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Replies to post #3544 on OTC IPOs, Mergers & Other Material Events
Big Brother
07/09/20 3:28 PM
#3545 RE: STOCKPICKER4LIFE #3544
On February 22, 2019, the Company entered into a promissory note in the amount of $215,000. The note matured on December 31, 2019 and at the option of the lender could be converted in shares of the Company’s common stock at $0.75 per share during the term of the note. The Company agreed to issue to the lender 150,000 shares of the Company’s common stock on or before December 31, 2019 as a one-time consideration for making the loan in lieu of a cash payment of interest. The common stock issuable under the term of the promissory note was valued at $112,500 with an effective interest rate of 88.5% and was amortized over the term of the note. Through December 31, 2019 approximately $112,500 has been amortized and recorded as Interest Expense. The lender in December 2019 converted the promissory note into 286,667 shares of the Company’s common stock at the conversion price of $0.75 per share.