:::WARNING:::NOTE CONVERSIONS AT .00009, BELOW .0001!! READ
At maturity, any unpaid portion may be converted to common stock at the greater of (a) 58% of the average of the lowest three trading prices during the ten trading days before the conversion or (b) $0.00009 per share.
Going to take a LOT of shares to pay these guys back, that's what happens when your stock is WORTHLESS
The convertible note in the amount of $57,000 was issued on December 17, 2014 and matures on June 17, 2015, bears an interest rate of 12%, both before and after maturity. This note can be paid before maturity in cash by multiplying outstanding interest and principal by 140% if within 90 days of issuance, a prepayment which does not require Holder approval; 150% from 91 days to 120 days, a prepayment which does not require Holder approval and 150% after 120 days, which requires Holder approval.
At any time before or after maturity, any unpaid portion may be converted to common stock at 50% of the lowest trading price during the twenty trading days before the conversion. The inclusion of the variable conversion price causes this instrument to contain an embedded derivative (see Note 6). During the nine months ended March 31, 2015, we accrued $1,724 of interest on this note, amortized $4,000 of deferred finance charges and $12,482 of debt discounts to interest expense.
The convertible note in the amount of $26,500 was issued on February 20, 2015 and matures on February 20, 2016, bears interest at 8% per annum (24% for matured, unpaid amounts with a 20% penalty for specific default provisions) and is convertible optionally by the holder at any time. The note is redeemable at 150% of the nominal amount within the initial 180 days. This convertible note is convertible at 50% of the low trading price for the last 20 trading days and contains full ratchet reset provisions. During the three months ended March 31, 2015, we accrued $227 of nominal interest, amortized $160 of deferred finance charges and $638 of debt discounts to interest expense.
Also during the nine months ended March 31, 2015, we accrued $3,893 in interest on a promissory note to a consultant which, at March 31, 2015, has principal and interest due of $28,840 and $4,066, respectively.
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