AWFULLY QUIET HERE! Well, I guess everybody saw
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Posted On: 05/01/2020 9:17:59 PM
AWFULLY QUIET HERE!
Well, I guess everybody saw the 10-K out today....
I have a question that I hope one of the very smart people on this board would be kind enough to answer in detail:
The last sentence of 1st Paragraph:
WHAT’s GOING ON?!?!?!
(And 2nd Paragraph in its entirety...)
RELATED PARTY CONVERTIBLE NOTES
At December 31, 2019 and 2018, convertible notes payable - related parties consist of 12 convertible notes payable in the aggregate of $355,500. The notes are unsecured and have extended due dates of December 31, 2020. Six notes totaling $268,000 are due to our Chief Executive Officer, at a compounded interest rate of 8% per annum; two notes totaling $57,000 are due to our VP of Technology, interest at prime plus 2% and prime plus 4% per annum; and four notes totaling $30,000 are due to the spouse of our Chief Technology Officer at a compounded interest rate of 8% per annum. $33,000 of the notes are convertible at a fixed conversion price of $7,312,500 per share and $322,500 of the notes are convertible at a fixed conversion price of $9,750,000,000 per share, as defined in the note agreements.
At December 31, 2018, accrued interest due for the convertible notes – related parties was $563,805. During the year ended December 31, 2019, interest of $72,467 was accrued. At December 31, 2019, accrued interest due for the convertible notes – related parties was $636,272. During the year ended December 31, 2018, interest expense of $65,728 was accrued.
Well, I guess everybody saw the 10-K out today....
I have a question that I hope one of the very smart people on this board would be kind enough to answer in detail:
The last sentence of 1st Paragraph:
WHAT’s GOING ON?!?!?!
(And 2nd Paragraph in its entirety...)
RELATED PARTY CONVERTIBLE NOTES
At December 31, 2019 and 2018, convertible notes payable - related parties consist of 12 convertible notes payable in the aggregate of $355,500. The notes are unsecured and have extended due dates of December 31, 2020. Six notes totaling $268,000 are due to our Chief Executive Officer, at a compounded interest rate of 8% per annum; two notes totaling $57,000 are due to our VP of Technology, interest at prime plus 2% and prime plus 4% per annum; and four notes totaling $30,000 are due to the spouse of our Chief Technology Officer at a compounded interest rate of 8% per annum. $33,000 of the notes are convertible at a fixed conversion price of $7,312,500 per share and $322,500 of the notes are convertible at a fixed conversion price of $9,750,000,000 per share, as defined in the note agreements.
At December 31, 2018, accrued interest due for the convertible notes – related parties was $563,805. During the year ended December 31, 2019, interest of $72,467 was accrued. At December 31, 2019, accrued interest due for the convertible notes – related parties was $636,272. During the year ended December 31, 2018, interest expense of $65,728 was accrued.
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