XML 23 R12.htm IDEA: XBRL DOCUMENT v3.7.0.1
Convertible Note Payable
9 Months Ended
Jun. 30, 2017
Notes to Financial Statements  
Note 7 - Convertible Note Payable

There was a series of convertible loans taken out during the year which were generally one year term with interest rates from 9% to 12.5% and a conversion provision that allowed the lenders to convert the debt to common stock at a ratio based on the lowest market trading price of the stock during the prior 20-day period. Outstanding balance due on these note is $95,126 at September 30, 2016.

 

On October 21, 2016, the Company issued a 12.5% Convertible Promissory Note in the aggregate amount of $40,000. This note matures on October 21, 2017 and is convertible at 50% of the lowest trading price for the 25 days prior to the conversion date. The Company received $38,000 in net proceeds from this transaction which the Company used for general working capital.

 

On December 28, 2016, the Company issued an 8% Convertible Promissory Note in the aggregate amount of $118,568 to MULTICHIP DISPLAY, INC. and is convertible at the common stock par value of $0.001 per share. This note matures on December 31, 2017.

 

On March 3, 2017, a 10% convertible debenture for $68,126 matured and is in default.

 

On March 20, 2017 the Company issued 1,200,000 of unrestricted common stock for conversion of $1,200 dollars of the $68,126 convertible debenture, leaving a balance of $66,926 due.

 

The company converted existing convertible debentures to new issue common stock, repurchased issued stock, paid off a convertible note and borrowed new convertible debt subsequent to the end of the quarter. When the note was converted 1,250,000 of unrestricted common stock was issued for $1,250 dollars of a $11,613 convertible debenture, leaving a balance of $10,363 due. This stock was subsequently purchased for $75,000 and the stock issued was cancelled.

 

On April 3, 2017 the Company issued a 12% Convertible Promissory Note in the aggregate amount of $78,000. This note matures on January 15, 2018 and is convertible at 58% of the lowest trading price for the 25 days prior to the conversion date. The Company received $75,000 in net proceeds which the Company used for general working capital.

 

On April 6, 2017 the Company issued 1,200,000 of unrestricted common stock for conversion of $1,200 dollars of the $66,926 convertible debenture, leaving a balance of $64,525 due.

 

On April 12, 2017 the Company issued a 10% Convertible Promissory Note in the aggregate amount of $30,000. This note matures on April 12, 2018 and is convertible at 50% of the lowest trading price for the 25 days prior to the conversion date. The Company received $25,000 in net proceeds from this transaction which the Company used for general working capital.

 

On April 28, 2017 the Company issued a 10% Convertible Promissory Note in the aggregate amount of $45,000. This note matures on April 28, 2018 and is convertible at 50% of the lowest trading price for the 25 days prior to the conversion date. The Company received $45,000 in net proceeds from this transaction which the Company used for general working capital.

 

On May 10, 2017 the Company issued a 10% Convertible Promissory Note in the aggregate amount of $55,000. This note matures on May 10, 2018 and is convertible at 50% of the lowest trading price for the 25 days prior to the conversion date. The Company received $50,000 in net proceeds from this transaction which the Company used for general working capital.

 

On May 31, 2017 the Company issued a 10% Convertible Promissory Note in the aggregate amount of $53,000. This note matures on May 15, 2018 and is convertible at 58% of the Average of the lowest 2 trading days trading price for the 15 days prior to the conversion date. The Company received $50,000 in net proceeds from this transaction which the Company used for general working capital.

 

On June 26, 2017 the Company issued a 10% Convertible Promissory Note in the aggregate amount of $110,000. This note matures on December 26, 2017 and is convertible at 58% of the lowest trading price for the 20 days prior to the conversion date. The Company received $100,000 in net proceeds from this transaction which the Company used for general working capital.