The original note was $43k plus accured interest.
Post# of 15187
Posted On: 04/12/2016 9:43:16 AM
Re: BUMPERCARS #4224
The original note was $43k plus accured interest.
In addition, on January 2, 2015, the Company entered into a Securities Purchase Agreement with KBM Worldwide, Inc. ("KBM"
, for the sale of an 8% convertible note in the principal amount of $43,000 (the "KBM Note". The financing closed on January 14, 2015.
The KBM Note bears interest at the rate of 8% per annum. All interest and principal must be repaid on October 6, 2015. The KBM Note is convertible into common stock, at KBM's option, at a 45% discount to the average of the three lowest closing bid prices of the common stock during the 10 trading day period prior to conversion. In the event the Company prepays the KBM Note in full, the Company is required to pay off all principal, interest and any other amounts owing multiplied by (i) 115% if prepaid during the period commencing on the closing date through 30 days thereafter, (ii) 120% if prepaid 31 days following the closing through 60 days following the closing and (iii) 125% if prepaid 61 days following the closing through 90 days following the closing and (iv) 130% if prepaid 91 days following the closing through 120 days following the closing and (v) 135% if prepaid 121 days following the closing through 150 days following the closing and (vi) 140% if prepaid 151 days following the closing through 180 days following the closing. After the expiration of 180 days following the date of the KBM Note, the Company has no right of prepayment.
In addition, on January 2, 2015, the Company entered into a Securities Purchase Agreement with KBM Worldwide, Inc. ("KBM"
, for the sale of an 8% convertible note in the principal amount of $43,000 (the "KBM Note". The financing closed on January 14, 2015. The KBM Note bears interest at the rate of 8% per annum. All interest and principal must be repaid on October 6, 2015. The KBM Note is convertible into common stock, at KBM's option, at a 45% discount to the average of the three lowest closing bid prices of the common stock during the 10 trading day period prior to conversion. In the event the Company prepays the KBM Note in full, the Company is required to pay off all principal, interest and any other amounts owing multiplied by (i) 115% if prepaid during the period commencing on the closing date through 30 days thereafter, (ii) 120% if prepaid 31 days following the closing through 60 days following the closing and (iii) 125% if prepaid 61 days following the closing through 90 days following the closing and (iv) 130% if prepaid 91 days following the closing through 120 days following the closing and (v) 135% if prepaid 121 days following the closing through 150 days following the closing and (vi) 140% if prepaid 151 days following the closing through 180 days following the closing. After the expiration of 180 days following the date of the KBM Note, the Company has no right of prepayment.
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