PURCHASE ORDER FINANCING - RELATED PARTY

9 Months Ended

Sep. 30, 2017

Purchase Order Financing - Related Party

PURCHASE ORDER FINANCING - RELATED PARTY

NOTE 10 – PURCHASE ORDER FINANCING - RELATED PARTY

On September 14, 2016, PayMeOn Brands, Inc. entered into a purchase order purchase and sale agreement with a related party, whereby PayMeOn Brands sold $5,000 of current purchase orders in exchange for $4,000 cash. As a further inducement for purchaser to enter into the agreement as collateral security for any and all obligations owing by PayMeOn Brands to purchaser, PayMeOn Brands has granted to purchaser, as collateral security, a first lien security interest in all of PayMeOn Brands’ accounts created as a result of purchase orders financed or purchased by purchaser and all inventory. The Company recorded a $1,000 deferred finance charge on the date of issuance. As of December 31, 2016, the Company amortized $1,000 of the deferred finance charge. As of September 30, 2017 and December 31, 2016 the Company had a balance outstanding of $4,000.