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.
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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.
THE FRAUD CEO SOLD 2.5 BILLION SHARES AFTER ENDING DILUTION LAST TIME!! LOL LOL.
THE FRAUD CEO ALREADY USED THAT LIE 2 YEARS AGO LOL LOL AND NOW WANTS TO TRY IT AGAIN. HE SOLD 2.5 BILLION SHARES AFTER SAYING THAT LAST TIME.
LOL LOL THAT'S WHAT A PENNY SCAM CEO WOULD WANT EVERYONE TO THINK
JUST READ THE PR FROM JUNE 2018.. IT'S IN THE ARCHIVES. THIS SAME SCUMBAG BOB ALREADY USED THESE LIES TO SCAM THE LAST GENERATION OF FOOLS LOL LOL
"We expect to announce another $3M of liabilities transferred into longer term preferred equity as well as announce a similar settlement of the debt currently booked to Coastal Investment Partners, LLC of $200,000.00 and settlement with JSJ Capital in amount of $100,000.00 over the next two weeks. This will eliminate all Convertible Notes on the books."
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