XML 137 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
8. Subsequent Events
9 Months Ended
Jun. 30, 2018
Notes  
8. Subsequent Events

8.    Subsequent Events

 

(a)   On June 29, 2018, the Company entered into a loan agreement with a non-related party for proceeds of $82,500. On July 11, 2018, the Company received proceeds of $75,000, net of an original issue discount of $7,500. The amount owing is unsecured, bears interest at 12% per annum, is due on March 29, 2019, and is convertible into common shares at the lesser of (i) $0.15 per common share, (ii) 75% of the lowest trading price for the fifteen trading days prior to the date of the note, or (iii) 75% of the lowest trading price for the fifteen trading days prior to conversion. Upon the due date on March 29, 2019, if the loan remains unpaid, the interest will increase to 24% per annum. On July 17, 2018, pursuant to the terms of the agreement, the Company issued to the lender 37,500 restricted common shares.

 

(b)  On June 29, 2018, the Company entered into a loan agreement with a non-related party for proceeds of $27,500. On July 11, 2018, the Company received proceeds of $25,000, net of an original issue discount of $2,500. The amount owing is unsecured, bears interest at 12% per annum, is due on March 29, 2019, and is convertible into common shares at the lesser of (i) $0.15 per common share, (ii) 75% of the lowest trading price for the fifteen trading days prior to the date of the note, or (iii) 75% of the lowest trading price for the fifteen trading days prior to conversion. Upon the due date on March 29, 2019, if the loan remains unpaid, the interest will increase to 24% per annum. On July 17, 2018, pursuant to the terms of the agreement, the Company issued to the lender 12,500 restricted common shares.

 

(c)   On July 9, 2018, the Company issued 1,850,000 restricted common shares with a fair value of $240,500 as compensation to various advisors.

 

(d)  On July 10, 2018, the Company entered into a loan agreement with a non-related party for proceeds of $58,800. On or about July 11, 2018, the Company received proceeds of $53,000, net of an original issue discount of $5,800. The amount owing is unsecured, bears interest at 12% per annum, is due on April 30, 2019. Prior to 180 days following the date of funding, the conversion price is $0.15 per share. After 180 days following the date of funding, the conversion price is equal to 75% of the average of the lowest trading prices for the common stock during the fifteen trading day period ending on the latest complete trading day prior to the conversion date. Upon the due date on April 30, 2019, if the loan remains unpaid, the interest will increase to 22% per annum.

 

(e)   On July 13, 2018, the Company entered into an equity purchase agreement with a non-related investor, whereby the Company shall have the right to require the investor to purchase up to $1,500,000 of the Company’s common stock at a purchase price equal to 75% of the lowest daily volume-weighted average price of the Company’s common shares during the five trading days prior to the closing of the sale. On July 17, 2018, the Company issued 500,000 restricted common shares to an affiliate of the investor.