paid in full through the issuance of common stock of the Company.
On November 15, 2012, the Company entered into a Convertible Promissory Note (“Promissory Note”) with Tangiers Investors, LP, (“Tangiers”) in the amount of Twenty One Thousand Five Hundred Dollars ($21,500). The Convertible Note was fully funded on November 18, 2012. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity at the option of the holder at the Variable Conversion Price, which shall mean 60% of the Market Price. The Market Price is defined as the lowest Trading Price for the common stock during the 5 (five) Trading Day period ending one Trading Day prior to the date the Conversion Notice is sent. The Convertible Note has a term of one (1) year and accrues interest at a rate equal to ten percent (10%) per year. During the second quarter of 2014, the convertible debenture was paid in full through the issuance of common stock of the Company.
SYLIOS CORP
(Formerly US Natural Gas Corp)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
From Inception (March 28, 2008) through June 30, 2014 (Unaudited)
NOTE I - CONVERTIBLE DEBENTURE PAYABLE (continued)
On April 16, 2012, the Company entered into a Convertible Promissory Note ("Promissory Note") with Tangiers Investors, LP ("Tangiers") in the amount of Fifteen Thousand Dollars ($15,000) and a Securities Purchase Agreement. The Convertible Promissory Note was fully funded on April 16, 2012. The Promissory Note is convertible, in whole or in part, at any time from time to time before maturity at the option of the holder at the Variable Conversion Price which shall mean 50% of the Market Price. The Market Price is defined as the lowest Trading Price for the common stock during the five (5) Trading Day period ending one Trading Day prior to the date the Conversion Notice is sent. The Promissory Note has a term of one (1) year and accrues interest at a rate equal to nine percent (9%) per year. During the second quarter of 2014, the convertible debenture was paid in full through the issuance of common stock of the Company.
On April 9, 2012, the Company entered into a Convertible Promissory Note ("Promissory Note") with Tangiers Investors, LP ("Tangiers") in the amount of Fifteen Thousand Dollars ($15,000) and a Securities Purchase Agreement. The Convertible Promissory Note was fully funded on April 9, 2012. The Promissory Note is convertible, in whole or in part, at any time from time to time before maturity at the option of the holder at the Variable Conversion Price which shall mean 50% of the Market Price. The Market Price is defined as the lowest Trading Price for the common stock during the five (5) Trading Day period ending one Trading Day prior to the date the Conversion Notice is sent. The Promissory Note has a term of one (1) year and accrues interest at a rate equal to nine percent (9%) per year. During the first quarter of 2014, the convertible debenture was paid in full through the issuance of common stock of the Company.
On April 3, 2012, the Company entered into a Convertible Promissory Note ("Promissory Note") with Tangiers Investors, LP ("Tangiers") in the amount of Nineteen Thousand Dollars ($19,000) and a Securities Purchase Agreement. The Convertible Promissory Note was fully funded on April 3, 2012. The Promissory Note is
convertible, in whole or in part, at any time from time to time before maturity at the option of the holder at the Variable Conversion Price which shall mean 50% of the Market Price. The Market Price is defined as the lowest Trading Price for the common stock during the five (5) Trading Day period ending one Trading Day prior to the date the Conversion Notice is sent. The Promissory Note has a term of one (1) year and accrues interest at a rate equal to nine percent (9%) per year. During 2013, the convertible debenture was paid in full through the issuance of common stock of the Company.
On March 8, 2012, the Company entered into a Convertible Promissory Note ("Promissory Note") with Hanover Holdings, LLC ("Hanover") in the amount of Eighteen Thousand Dollars ($18,000) and a Securities Purchase Agreement. The Promissory Note was fully funded on March 22, 2012. The Promissory Note is convertible, in whole or in part, at any time from time to time before maturity at the option of the holder at the Variable Conversion Price which shall mean 50% of the Market Price. The Market Price is defined as the average of the three (3) lowest Trading Prices for the common stock during the ten (10) Trading Day period ending one Trading Day prior to the date the Conversion Notice is sent. The Promissory Note has a term of six (6) months and accrues interest at a rate equal to six percent (6%) per year. During the second quarter of 2013, the convertible debenture was paid in full through the issuance of common stock of the Company.
On December 1, 2011, the Company entered into a Convertible Promissory Note ("Promissory Note") with Asher Enterprises, Inc. ("Asher") in the amount of Thirty Thousand Dollars ($30,000) and a Securities Purchase Agreement. The Promissory Note was fully funded on December 12, 2011. The Promissory Note is convertible, in whole or in part, at any time from time to time before maturity at the option of the holder at the Variable Conversion Price which shall mean 58% of the Market Price. The Market Price is defined as the average of the three (3) lowest Trading Prices for the common stock during the ten (10) Trading Day period ending one Trading Day prior to the date the Conversion Notice is sent. The Promissory Note has a term of nine (9) months and accrues interest at a rate equal to eight percent (8%) per year. During the second quarter of 2014, the convertible debenture was paid in full through the issuance of common stock of the Company.
On November 22, 2011, the Company entered into a Convertible Promissory Note ("Promissory Note") with Tangiers Investors, LP ("Tangiers") in the amount of Seventeen Thousand Five Hundred Dollars ($17,500) and a Securities Purchase Agreement. The Promissory Note was fully funded on November 22, 2011. The Promissory Note is convertible, in whole or in part, at any time from time to time before maturity at the option of the holder at the Variable Conversion Price which shall mean 60% of the Market Price. The Market Price is defined as the lowest
SYLIOS CORP
(Formerly US Natural Gas Corp)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
From Inception (March 28, 2008) through June 30, 2014 (Unaudited)
NOTE I - CONVERTIBLE DEBENTURE PAYABLE (continued)
Trading Price for the common stock during the five (5) Trading Day period ending one Trading Day prior to the date the Conversion Notice is sent. The Promissory Note has a term of one (1) year and accrues interest at a rate equal to nine percent (9%) per year. During the first quarter of 2013, the convertible debenture was paid in full through the issuance of common stock of the Company.
On September 8, 2011, the Company entered into a Convertible Promissory Note ("Promissory Note") with Asher Enterprises, Inc. ("Asher") in the amount of Forty Thousand Dollars ($40,000) and a Securities Purchase Agreement. The Promissory Note was fully funded on September 14, 2011. The Promissory Note is convertible, in whole or in part, at any time from time to time before maturity at the option of the holder at the Variable Conversion Price which shall mean 58% of the Market Price. The Market Price is defined as the average of the three (3) lowest Trading Prices for the common stock during the ten (10) Trading Day period ending one Trading Day prior to the date the Conversion Notice is sent. The Promissory Note has a term of nine (9) months and accrues interest at a rate equal to eight percent (8%) per year. During the second quarter of 2014, the convertible debenture was paid in full through the issuance of common stock of the Company.
On August 23, 2011, the Company entered into a Convertible Promissory Note ("Promissory Note") with Tangiers Investors, LP ("Tangiers") in the amount of Twenty Five Thousand Dollars ($25,000) and a Security Agreement. The Promissory Note was fully funded on August 24, 2011. The Promissory Note is convertible, in whole or in part, at any time from time to time before maturity at the option of the holder at the Variable Conversion Price which shall mean 60% of the Market Price. The Market Price is defined as the lowest Trading Price for the common stock during the five (5) Trading Day period ending one Trading Day prior to the date the Conversion Notice is sent. The Promissory Note has a term of one (1) year and accrues interest at a rate equal to nine percent (9%) per year. During the first quarter of 2013, the convertible debenture remaining balance was paid in full through the issuance of common stock of the Company.
On August 5, 2011, the Company entered into a Convertible Promissory Note ("Promissory Note") with Asher Enterprises, Inc. ("Asher") in the amount of Thirty Thousand Dollars ($30,000) and a Securities Purchase Agreement. The Promissory Note was fully funded on August 12, 2011 The Promissory Note is convertible, in whole or in part, at any time from time to time before maturity at the option of the holder at the Variable Conversion Price which shall mean 58% of the Market Price. The Market Price is defined as the average of the three (3) lowest Trading Prices for the common stock during the ten (10) Trading Day period ending one Trading Day prior to the date the Conversion Notice is sent. The Promissory Note has a term of nine (9) months and accrues interest at a rate equal to eight percent (8%) per year. During 2012, the convertible debenture was paid in full through the issuance of common stock of the Company.
On August 4, 2011, the Company entered into a Convertible Promissory Note ("Promissory Note") with Tangiers Investors, LP ("Tangiers") in the amount of Fifteen Thousand Dollars ($15,000) and a Security Agreement. The Promissory Note was fully funded on August 4, 2011. The Promissory Note is convertible, in whole or in part, at any time from time to time before maturity at the option of the holder at the Variable Conversion Price which shall mean 60% of the Market Price. The Market Price is defined as the lowest Trading Price for the common stock during the five (5) Trading Day period ending one Trading Day prior to the date the Conversion Notice is sent. During 2012, the convertible debenture was paid in full through the issuance of common stock of the Company.
On July 21, 2011, the Company entered into a Convertible Promissory Note ("Promissory Note") with Tangiers Investors, LP ("Tangiers") in the amount of Fifteen Thousand Dollars ($15,000) and a Security Agreement. The Promissory Note was fully funded on July 21, 2011. The Promissory Note is convertible, in whole or in part, at any time from time to time before maturity at the option of the holder at the Variable Conversion Price which shall mean 60% of the Market Price. The Market Price is defined as the lowest Trading Price for the common stock during the five (5) Trading Day period ending one Trading Day prior to the date the Conversion Notice is sent. The Promissory Note has a term of one (1) year and accrues interest at a rate equal to nine percent (9%) per year. During 2012, the convertible debenture was paid in full through the issuance of common stock of the Company.
On July 11, 2011, the Company entered into a Convertible Promissory Note ("Promissory Note") with Tangiers Investors, LP ("Tangiers") in the amount of Ten Thousand Dollars ($10,000) and a Security Agreement. The Promissory Note was fully funded on July 11, 2011. The Promissory Note is convertible, in whole or in part, at any
SYLIOS CORP
(Formerly US Natural Gas Corp)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
From Inception (March 28, 2008) through June 30, 2014 (Unaudited)
NOTE I - CONVERTIBLE DEBENTURE PAYABLE (continued)
time from time to time before maturity at the option of the holder at the Variable Conversion Price which shall mean 60% of the Market Price. The Market Price is defined as the lowest Trading Price for the common stock during the five (5) Trading Day period ending one Trading Day prior to the date the Conversion Notice is sent. The Promissory Note has a term of one (1) year and accrues interest at a rate equal to nine percent (9%) per year. During 2012, the convertible debenture was paid in full through the issuance of common stock of the Company.
On May 3, 2011, the Company entered into a Convertible Promissory Note ("Promissory Note") with Tangiers Investors, LP ("Tangiers") in the amount of Fifty Two Thousand Five Hundred Dollars ($52,500) and a Security Agreement. The Promissory Note was fully funded on May 3, 2011. The Promissory Note is convertible, in whole or in part, at any time from time to time before maturity at the option of the holder at the Variable Conversion Price which shall mean 60% of the Market Price. The Market Price is defined as the lowest Trading Price for the common stock during the five (5) Trading Day period ending one Trading Day prior to the date the Conversion Notice is sent. The Promissory Note has a term of one (1) year and accrues interest at a rate equal to nine percent (9%) per year. During 2012, the convertible debenture was paid in full through the issuance of common stock of the Company.
On November 16, 2010, the Company entered into a Convertible Promissory Note ("Promissory Note") with Caesar Capital Group, LLC, ("Caesar Capital") in the amount of Twenty Five Thousand Dollars ($25,000) and a Securities Purchase Agreement. The Promissory Note was fully funded on November 19, 2010. The Promissory Note is convertible, in whole or in part, at any time from time to time before maturity at the option of the holder at a per share price equal to Sixty Percent (60%) of the average of the last Five (5) trading days closing volume weighted average price. The Promissory Note has a term of six (6) months and accrues interest at a rate equal to twelve percent (12%) per year. During the second quarter of 2014, the convertible debenture was paid in full through the issuance of common stock of the Company. Please see ITEM 3.-LEGAL PROCEEDINGS within the Company's 2013 Unaudited Annual Report filed with OTC Markets for further Information.
On September 7, 2010, the Company entered into a Convertible Promissory Note ("Promissory Note") with Caesar Capital Group, LLC, ("Caesar Capital") in the amount of Fifty Thousand Dollars ($50,000) and a Securities Purchase Agreement. The Promissory Note was fully funded on September 10, 2010. The Promissory Note is convertible, in whole or in part, at any time from time to time before maturity at the option of the holder at a per share price equal to Sixty Percent (60%) of the average of the last Five (5) trading days closing volume weighted average price. The Promissory Note has a term of six (6) months and accrues interest at a rate equal to twelve percent (12%) per year. During the second quarter of 2013, the convertible debenture was paid in full through the issuance of common stock of the Company.
NOTE J - NOTES PAYABLE
Notes payable consist of the following at:
6/30/2014
12/31/2013
Note payable, interest at 1% per annum, due in 2011 $ 100,000 $ 100,000 Note payable, interest at 3% per annum, due in annual installments of $250,000 through March 2013 880,000 980,000 Notes payable, non-interest bearing, due in January 2011 - - Notes payable, interest at 100% through maturity date, interest at maximum rate allowable by law thereafter, due July 2010 175,000 298,964 Note payable, interest at 3%, due on demand 17,650 - - - Note payable, principle plus $1,500 interest due October 2011 - - Note payable, interest at 4%, effective May 2011 payable in monthly installments based upon 1.5% of gas revenues received - - - Less current portion (1,172,650 ) (1,378,964 )
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