$100 ? You can’t make this stuff up
Filed by kync Page 15 of 23 note7 -notes payable
“””In addition, the Company agreed to issue 50,000 shares of Common Stock of the Company for a cash payment of $100 by Jude Alfonso. The cash of $100 was received by the Company and Rule 144 restricted common share issued.”
at a rate of 6% per month. The unpaid principal and accrued interest was paid in full by issuing 15,000,000 Reg. A shares of the Company’s common stock on April 30, 2018. For the year ended December 31, 2018, the Company recorded interest expenses related to this Note in amount of $3,570. The accrued interest of $6,270 up to the payment date, April 30, 2018, was recorded as gain from debt forgiveness during the year ended December 31, 2018.
5. $12,000 due on January 31, 2018 with total interest of $2,000 deducted from the proceeds. The Note commenced on October 17, 2017. Pursuant to the Agreement, the unpaid principal after January 31, 2018 (the “Due Date”) should be accrued interest at a rate of 2% per month until paid. In addition, the Company agreed to issue the note holder 25,000 shares of Common Stock of the Company upon signing the Agreement, resulting in a debt discount of $5,000 in connection with this Note, which will be amortized over the life time of this Note starting from October 17, 2017. Accordingly, the Company recorded interest expense related to this Note in amount of $189 for the nine months ended September 30, 2019 and $2,644 for the year ended December 31, 2018. The accrued interest was $2,833 September 30, 2019. The Note was Paid off in March 2019, however the 25,000 shares of Common Stock have not been issued as yet.
NOTE 7 – NOTES PAYABLE – RELATED PARTY
1. As of December 31, 2018, the Company had notes payable to related parties in amount of $10,800, of which $500 was payable to Kingsley Sackey, former Director of the Company and $10,300 was payable to Jude Alfonso, former Director of the Company. The proceeds from the Notes were for the Company’s daily operations including but not limited to, supplies, telephone, staff compensation, rent, website development and others. The notes were not evidenced by promissory notes, but rather were oral agreements between the related parties and the Company, except for $7,000 payable to Jude Alfonso, the loan agreement of which was entered into on July 20, 2017. Pursuant to the Agreement, The $7,000 had no interest through December 31, 2017. The unpaid principal after December 31, 2018 (the “Due Date”) should be accrued interest at a rate of 2% per month until paid. Any unpaid principal and additional accrued interest shall be payable in full on the Due Date.
In addition, the Company agreed to issue 50,000 shares of Common Stock of the Company for a cash payment of $100 by Jude Alfonso. The cash of $100 was received by the Company and Rule 144 restricted common share issued.
2. During the first quarter of 2018, 10,000,000 shares of Class B Common Stock were issued to Clem A Yeboah, President of the Company, paid for with a portion of unreimbursed expenses due Mr. Yeboah for daily operations. The fair value of this stock issuance was $10,000 determined by the arms-length transaction in connection with Regulation A offering, or $0.001 per share, since there was no active market for the Company’s common stock as of the settlement date.
NOTE 8 – CONVERTIBLE NOTES PAYABLE
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