don't look now, more dilution this week...
"On August 11, 2016, the Company received the second disbursement #2 of the May 20, 2016 GW Holdings Group Backend Note #4 in the amount of $5,746.
The disbursement earns an interest rate equal to 10% per annum and matures on August 11, 2017. The note is convertible at 52% of the lowest trading price of the Company’s common stock during the 20 trading days prior to the conversion date. Due to this provision, the embedded conversion option qualified for derivative accounting under ASC 815-15, Derivatives and Hedging . Pursuant to this note, the Company recorded a debt discount of $5,746, as a result of the embedded conversion feature being a financial derivative. The Company determined that the fair value of the conversion feature was $6,074 at the issuance date.
On August 11, 2016, the Company received the forth disbursement #4 of the May 23, 2016 Union Capital note in the amount of $5,250.
The fourth disbursement earns an interest rate equal to 8% per annum and matures on August 11, 2017. The note is convertible at 60% of the lowest trading price of the Company’s common stock during the 20 trading days prior to the date of conversion. Due to this provision, the embedded conversion option qualified for derivative accounting under ASC 815-15, Derivatives and Hedging. Pursuant to this note, the Company recorded a debt discount of $4,782, as a result of the embedded conversion feature being a financial derivative. The Company determined that the fair value of the conversion feature was $4,782 at the issuance date."
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