Convertible Notes Payable |
8. |
Convertible Notes Payable |
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Convertible Notes Payable consist of the following at June 30, 2019 and 2018. |
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On September 8, 2017, the Company entered into a convertible
promissory note and a security purchase agreement dated September 8, 2017 and funded on September 12, 2017, in the amount
of $222,750. The lender was Eagle Equities, LLC. The notes have a maturity of September 8, 2018 and interest rate of 8%
per annum and are convertible at a price of 50% of the lowest trading price on the primary trading market on which the
Company's Common Stock is then listed for the twenty (20) trading days immediately prior to conversion. The note
may be prepaid, but carries a penalty in association with the remittance amount, as there is an accretion component to
satisfy the note with cash. The Company also determined there was a beneficial conversion feature (BCF) as a result
of the intrinsic value between the effective exercise price and the market price. The BCF is included in additional paid
in capital. As of June 30, 2019, the BCF was $0.
This note has been successfully retired.
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On November 6, 2017, the Company entered into a convertible
promissory note and a security purchase agreement dated November 6, 2017, in the amount of $48,647. The lender was Eagle
Equities, LLC. The notes have a maturity of November 6, 2018 and interest rate of 8% per annum and are convertible at
a price of 50% of the lowest trading price on the primary trading market on which the Company's Common Stock is
then listed for the twenty (20) trading days immediately prior to conversion. The note may be prepaid, but carries a penalty
in association with the remittance amount, as there is an accretion component to satisfy the note with cash. The Company
also determined there was a beneficial conversion feature (BCF) as a result of the intrinsic value between the effective
exercise price and the market price. The BCF is included in additional paid in capital. As of June 30, 2019, the BCF was
$0.
This note has been successfully retired.
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On November 6, 2017, the Company entered into a convertible
promissory note and a security purchase agreement dated November 6, 2017, in the amount of $45,551. The lender was Eagle
Equities, LLC. The notes have a maturity of November 6, 2018 and interest rate of 8% per annum and are convertible at
a price of 50% of the lowest trading price on the primary trading market on which the Company's Common Stock is
then listed for the twenty (20) trading days immediately prior to conversion. The note may be prepaid, but carries a penalty
in association with the remittance amount, as there is an accretion component to satisfy the note with cash. The Company
also determined there was a beneficial conversion feature (BCF) as a result of the intrinsic value between the effective
exercise price and the market price. The BCF is included in additional paid in capital. As of June 30, 2019, the BCF was
$0.
This note has been successfully retired.
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On November 15, 2017, the Company entered into a convertible
promissory note a security purchase agreement dated November 15, 2017, in the amount of $75,000. The lender was Eagle
Equities, LLC. The notes have a maturity of November 15, 2018 and interest rate of 8% per annum and are convertible at
a price of 50% of the lowest trading price on the primary trading market on which the Company's Common Stock is
then listed for the twenty (20) trading days immediately prior to conversion. The note may be prepaid, but carries a penalty
in association with the remittance amount, as there is an accretion component to satisfy the note with cash. The Company
also determined there was a beneficial conversion feature (BCF) as a result of the intrinsic value between the effective
exercise price and the market price. The BCF is included in additional paid in capital. As of June 30, 2019, the BCF was
$0.
This note has been successfully retired.
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On December 27, 2017, the Company entered into a convertible
promissory note and a security purchase agreement dated December 27, 2017, in the amount of $60,000. The lender was Eagle
Equities, LLC. The notes have a maturity of December 27, 2018 and interest rate of 8% per annum and are convertible at
a price of 50% of the lowest trading price on the primary trading market on which the Company's Common Stock is
then listed for the twenty (20) trading days immediately prior to conversion. The note may be prepaid, but carries a penalty
in association with the remittance amount, as there is an accretion component to satisfy the note with cash. The Company
also determined there was a beneficial conversion feature (BCF) as a result of the intrinsic value between the effective
exercise price and the market price. The BCF is included in additional paid in capital. As of June 30, 2019, the BCF was
$0.
This note has been successfully retired.
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On January 10, 2018, the Company entered into a convertible
promissory note and a security purchase agreement dated January 10, 2018, in the amount of $110,000. The lender was Eagle
Equities, LLC. The notes had a maturity of January 10, 2019 and interest rate of 8% per annum and was convertible at a
price of 50% of the lowest trading price on the primary trading market on which the Company's Common Stock was then
listed for the twenty (20) trading days immediately prior to conversion.
This note has been successfully retired
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On January 31, 2018, the Company received funding in
conjunction with a convertible promissory note and a security purchase agreement dated September 8, 2017, in the amount
of $210,000. The lender was Eagle Equities, LLC. The notes have a maturity of September 8, 2018 and interest rate of 8%
per annum and are convertible at a price of 50% of the lowest trading price on the primary trading market on which the
Company's Common Stock is then listed for the twenty (20) trading days immediately prior to conversion.
This note has been successfully retired.
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On March 2, 2018, the Company received funding in conjunction
with a convertible promissory note and a security purchase agreement dated November 15, 2017, in the amount of $75,000.
The lender was Eagle Equities, LLC. The notes have a maturity of November 15, 2018 and interest rate of 8% per annum and
are convertible at a price of 50% of the lowest trading price on the primary trading market on which the Company's
Common Stock is then listed for the twenty (20) trading days immediately prior to conversion. The note may be prepaid,
but carries a penalty in association with the remittance amount, as there is an accretion component to satisfy the note
with cash. The Company also determined there was a beneficial conversion feature (BCF) as a result of the intrinsic
value between the effective exercise price and the market price. The BCF is included in additional paid in capital. As
of June 30, 2019, the BCF was $0.
This note has been successfully retired.
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On March 2, 2018, the Company received funding in conjunction
with a convertible promissory note and a security purchase agreement dated December 27, 2017, in the amount of $60,000.
The lender was Eagle Equities, LLC. The notes have a maturity of December 27, 2018 and interest rate of 8% per annum and
are convertible at a price of 50% of the lowest trading price on the primary trading market on which the Company's
Common Stock is then listed for the twenty (20) trading days immediately prior to conversion. The note may be prepaid,
but carries a penalty in association with the remittance amount, as there is an accretion component to satisfy the note
with cash. The Company also determined there was a beneficial conversion feature (BCF) as a result of the intrinsic
value between the effective exercise price and the market price. The BCF is included in additional paid in capital. As
of June 30, 2019, the BCF was $0.
This note has been successfully retired.
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On March 2, 2018, the Company received funding in conjunction
with a convertible promissory note and a security purchase agreement dated March 2, 2018, in the amount of $115,000. The
lender was Eagle Equities, LLC. The notes have a maturity of March 2, 2019 and interest rate of 8% per annum and are convertible
at a price of 70% of the lowest closing bid on the primary trading market on which the Company's Common Stock is
then listed for the ten (10) trading days immediately prior to conversion. The note may be prepaid, but carries a penalty
in association with the remittance amount, as there is an accretion component to satisfy the note with cash. The Company
also determined there was a beneficial conversion feature (BCF) as a result of the intrinsic value between the effective
exercise price and the market price. The BCF is included in additional paid in capital. As of June 30, 2019, the BCF was
$0.
This note has been successfully retired.
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On April 10, 2018, the Company entered into a convertible
promissory note and a security purchase agreement dated April 10, 2018, in the amount of $62,500. The lender was Eagle
Equities, LLC. The notes have a maturity of April 10, 2019 and interest rate of 8% per annum and are convertible at a
price of 60% of the lowest closing bid price on the primary trading market on which the Company's Common Stock is
then listed for the fifteen (15) trading days immediately prior to conversion. The note may be prepaid, but carries a
penalty in association with the remittance amount, as there is an accretion component to satisfy the note with cash. The
Company also determined there was a beneficial conversion feature (BCF) as a result of the intrinsic value between the
effective exercise price and the market price. The BCF is included in additional paid in capital. As of June 30, 2019,
the BCF was $0.
This note has been successfully retired.
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On April 30, 2018,
the Company entered into a convertible promissory note and a security purchase agreement dated April 30, 2018, in the
amount of $225,000. The lender was Eagle Equities, LLC. The notes have a maturity of April 30, 2019 and interest rate of
8% per annum and are convertible at a price of 60% of the lowest closing bid price on the primary trading market on which
the Company's Common Stock is then listed for the fifteen (15) trading days immediately prior to conversion. The
note may be prepaid, but carries a penalty in association with the remittance amount, as there is an accretion component
to satisfy the note with cash. The Company also determined there was a beneficial conversion feature (BCF) as a result
of the intrinsic value between the effective exercise price and the market price. The BCF is included in additional paid
in capital. As of June 30, 2019, the BCF was $0. |
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On June 5, 2018, the Company
received cash in conjunction with a convertible promissory note and Securities Purchase Agreement dated June 5, 2018. The
note was in the amount of in the amount of $210,000. The lender was Eagle Equities, LLC. The notes have a maturity of June
6, 2019 and interest rate of 8% per annum and are convertible at a price of 60% of the lowest trading price on the primary
trading market on which the Company's Common Stock is then listed for the fifteen (15) trading days immediately prior
to conversion. The note may be prepaid, but carries a penalty in association with the remittance amount, as there is an accretion
component to satisfy the note with cash. The Company also determined there was a beneficial conversion feature (BCF) as
a result of the intrinsic value between the effective exercise price and the market price. The BCF is included in additional
paid in capital. As of June 30, 2019, the BCF was $0. |
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On June 18, 2018, the Company received cash in conjunction
with a convertible promissory note and Securities Purchase Agreement dated October 18, 2017. The note was in the amount
of in the amount of $52,500. The lender was Eagle Equities, LLC. The notes have a maturity of October 18, 2018 and interest
rate of 8% per annum and are convertible at a price of 50% of the lowest trading price on the primary trading market on
which the Company's Common Stock is then listed for the twenty (20) trading days immediately prior to conversion.
This note has been successfully retired.
On June 18, 2018, the Company entered into a convertible
promissory note and a security purchase agreement dated June 18, 2018, in the amount of $52,000. The lender was Eagle
Equities, LLC. The notes have a maturity of June 18, 2019 and interest rate of 8% per annum and are convertible at a price
of 60% of the lowest closing bid price on the primary trading market on which the Company's Common Stock is then
listed for the fifteen (15) trading days immediately prior to conversion. The note may be prepaid, but carries a penalty
in association with the remittance amount, as there is an accretion component to satisfy the note with cash. The Company
also determined there was a beneficial conversion feature (BCF) as a result of the intrinsic value between the effective
exercise price and the market price. The BCF is included in additional paid in capital. As of June 30, 2019, the BCF was
$0.
This note has been successfully retired.
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On July 2, 2018, the Company entered into a
convertible promissory note and a security purchase agreement dated July 12, 2018, in the amount of $207,000. The lender was
Eagle Equities, LLC. The notes have a maturity of July 12, 2019 and interest rate of 8% per annum and are convertible at a
price of 60% of the lowest trading price on the primary trading market on which the Company's Common Stock is then listed
for the fifteen (15) trading days immediately prior to conversion. The note may be prepaid, but carries a penalty in association
with the remittance amount, as there is an accretion component to satisfy the note with cash. The Company also determined
there was a beneficial conversion feature (BCF) as a result of the intrinsic value between the effective exercise price
and the market price. The BCF is included in additional paid in capital. As of June 30, 2019, the BCF was $1,134. |
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On August 2, 2018, the Company entered into a convertible
promissory note and a security purchase agreement dated August 2, 2018, in the amount of $107,005. The lender was Eagle
Equities, LLC. The notes have a maturity of August 2, 2019 and interest rate of 8% per annum and are convertible at a
price of 60% of the lowest trading price on the primary trading market on which the Company's Common Stock is then
listed for the fifteen (15) trading days immediately prior to conversion. The note may be prepaid, but carries a penalty
in association with the remittance amount, as there is an accretion component to satisfy the note with cash. The Company
also determined there was a beneficial conversion feature (BCF) as a result of the intrinsic value between the effective
exercise price and the market price. The BCF is included in additional paid in capital. As of June 30, 2019, the BCF was
$0.
This note has been successfully retired.
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On September 7, 2018, the Company entered into a convertible
promissory note and a security purchase agreement dated September 7, 2018, in the amount of $78,000. The lender was Eagle
Equities, LLC. The notes have a maturity of September 7, 2019 and interest rate of 8% per annum and are convertible at
a price of 65% of the lowest trading price on the primary trading market on which the Company's Common Stock is
then listed for the fifteen (15) trading days immediately prior to conversion. The note may be prepaid, but carries a
penalty in association with the remittance amount, as there is an accretion component to satisfy the note with cash. The
Company also determined there was a beneficial conversion feature (BCF) as a result of the intrinsic value between the
effective exercise price and the market price. The BCF is included in additional paid in capital. As of June 30, 2019,
the BCF was $0.
This note has been successfully retired.
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On October 5, 2018, the Company
entered into a convertible promissory note and a security purchase agreement dated October 5, 2018, in the amount of $104,000.
The lender was Eagle Equities, LLC. The notes have a maturity of October 5, 2019 and interest rate of 8% per annum and are
convertible at a price of 65% of the lowest trading price on the primary trading market on which the Company's Common
Stock is then listed for the fifteen (15) trading days immediately prior to conversion. The note may be prepaid, but carries
a penalty in association with the remittance amount, as there is an accretion component to satisfy the note with cash. The
Company also determined there was a beneficial conversion feature (BCF) as a result of the intrinsic value between the effective
exercise price and the market price. The BCF is included in additional paid in capital. As of June 30, 2019, the BCF was $0. |
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This note has been successfully
retired. |
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On November 16, 2018, the Company entered into
a convertible promissory note and a security purchase agreement dated November 16, 2018, in the amount of $130,000. The lender
was Eagle Equities, LLC. The notes have a maturity of November 16, 2019 and interest rate of 8% per annum and are convertible
at a price of 65% of the lowest trading price on the primary trading market on which the Company's Common Stock is then
listed for the fifteen (15) trading days immediately prior to conversion. The note may be prepaid, but carries a penalty in
association with the remittance amount, as there is an accretion component to satisfy the note with cash. The Company also
determined there was a beneficial conversion feature (BCF) as a result of the intrinsic value between the effective exercise
price and the market price. The BCF is included in additional paid in capital. As of June 30, 2019, the BCF was $48,795. |
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On December 18, 2018, the Company entered into
a convertible promissory note and a security purchase agreement dated December 18, 2018, in the amount of $130,000. The lender
was Eagle Equities, LLC. The notes have a maturity of December 18, 2019 and interest rate of 8% per annum and are convertible
at a price of 65% of the lowest trading price on the primary trading market on which the Company's Common Stock is then
listed for the fifteen (15) trading days immediately prior to conversion. The note may be prepaid, but carries a penalty in
association with the remittance amount, as there is an accretion component to satisfy the note with cash. The Company also
determined there was a beneficial conversion feature (BCF) as a result of the intrinsic value between the effective exercise
price and the market price. The BCF is included in additional paid in capital. As of June 30, 2019, the BCF was $60,425. |
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On January 28, 2019, the Company entered into
a convertible promissory note and a security purchase agreement dated January 28, 2019, in the amount of $234,000. The lender
was Eagle Equities, LLC. The notes have a maturity of January 28, 2020 and interest rate of 8% per annum and are convertible
at a price of 65% of the lowest trading price on the primary trading market on which the Company's Common Stock is then
listed for the fifteen (15) trading days immediately prior to conversion. The note may be prepaid, but carries a penalty in
association with the remittance amount, as there is an accretion component to satisfy the note with cash. The Company also
determined there was a beneficial conversion feature (BCF) as a result of the intrinsic value between the effective exercise
price and the market price. The BCF is included in additional paid in capital. As of June 30, 2019, the BCF was $131,528. |
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On February 14, 2019, the Company entered into
a convertible promissory note and a security purchase agreement dated February 14, 2019, in the amount of $104,000. The lender
was Eagle Equities, LLC. The notes have a maturity of February 14, 2020 and interest rate of 8% per annum and are convertible
at a price of 70% of the lowest trading price on the primary trading market on which the Company's Common Stock is then
listed for the fifteen (15) trading days immediately prior to conversion. The note may be prepaid, but carries a penalty in
association with the remittance amount, as there is an accretion component to satisfy the note with cash. The Company also
determined there was a beneficial conversion feature (BCF) as a result of the intrinsic value between the effective exercise
price and the market price. The BCF is included in additional paid in capital. As of June 30, 2019, the BCF was $56,821. |
On April 29, 2019, the Company entered into a convertible
promissory note and a security purchase agreement dated April 29, 2019, in the amount of $208,000. The lender was Eagle Equities,
LLC. The notes have a maturity of April 29, 2020 and interest rate of 8% per annum and are convertible at a price of 70% of the
lowest trading price on the primary trading market on which the Company's Common Stock is then listed for the fifteen (15)
trading days immediately prior to conversion. The note may be prepaid, but carries a penalty in association with the remittance
amount, as there is an accretion component to satisfy the note with cash. The Company also determined there was a beneficial conversion
feature (BCF) as a result of the intrinsic value between the effective exercise price and the market price. The BCF is included
in additional paid in capital. As of June 30, 2019, the BCF was $141,204.
On June 11, 2019, the Company entered into a convertible
promissory note and a security purchase agreement dated June 11, 2019, in the amount of $300,000. The lender was Eagle Equities,
LLC. The notes have a maturity of June 11, 2020 and interest rate of 8% per annum and are convertible at a price of 70% of the
lowest trading price on the primary trading market on which the Company's Common Stock is then listed for the fifteen (15)
trading days immediately prior to conversion. The note may be prepaid, but carries a penalty in association with the remittance
amount, as there is an accretion component to satisfy the note with cash. The Company also determined there was a beneficial conversion
feature (BCF) as a result of the intrinsic value between the effective exercise price and the market price. The BCF is included
in additional paid in capital. As of June 30, 2019, the BCF was $227,713.
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Below is a reconciliation
of the convertible notes payable as presented on the Company's balance sheet as of June 30, 2019: |
Convertible notes payable issued as of June 30, 2018 |
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$ |
633,870 |
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Convertible notes payable issued as of June 30, 2019 |
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1,602,005 |
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Unamortized amortization of debt and beneficial conversion feature |
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311,895 |
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Notes paid |
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(102,076 |
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Notes converted into shares of common stock |
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(1,327,953 |
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Balance at June 30, 2019 |
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$ |
1,117,741 |
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