Note that the filed Note begins "FOR VALUE RECEIVED"...and never defines or describes that value. That's the way some folks do things.
But since the company regularly issues notes which feature an original issue discount I suspect that there actually was one and the company just failed to report it. The problem is that an OID would have precisely the opposite effect that you say it does. They would have received LESS than the face value of the note (not more, as you suggest) but the conversion would be BASED ON the face value of the note.
So they probably received $40-42,000 in cash when it was funded on May 2nd.
The interest of 8% is taken on the Face Value of the note which was outstanding for 6 months. ($45K @8%)/2 = $1,800....so the 83,597,839 share received were in exchange for $45,000 and $1,800 in interest. $46,800/83,597,839 = a conversion rate of $.00056/share. Some people might say that "the conversion price was well above $0.0005". Well above? Not me. I'd say that was a deceptive characterization.
The specific conversion rate indicated in the agreement was "equal to 70% of the lowest daily VWAP of the Common Stock as reported on the National Quotations Bureau OTC Markets exchange which the Company’s shares are traded or any exchange upon which the Common Stock may be traded in the future (“Exchange”), for the fifteen prior trading days...".
"Maybe those were the best terms the Company could get back in April 2017. and maybe without that financing at that time, the Company would have been way worse off today" That would be quite an accomplishment. It's hard to have less than no operations at all.
But wait.... Johnny, the TAUG "consultant", has repeatedly said that he and his family has an "open checkbook" for BSeth! And Johnny has been a true believer in TAUG winning MILLIONS... Not to mention his belief in BSethie's "Rolodex", for those awesome "M&A" possibilities....
Yet you are saying that those were the best terms to be had???
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