Let me correct you math homework Note Payable
Post# of 12469
(Total Views: 118)
Posted On: 11/20/2022 9:19:37 PM
Re: ThreeEmInEn #3437
Let me correct you math homework
" the Company issued a six-month ten percent interest promissory note in the amount of $200,000" That is $20,000 in interest
"The Company agreed to issue to the lender was issued 2,000,000 shares of restricted common stock, with a fair value of $2,600 as an inducement."
Value only $2,600
That does seem odd since $20,000 in interest (10% over 6 months) minus $2600 (in stock value) equals 17,400 still owed plus $200,000 the balance should be $217,000.
Looks like the company is receiving a HUGE discount.
Quote:
Note Payable
Quote:
Page 15
On June 21, 2019, the Company issued a six-month ten percent interest promissory note in the amount of $200,000. The note was funded July 8, 2019. Per the terms of the note, The balance of the note is $200,000 as of September 30, 2022 and December 31, 2021. The note is currently in default.
" the Company issued a six-month ten percent interest promissory note in the amount of $200,000" That is $20,000 in interest
"The Company agreed to issue to the lender was issued 2,000,000 shares of restricted common stock, with a fair value of $2,600 as an inducement."
Value only $2,600
Quote:
So the company issues 2,000,000 shares of restricted common stock and balance of the note (now in default) is still $200K?
That does seem odd since $20,000 in interest (10% over 6 months) minus $2600 (in stock value) equals 17,400 still owed plus $200,000 the balance should be $217,000.
Looks like the company is receiving a HUGE discount.
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