Your tone is quite harsh. I'm sure you'll call me a bunch of names, but please read the document. Allow me to explain:
The Note defines Default Sum, “the then outstanding principal amount of this Note to the date of payment plus the amounts referred to in clauses (x), (y) and (z) shall collectively be known as the ‘Default Sum.’”
Pretty clear. The principal of the note plus X, Y, and Z. Here, the principal is $15,000. But what are X, Y, and Z?
The Note defines each: (x) accrued and unpaid interest on the unpaid principal amount of this Note to the date of payment (the "Mandatory Prepayment Date")
(y) Default Interest, if any, on the amounts referred to in clauses (w) and/or (x)
(z) any amounts owed to the Holder pursuant to Sections 1.3 and l.4(g) hereof
So here, X=$49.39 which is 12% interest, compounded daily, on $15,000 from the date Prometheus acquired it (March 14, 2016) through March 24, 2016.
After we received the email from West Cost Stock Transfer stating they would be unable to convert, Default Interest applies. Default Interest=X. X=$69.18 which is 24% interest, compounded daily, on $15,000 from March 25, through today.
Z=$4,000.00 which is section 1.4(g) which is liquidated damages, or $2,000 per day. Liquidated damages kicked in 3 days after we submitted our conversion notice, so yesterday would have been the first day.
But because the breach of contract is an event of default, we get that amount doubled (The Notes states, “UPON THE OCCURRENCE AND DURING THE CONTINUATION OF ANY EVENT OF DEFAULT SPECIFIED IN SECTION 3.2, THE NOTE SHALL BECOME IMMEDIATELY DUE AND PAYABLE AND THE BORROWER SHALL PAY TO THE HOLDER, IN FULL SATISFACTION OF ITS OBLIGATIONS HEREUNDER, AN AMOUNT EQUAL TO: THE DEFAULT SUM (AS DEFINED HEREIN); MULTIPLIED BY TWO (2).”)
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