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Convertible Notes - Related party
6 Months Ended
Sep. 30, 2018
Convertible Notes - Related Party  
Convertible Notes - Related party

Note 4 – Convertible Notes - Related party

 

On October 31, 2017, the Company entered into a Promissory Note with an investor who has significant influence over the Company’s affairs for up to $1,400. Interest is 25% per annum and is payable on demand. There is no penalty for prepayment.

 

On November 8, 2017, the Company entered into a Promissory Note with an investor who has significant influence over the Company’s affairs for $5,600. Interest is 12% per annum and is payable on demand. There is no penalty for prepayment.

 

On December 11, 2017, the Company entered into a Promissory Note Agreement with an investor who has significant influence over the affairs of the Company for up to $5,500 principal. The consideration of $5,500 with a 12% interest per annum is payable on demand. There is no penalty for prepayment.

 

On June 19, 2017, the Company entered into a Promissory Note Agreement with an investor who has significant influence over the affairs of the Company for up to $7,000 principal. The consideration is $7,000 payable with a 12% interest per annum and will mature after one year from the date of the note. There is an interest penalty for prepayment before 180 days which ranges from 118%-148%.

 

Conversion terms:

The lender has the right at any time from the effective date, to convert the outstanding and unpaid notes principal and interest due into the Company’s common shares. The conversion price is $0.35 per share. The total number of shares due under any conversion notice will be equal to the conversion amount divided by the conversion price.

 

From August 1 to Sep 30, 2017 the Company issued various promissory notes with an aggregate principal amount of

$20,595, of which $11,095 was paid directly by the holder to pay for expenses on behalf of the Company. These borrowing were from an investor who has significant influence over the Company’s affairs. Interest is 25% per annum and is payable on demand. There is no penalty for prepayment. These promissory notes have since been modified to include conversion privileges, as per note 5below.

 

On September 28, 2017, the Company entered into a Promissory Note Agreement with an investor for up to $10,000. Interest is 25% per annum and is payable on demand. There is no penalty for prepayment. The lenders have the right at any time from the effective date, to convert the outstanding and unpaid notes principal and interest due into the Company’s common shares. The conversion terms are 70% of the lowest trading price during prior 5 trading days. The total number of shares due under any conversion notice will be equal to the conversion amount divided by the conversion price. The Company evaluated the convertible note for embedded derivatives. See Note 6 below for derivative liability and discount discussion on this convertible note.

 

On October 9, 2017, the Company entered into a Promissory Note with an investor who has significant influence over the Company’s affairs for $3,000. Interest is 25% per annum and is payable on demand. There is no penalty for prepayment.

 

Conversion terms:

The lender has the right at any time from the effective date, to convert the outstanding and unpaid notes principal and interest due into the Company’s common shares. The conversion price is $0.35 per share. The total number of shares due under any conversion notice will be equal to the conversion amount divided by the conversion price.

 

On November 14, 2017, the Company entered into a Promissory Note Agreement with an investor who has significant influence over the affairs of the Company for up to $2,200. The consideration is $2,200 payable with a 12% interest per annum and payable on demand. In the event of any prepayment, the Borrower will pay to Lender 150% of the unpaid principal amount of this Note.

 

Conversion terms:

The lender has the right at any time from time to time, following the 9th anniversary month of the date of this note, to convert the outstanding and unpaid notes principal and interest due into the Company’s common shares. The number of shares of Common Stock to be issued upon a conversion hereunder will be determined by dividing the Conversion Amount by Volume Weighted Average Price of the Common Stock as quoted by OTC Markets Group Inc. for the preceding five (5) trading days immediately preceding the date of conversion (“Conversion Price”). In no event, however, will the Conversion Price be less than $0.35 per share.

 

On November 20, 2017, the Company entered into a Promissory Note Agreement with an investor who has significant influence over the affairs of the Company for up to $2,500. The consideration is $2,500 payable with a 12% interest per annum and payable on demand. In the event of any prepayment, the Borrower will pay to Lender 150% of the unpaid principal amount of this Note.

 

Conversion terms:

The Lender has the right at any time from time to time, following the 9th anniversary month of the date of this note, to convert the outstanding and unpaid notes principal and interest due into the Company’s common shares. The number of shares of Common Stock to be issued upon a conversion hereunder will be determined by dividing the Conversion Amount by Volume Weighted Average Price of the Common Stock as quoted by OTC Markets Group Inc. for the preceding five (5) trading days immediately preceding the date of conversion (“Conversion Price”). In no event, however, will the Conversion Price be less than $0.35 per share.

 

On December 4, 2017, the Company entered into a Promissory Note Agreement with an investor who has significant influence over the affairs of the Company for up to $6,500. The consideration is $6,500 payable with a 12% interest per annum and payable on demand. In the event of any prepayment, the Borrower will pay to Lender 150% of the unpaid principal amount of this Note.

 

Conversion terms:

The lender has the right at any time from time to time, following the 9th anniversary month of the date of this note, to convert the outstanding and unpaid notes principal and interest due into the Company’s common shares. The number of shares of Common Stock to be issued upon a conversion hereunder will be determined by dividing the Conversion Amount by Volume Weighted Average Price of the Common Stock as quoted by OTC Markets Group Inc. for the preceding five (5) trading days immediately preceding the date of conversion (“Conversion Price”). In no event, however, will the Conversion Price be less than $0.35 per share.

 

On January 26, 2018, the Company entered into a Promissory Note Agreement with an investor who has significant influence over the affairs of the Company for up to $21,000. The consideration is $21,000 payable with a 12% interest per annum and payable on demand.

 

Conversion terms:

The lender has the right at any time from time to time, following the 9th anniversary month of the date of this note, to convert the outstanding and unpaid notes principal and interest due into the Company’s common shares. The number of shares of Common Stock to be issued upon a conversion hereunder will be determined by dividing the Conversion Amount by Volume Weighted Average Price of the Common Stock as quoted by OTC Markets Group Inc. for the preceding five (5) trading days immediately preceding the date of conversion (“Conversion Price”). In no event, however, will the Conversion Price be less than $0.35 per share.

 

On January 19, 2018 and January 29, 2018, the Company (the “Borrower”) entered into Promissory Note Agreements (the “Note”) with an investor (the “Lender”) who has significant influence for up to $3,000, $2,000 and $5,000. The consideration is $10,000 payable with a 12% interest per annum and payable on demand.

 

Conversion terms:

The Lender has the right at any time from time to time, following the 9th anniversary month of the date of this note, to convert the outstanding and unpaid notes principal and interest due into the Company’s common shares. The number of shares of Common Stock to be issued upon a conversion hereunder will be determined by dividing the Conversion Amount by Volume Weighted Average Price of the Common Stock as quoted by OTC Markets Group Inc. for the preceding five (5) trading days immediately preceding the date of conversion (“Conversion Price”). In no event, however, will the Conversion Price be less than $0.35 per share.

 

On February 9, 2018, the Company entered into a Promissory Note Agreement with an investor who has significant influence over the affairs of the Company for up to $4,000. The consideration is $4,000 payable with a 12% interest per annum and payable on demand.

 

Conversion terms:

The lender has the right at any time from time to time, following the 9th anniversary month of the date of this note, to convert the outstanding and unpaid notes principal and interest due into the Company’s common shares. The number of shares of Common Stock to be issued upon a conversion hereunder will be determined by dividing the Conversion Amount by Volume Weighted Average Price of the Common Stock as quoted by OTC Markets Group Inc. for the preceding five (5) trading days immediately preceding the date of conversion (“Conversion Price”). In no event, however, will the Conversion Price be less than $0.35 per share.

 

On March 7, 2018, the Company entered into a Promissory Note Agreement with an investor who has significant influence over the affairs of the Company for up to $5,500. The consideration is $5,500 payable with a 12% interest per annum and payable on demand.

 

Conversion terms:

The lender has the right at any time from time to time, following the 9th anniversary month of the date of this note, to convert the outstanding and unpaid notes principal and interest due into the Company’s common shares. The number of shares of Common Stock to be issued upon a conversion hereunder will be determined by dividing the Conversion Amount by Volume Weighted Average Price of the Common Stock as quoted by OTC Markets Group Inc. for the preceding five (5) trading days immediately preceding the date of conversion (“Conversion Price”). In no event, however, will the Conversion Price be less than $0.35 per share

 

On March 16, 2018, the Company entered into a Promissory Note Agreement with an investor who has significant influence over the affairs of the Company for up to $2,250. The consideration is $2,250 payable with a 12% interest per annum and payable on demand.

 

Conversion terms:

The Lender has the right at any time from time to time, following the 9th anniversary month of the date of this note, to convert the outstanding and unpaid notes principal and interest due into the Company’s common shares. The number of shares of Common Stock to be issued upon a conversion hereunder will be determined by dividing the Conversion Amount by Volume Weighted Average Price of the Common Stock as quoted by OTC Markets Group Inc. for the preceding five (5) trading days immediately preceding the date of conversion (“Conversion Price”). In no event, however, will the Conversion Price be less than $0.35 per share

 

On March 29, 2018, the Company entered into a Promissory Note Agreement with an investor who has significant influence over the affairs of the Company for up to $2,300. The consideration is $2,300 payable with a 12% interest per annum and payable on demand.

 

Conversion terms:

The lender has the right at any time from time to time, following the 9th anniversary month of the date of this note, to convert the outstanding and unpaid notes principal and interest due into the Company’s common shares. The number of shares of Common Stock to be issued upon a conversion hereunder will be determined by dividing the Conversion Amount by Volume Weighted Average Price of the Common Stock as quoted by OTC Markets Group Inc. for the preceding five (5) trading days immediately preceding the date of conversion (“Conversion Price”). In no event, however, will the Conversion Price be less than $0.35 per share.

 

The Company evaluated the convertible note for possible embedded derivatives and concluded that none exist.

 

On April 16, 2018, the Company entered into a Promissory Note Agreement with an investor who has significant influence over the affairs of the Company or up to $1,000. The consideration is $1,000 payable with a 12% interest per annum and payable on demand.

 

Conversion terms:

The lender has the right at any time from time to time, following the 9th anniversary month of the date of this note, to convert the outstanding and unpaid notes principal and interest due into the Company’s common shares. The number of shares of Common Stock to be issued upon a conversion hereunder will be determined by dividing the Conversion Amount by Volume Weighted Average Price of the Common Stock as quoted by OTC Markets Group Inc. for the preceding five (5) trading days immediately preceding the date of conversion (“Conversion Price”). In no event, however, will the Conversion Price be less than $0.35 per share.

 

On April 19, 2018, the Company entered into a Promissory Note Agreement with an investor who has significant influence for up to $3,000. The consideration is $3,000 payable with a 12% interest per annum and payable on demand.

 

Conversion terms:

The lender has the right at any time from time to time, following the 9th anniversary month of the date of this note, to convert the outstanding and unpaid notes principal and interest due into the Company’s common shares. The number of shares of Common Stock to be issued upon a conversion hereunder will be determined by dividing the Conversion Amount by Volume Weighted Average Price of the Common Stock as quoted by OTC Markets Group Inc. for the preceding five (5) trading days immediately preceding the date of conversion (“Conversion Price”). In no event, however, will the Conversion Price be less than $0.35 per share.

 

On June 19, 2018, the Company entered into a Promissory Note Agreement with an investor who has significant influence over the affairs of the Company for up to $4,000. The consideration is $4,000 payable with a 12% interest per annum and payable on demand.

 

Conversion terms:

The lender has the right at any time from time to time, following the 9th anniversary month of the date of this note, to convert the outstanding and unpaid notes principal and interest due into the Company’s common shares. The number of shares of Common Stock to be issued upon a conversion hereunder will be determined by dividing the Conversion Amount by Volume Weighted Average Price of the Common Stock as quoted by OTC Markets Group Inc. for the preceding five (5) trading days immediately preceding the date of conversion (“Conversion Price”). In no event, however, will the Conversion Price be less than $0.35 per share

 

On June 28, 2018, the Company entered into a Promissory Note Agreement with an investor who has significant influence over the affairs of the Company for up to $3,500. The consideration is $3,500 payable with a 12% interest per annum and payable on demand.

 

Conversion terms:

The lender has the right at any time from time to time, following the 9th anniversary month of the date of this note, to convert the outstanding and unpaid notes principal and interest due into the Company’s common shares. The number of shares of Common Stock to be issued upon a conversion hereunder will be determined by dividing the Conversion Amount by Volume Weighted Average Price of the Common Stock as quoted by OTC Markets Group Inc. for the preceding five (5) trading days immediately preceding the date of conversion (“Conversion Price”). In no event, however, will the Conversion Price be less than $0.35 per share.

 

Interest expense recorded by the company on all outstanding notes was $12,665 and $3,788 for the six months ending September 30, 2018 and 2017 respectively.