NOT ANY TIME SOON MY FRIEND..
On September 4, 2019, the Company issued a convertible promissory note in the principal amount of $137,500. The note is unsecured, bears interest at 10% per annum, is due on June 3, 2020, and is convertible during the first 180 calendar days from the issuance date at a price of $0.50 per share. For the subsequent period until repayment the conversion price shall equal the lesser of (i) 60% multiplied by the lowest traded price of the Common Stock during the previous twenty trading days before the issuance date of the note, or (ii) the lowest traded price for the Common Stock during the twenty day period ending on the last complete trading day before conversion. Deferred financing fees and original issuance discount on the note were $16,000. The derivative liability applied as a discount on the note was $121,500 and is accreted over the life of the note.
15
In connection with the note, the Company granted 100,000 warrants to the lender. Each warrant can be exercised to purchase shares of common stock of the Company at a price of $0.75 per warrant for a period of five years. As the entire net proceeds of $121,500 were first allocated to the derivative liability which is measured at fair value on a recurring basis, the residual value of $Nil was allocated to the equity-classified warrants.
During the six months ended June 30, 2020, the Company issued 611,111 common shares with a fair value of $116,111 for the conversion of $27,000 of principal and accrued interest resulting in a loss on settlement of debt of $89,111.
As at June 30, 2020, the carrying value of the note was $117,500 (December 31, 2019 - $43,322) and the fair value of the derivative liability was $327,527 (December 31, 2019 - $173,596). During the six months ended June 30, 2020, the Company accreted $94,178 (2019 - $Nil), of the debt discount to finance costs.
(n) On September 19, 2019, the Company issued a convertible promissory note in the principal amount of $55,000. The note is unsecured, bears interest at 10% per annum, is due on September 19, 2020, and is convertible during the first six months from the issuance date at a price of $0.50 per share. For the subsequent period until repayment the conversion price shall equal the lesser of (i) 60% multiplied by the lowest traded price of the Common Stock during the previous twenty trading days before the issuance date of the note, or (ii) the lowest traded price for the Common Stock during the twenty day period ending on the last complete trading day before conversion. Deferred financing fees and original issuance discount on the note were $7,000. The derivative liability applied as a discount on the note was $48,000 and is accreted over the life of the note.
During the six months ended June 30, 2020, the Company issued 570,000 common shares with a fair value of $48,650 for the conversion of $18,371 of principal resulting in a loss on settlement of debt of $30,279.
As at June 30, 2020, the carrying value of the note was $24,423 (December 31, 2019 - $15,370) and the fair value of the derivative liability was $109,338 (December 31, 2019 - $70,052). During the six months ended June 30, 2020, the Company accreted $27,425 (2019 - $Nil), of the debt discount to finance costs.
(o) On September 19, 2019, the Company issued a convertible promissory note in the principal amount of $141,900. The note is unsecured, bears interest at 10% per annum, is due on September 19, 2020, and is convertible during the first six months from the issuance date at a price of $0.50 per share. For the subsequent period until repayment the conversion price shall equal the lesser of (i) 60% multiplied by the lowest traded price of the Common Stock during the previous twenty trading days before the issuance date of the note, or (ii) the lowest traded price for the Common Stock during the twenty day period ending on the last complete trading day before conversion. Deferred financing fees and original issuance discount on the note were $16,400. The derivative liability applied as a discount on the note was $125,500 and is accreted over the life of the note.
In connection with the note, the Company granted 113,250 warrants to the lender. Each warrant can be exercised to purchase shares of common stock of the Company at a price of $0.75 per warrant for a period of five years. As the entire net proceeds of $125,500 were first allocated to the derivative liability which is measured at fair value on a recurring basis, the residual value of $Nil was allocated to the equity-classified warrants.
During the six months ended June 30, 2020, the Company issued 298,606 common shares with a fair value of $56,735 for the conversion of $12,653 of principal and accrued interest resulting in a loss on settlement of debt of $44,082.
As at June 30, 2020, the carrying value of the note was $98,899 (December 31, 2019 - $40,043) and the fair value of the derivative liability was $377,929 (December 31, 2019 - $190,246). During the six months ended June 30, 2020, the Company accreted $70,756 (2019 - $Nil), of the debt discount to finance costs.
(p) On October 2, 2019, the Company issued a convertible promissory note in the principal amount of $82,500. The note is unsecured, bears interest at 10% per annum, is due on September 30, 2020, and is convertible during the first six months from the issuance date at a price of $0.50 per share. For the subsequent period until repayment the conversion price shall equal the lesser of (i) 60% multiplied by the lowest traded price of the Common Stock during the previous twenty trading days before the issuance date of the note, or (ii) the lowest traded price for the Common Stock during the twenty day period ending on the last complete trading day before conversion. Deferred financing fees and original issuance discount on the note were $9,500. The derivative liability applied as a discount on the note was $73,000 and is accreted over the life of the note.
In connection with the note, the Company granted 83,333 warrants to the lender. Each warrant can be exercised to purchase shares of common stock of the Company at a price of $0.75 per warrant for a period of five years. As the entire net proceeds of $73,000 were first allocated to the derivative liability which is measured at fair value on a recurring basis, the residual value of $Nil was allocated to the equity-classified warrants.
16
As at June 30, 2020, the carrying value of the note was $61,931 (December 31, 2019 - $20,795) and the fair value of the derivative liability was $239,109 (December 31, 2019 - $105,790). During the six months ended June 30, 2020, the Company accreted $41,137 (2019 - $Nil), of the debt discount to finance costs.
(q) During the year ended December 31, 2019, a convertible promissory note with an outstanding principal balance of $226,000 was assigned to another unrelated party with no changes to the terms of the note upon assignment. The note is unsecured, bears interest at 12% per annum, was due on August 31, 2019 and is convertible into common shares at a conversion price equal to 55% of the lowest trading price during the previous fifteen trading days prior to the conversion date, including the conversion date. Interest will be accrued and payable at the time of promissory note repayment.
As at June 30, 2020, the carrying value of the note was $226,000 (December 31, 2019 - $226,000) and the fair value of the derivative liability was $383,346 (December 31, 2019 - $289,462).
(r) During the year ended December 31, 2019, a convertible promissory note with an outstanding principal balance of $258,736 was assigned to another unrelated party with no changes to the terms of the note upon assignment. The note is unsecured, bears interest at 12% per annum, was due on September 19, 2018 and is convertible into common shares at a conversion price equal to the lessor of: (i) the lowest trading price during the previous fifteen trading days prior to the date of the promissory note; or (ii) 55% of the lowest trading price during the previous fifteen days prior to the latest complete trading day prior to the conversion date. Interest will be accrued and payable at the time of promissory note repayment.
As at June 30, 2020, the carrying value of the note was $258,736 (December 31, 2019 - $258,736) and the fair value of the derivative liability was $463,421 (December 31, 2019 - $351,774).
(s) During the year ended December 31, 2019, a convertible promissory note with an outstanding principal balance of $137,500 was assigned to another unrelated party with no changes to the terms of the note upon assignment. The note is unsecured, bears interest at 12% per annum, was due on January 22, 2020 and is convertible into common shares at a conversion price equal to 55% of the lowest trading price during the previous fifteen trading days prior to the conversion date, including the conversion date. Interest will be accrued and payable at the time of promissory note repayment.
As at June 30, 2020, the carrying value of the note was $137,500 (December 31, 2019 - $137,500) and the fair value of the derivative liability was $226,113 (December 31, 2019 - $170,201).
(t) On February 10, 2020, the Company issued a convertible promissory note in the principal amount of $119,600. The note is unsecured, bears interest at 10% per annum, is due on February 10, 2021, and is convertible into common shares of the Company, beginning 180 days from the date of the note up to maturity or repayment, at a price equal to 80% of the average of the lowest two trading prices for the common stock during the fifteen trading days before conversion. Deferred financing fees and original issuance discount on the note were $22,135. The derivative liability applied as a discount on the note was $97,465 and is accreted over the life of the note.
As at June 30, 2020, the carrying value of the note was $46,202 (December 31, 2019 - $Nil) and the fair value of the derivative liability was $241,820 (December 31, 2019 - $Nil). During the six months ended June 30, 2020, the Company accreted $46,202 (2019 - $Nil), of the debt discount to finance costs.
(u) On March 2, 2020, the Company issued a convertible promissory note in the principal amount of $60,950. The note is unsecured, bears interest at 10% per annum, is due on March 2, 2021, and is convertible into common shares of the Company, beginning 180 days from the date of the note up to maturity or repayment, at a price equal to 80% of the average of the lowest two trading prices for the common stock during the fifteen trading days before conversion. Deferred financing fees and original issuance discount on the note were $10,950. The derivative liability applied as a discount on the note was $50,000 and is accreted over the life of the note.
As at June 30, 2020, the carrying value of the note was $20,039 (December 31, 2019 - $Nil) and the fair value of the derivative liability was $119,108 (December 31, 2019 - $Nil). During the six months ended June 30, 2020, the Company accreted $20,038 (2019 - $Nil), of the debt discount to finance costs.
(v) On April 15, 2020, the Company issued a convertible promissory note in the principal amount of $60,950. The note is unsecured, bears interest at 10% per annum, is due on April 15, 2021, and is convertible into common shares of the Company, beginning 180 days from the date of the note up to maturity or repayment, at a price equal to 80% of the average of the lowest two trading prices for the common stock during the fifteen trading days before conversion. Deferred financing fees and original issuance discount on the note were $10,950. The derivative liability applied as a discount on the note was $50,000 and is accreted over the life of the note.
As at June 30, 2020, the carrying value of the note was $12,691 (December 31, 2019 - $Nil) and the fair value of the derivative liability was $128,868 (December 31, 2019 - $Nil). During the six months ended June 30, 2020, the Company accreted $12,691 (2019 - $Nil), of the debt discount to finance costs.
News 
Market Data 
Discover 
AI
