This is a copy of page 8. I still don't see it. Page 8 says "acquisition" and not rescission. Show me on this page. PLEASE!!
Revenue from Contracts with Customer. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that
reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.
Note 2 - Promissory notes and convertible notes
The Company entered into various unsecured debt arrangements in the form of promissory notes to multiple companies. All the promissory outlined in the chart below have similar terms and conditions.
The total principle amount owed on the promissory notes is $91,500. Each of the notes are due 10 days after receiving a written demand for payment. All of the promissory notes bear an interest rate of 10%
per annual. Payment of the notes can be either in cash or converted into Southern Home Medical, Inc. Common stock. If payment is made in Southern Home Medical, Inc. Common stock, the “conversion price” is the lessor of (a) the price that the Southern Home Medical, Inc. Common stock is trading at on the date of the conversion less a 50% percent discount of (b) $0.0001 per share.
The principle balance
on the notes as of March 31, 2017 was 91,500. Interest in the amount of $948 was accrued on the notes
as of March 31, 2017.
Note amount Date of the note Balance due Interest accrued
$9,000 2/6/2017 $9,000 $131
$37,000 2/13/2017 $37,000 $466
$31,000 2/23/2017 $31,000 $306
$1,500 3/10/2017 $1,500 $9
$13,000 3/21/2017 $13,000 $36
Note 3 – Other events
As of August 31, 2016, Southern Home Medical lnc. Announced rescission of CES Technology LTD.
As of October 31,2016, Southern Home Medical lnc. Announced acquisition of KC Global LTD.
On October 20, 2016,Miguel Dotres resigned from the Company and George Chang was appointed Interim President and Director of Southern Home Medical lnc.
As of January 31,2017,Southern Home Medical lnc. Announced rescission of KC Global LTD.
Note 4 – Legal presentation
There are no legal issues known at present that is a concern for Southern Home Medical Inc.
Note 5 – Subsequent Events
The Company has evaluated all events that occur after the balance sheet date through the date when the financial statements were issued to determine if they must be reported.
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