XML 19 R8.htm IDEA: XBRL DOCUMENT v3.6.0.2
CONVERTIBLE NOTE
3 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
NOTE 3 - CONVERTIBLE NOTE

On July 1, 2014, the Company issued a USD $55,681 (CAD $75,000) convertible note for cash. The note bears an interest rate of 9.5% and matures on December 31, 2015. The note, plus accrued interest, is convertible by the holder, in part or whole, until the date of maturity into common stock of the Company at CAD one cent ($0.01) per share. The note is in default.

 

On October 23, 2014, the Company issued a USD $14,848 (CAD $22,454) convertible note for cash. The note bears an interest rate of 9.5% and matures on December 31, 2016. The note, plus accrued interest, is convertible by the holder, in part or whole, until the date of maturity into common stock of the Company at CAD one cent ($0.01) per share. The note is in default. The Company by resolution has elected to allow conversion of any and all the notes outstanding principal and interest until the note is fully paid.

 

On December 1, 2014, the Company issued to a related party, who is an officer and director of the Company, a convertible note for US$2,079 (CAD $2,800). The note bears an interest rate of 5% per annum and matures on December 31, 2015. The note holder may until the date of maturity convert the principal and accrued interest into common stock of the Company at the rate of $0.025 CAD per share. The note is in default. The Company by resolution has elected to allow conversion of any and all the notes outstanding principal and interest until the note is fully paid.

 

 As of December 31, 2016, the convertible debt outstanding was US $74,430 plus accrued interest of US $16,394 for a total liability of $90,824.

 

The Company analyzed the conversion option under ASC for “Derivatives and Hedging” and “Convertible Securities with Beneficial Conversion Features” and concluded that none applied.