Dan,
This is what Laurek was speaking of:
Xumanii International Holdings Corp.
(formerly Xumanii Inc.)
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
(unaudited)
NOTE 5 – SUBSEQUENT EVENTS
In December 2013, the Company obtained a note payable from a third party for $450,000, which included an original issue discount fee of $150,000. The note bears 12% interest per annum and provides principal reductions to the OID if the Company files a registration statement and is timely approved.
On October 10, 2013, the Company entered into a convertible promissory note with a third party for $37,500. The note bears interest at 8% and a maturity date of July 12, 2014. In the event that the note remains unpaid at that date, the Company will pay default interest at 22%. The lender has the right after a period of 180 days to convert the balance outstanding into the Company's common stock at a rate equal to 51% of the average three closing prices during the ten trading days prior to the conversion date.
On October 31, 2013, the Company entered into a convertible promissory note with a third party for $50,000. The note bears interest at 8% per annum and with a maturity date of October 31, 2014. In the event that the note remains unpaid at that date, the Company will pay default interest of an additional 8%. The lender has the right after a period of 180 days to convert the balance outstanding into the Company's common stock at a rate equal to 60% of the lowest one day closing prices during the twenty trading days prior to the conversion date.
On October 1, 2013, the Company announced that it was to acquire RFID business Trakkers LLC for 2 million preferred shares of Xumanii the preferred shares had a face value of $1, valuing Trakkers at $2 million. This acquisition entered escrow on October 1, 2013. However, the structure of the acquisition was such that it would have added approximately $4 million of debt to the Company while only adding approximately $1.4 million of revenue therefore the Company has taken the view that the is transaction did not meet the conditions required for closing and that it was not in the best interests of the Company to proceed with the acquisition. Therefore, the transaction has been canceled and the Company since successfully identified better acquisition opportunities.
It does state to pursue other acq's and with the new acq of NTIH; its following that plan. IMO
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