Posted On: 09/26/2012 7:43:15 PM
Post# of 16816
Note 6 – Notes Payable
On October 18, 2011 the Company entered into a $200,000 unsecured, convertible loan
which accrued interest at a rate of 18% per annum with Baron Capital Enterprise, Inc.,
(“BCAP”). On May 29, 2012, the Company and BCAP agreed to renegotiate the
unsecured, convertible note whereby BCAP waived all accrued and unpaid interest in
exchange for the right to receive 20% of the proceeds of a BCAP organized equity raise
that the Company may complete, up to a maximum received value for BCAP of $200,000.
As of June 30, 2012 BG Medical has issued six unsecured, convertible notes to BCAP in
the aggregate amount of $31,900. The Baron Notes bear interest at the rate of 18% per
annum and are due a various dates as noted below. The conversion terms were amended
on May 29, 2012 from a 70% conversion rate to a 25% conversion rate based on a 5 day
Volume Weighted Average Price. The BCAP Notes are convertible at the discretion of
the holder. The following is a summary of the notes with BCAP:
Issue Date Amount Due Date
February 2, 2012 $7,500 February 2, 2013
February 6, 2012 1,400 February 6, 2013
March 6, 2012 12,500 March 6, 2013
April 26, 2012 1,500 April 26, 2013
May 1, 2012 2,000 May 1, 2013
May 21, 2012 7,000 May 21, 2013
Total $31,900
For the period ended June 30, 2012 the Company incurred an interest expense of $2,425
on the above notes.
During the period ended June 30, 2012 the Company converted a total of $75,703 of
obligations incurred by RightSmile into common stock. The Company issued
1,182,549,444 shares of restricted common stock in full and complete satisfaction of
$75,703 in principal and $9,420 in accrued and unpaid interest.
On May 29, 2012 the Company and BCAP agreed to settle obligations entered into by
previous RIGH management, related to all remaining outstanding notes payable. The
Company agreed to convert certain remaining outstanding notes in the original principal
amount of $160,520 and $61,702 accrued and outstanding interest into 750,000,000
restricted common shares of the Company, to be issued upon request from BCAP. As of
June 30, 2012 the shares had been requested but not yet issued. This negotiated
settlement converted existing debt above market price at the time of the conversion.
(0)
(0)
Quick Links: MVP Board - OTC Stock Contest - Big Board Stock Contest - Portfolio Challenge - Blog - iStockify
