Notes to Condensed Consolidated Financial Statements
For the period ended May 31, 2018
(Unaudited)
NOTE 6 – CONVERTIBLE NOTE PAYABLE
AUCTUS FUND, LLC
On March 22, 2017, the Company executed a convertible promissory note with Auctus Fund, LLC. The note carries a principal balance of $80,000 together with an interest rate of twelve percent (12%) per annum and a maturity date of December 22, 2017. All payments due hereunder (to the extent not converted into common stock, $0.001 par value per share in accordance with the terms of the note agreement shall be made in lawful money of the United States of America. Any amount of principal or interest on this Note which is not paid when due shall bear interest at the rate of twenty-four percent (24%) per annum from the due date thereof until the same is paid. As of May 31, 2018, the principal balance of $80,000 has been paid in full along with all accrued interest.
EMA FINANCIAL, LLC
On March 22, 2017, the Company executed a convertible promissory note with EMA Financial, LLC. The note carries a principal balance of $85,000 together with an interest rate of ten percent (10%) per annum and a maturity date of March 22, 2018. All payments due hereunder (to the extent not converted into common stock, $0.001 par value per share in accordance with the terms of the note agreement shall be made in lawful money of the United States of America. Any amount of principal or interest on this Note which is not paid when due shall bear interest at the rate of twenty-four percent (24%) per annum from the due date thereof until the same is paid. As of May 31, 2018, the principal balance of $85,000 has been paid in full along with all accrued interest.
POWER UP LENDING GROUP
On April 20, 2017, The Company executed a convertible promissory note with Power Up Lending Group, Ltd. The note carries a principal balance of $30,000 together with an interest rate of twelve percent (12%) per annum and a maturity date of January 30, 2018. All payments due hereunder (to the extent not converted into common stock, $0.001 par value per share in accordance with the terms of the note agreement shall be made in lawful money of the United States of America. Any amount of principal or interest on this Note which is not paid when due shall bear interest at the rate of twenty two percent (22%) per annum from the due date thereof until the same is paid. As of May 31, 2018, the principal balance of $30,000 has been paid in full along with all accrued interest.
TOUCHE INVESTMENTS, LLC
On March 28, 2018, the company executed an amendment to the convertible note payable issued on March 22, 2017 to Power Up Lending, a/k/a Jabro Funding Corp with Touche Investments, LLC. The amendment waives the default conditions under Section 3.1 of the note and agrees to extinguish the outstanding balance together with principal and interest of $37,664.55 with the delivery of 15,066,000 shares of common stock at $0.0025 per share. The original convertible promissory note carries a principal balance of $30,000 together with an interest rate of twelve percent (12%) per annum and a maturity date of January 30, 2018. All payments due hereunder (to the extent not converted into common stock, $0.001 par value per share in accordance with the terms of the note agreement shall be made in lawful money of the United States of America. Upon delivery of the shares the Note will be deemed paid in full. As of May 31, 2018, the principal balance of $37,665 has been paid in full.
At May 31, 2018, the derivative liability associated with Auctus Fund, LLC was $0; EMA Financial, LLC was $0, Power up lending was $0 and Touche Investments was $0.
"Recently EOMN negotiated with a new set of private investors, who share our vision and understand our mission. The investor group purchased all of the company's outstanding debt, an act that immediately protected our shareholders by ensuring no more dilution by the convertible debt."
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