Quarterly report pursuant to Section 13 or 15(d)

NOTES PAYABLE

v3.7.0.1
NOTES PAYABLE
3 Months Ended
Mar. 31, 2017
Debt Disclosure [Abstract]  
NOTES PAYABLE
8 NOTES PAYABLE

 

Notes payable consisted of the following: 

 

    Interest         March 31,     December 31,  
Description   Rate     Maturity   2017     2016  
                       
YP Holdings LLC     12 %   December 31, 2015   $ 163,312     $ 151,353  
Strategic IR     10 %   January 1, 2017 to
May 30, 2017
    165,253       146,575  
Gibbs International Holdings     15 %   June 13, 2017     52,493       50,986  
Cobbolo Limited     10 %   May 30, 2017     103,932       101,466  
Joseph W and Patricia G Abrams     15 %   June 13, 2017     25,486       25,534  
Delinvest Commercial LTD     15 %   June 29, 2017     52,274       50,836  
                             
Total notes payable               $ 562,750     $ 526,750  

 

Interest expense totaled $21,822 and $2,992 for the three months ended March 31, 2017 and 2016, respectively. 

  

YP Holdings LLC 

 

On September 21, 2015, Qpagos Corporation borrowed $100,000 from YP Holdings LLC (“YP”), pursuant to an unsecured loan agreement. The unpaid balance and any accrued interest was due on December 31, 2015. The loan bears interest at a rate of 12%. The debt remains outstanding as of the date of this report and is expected to be settled within 12 months. We are currently negotiating with YP to extend the term of the loan, however in terms of loan agreement we have accrued default interest at the rate of 0.1% per day as the loan and interest payment deadlines were not met, this default interest amounted to $9,000 for the quarter ended March 31, 2017 and is included in the loan balance. Accrued interest included in the loan balance totaled $63,312 and $51,353, at March 31, 2017 and December 31, 2016, respectively. 

 

Strategic IR 

 

Effective October 14, 2016 the Company executed an unsecured promissory note for $50,000, for an advance that took place on September 29, 2016, which matured on February 13, 2017, bearing interest at 10% per annum. The maturity date of this loan was recently extended on May 19, 2017 by the execution of an Extension Agreement.

 

On May 19, 2017 the Company executed a Secured Grid Note for advances totaling $110,000 which took place between December 12, 2016 and March 6, 2017, bearing interest at 10% per annum maturing on May 30, 2017 or earlier upon acceleration by Strategic IR.

 

Accrued interest included in the loan balances totaled $5,253 and $1,575, at March 31, 2017 and December 31, 2016, respectively.

 

Gibbs International Holdings

 

Effective October 20, 2016, the Company executed an unsecured promissory note for $50,000 with an investor, bearing interest at 10% per annum payable on February 19, 2017. On February 19, 2017, the Company executed an amended and restated promissory note extending the maturity date to June 13, 2017 and increasing the interest rate to 15% per annum. Accrued interest included in the loan balance totaled $2,493 and $986, at March 31, 2017 and December 31, 2016, respectively.

 

Cobbolo Limited 

 

Between October 21, 2016 and November 25, 2016, the Company executed unsecured promissory notes totaling $100,000 with an investor, bearing interest at 10% per annum maturing between February 17, 2017 and March 25, 2017. The maturity date of these notes has been extended to May 30, 2017. Accrued interest included in the loan balance totaled $3,932 and $1,466, at March 31, 2017 and December 31, 2016, respectively.

 

Joseph W and Patricia G Abrams

 

Effective October 14, 2016, the Company executed an unsecured promissory note for $25,000 with an investor, bearing interest at 10% per annum payable on February 13, 2017. On February 13, 2017, the Company executed an amended and restated promissory note extending the maturity date to June 13, 2017 and increasing the interest rate to 15% per annum. Accrued interest included in the loan balance totaled $486 and $534, at March 31, 2017 and December 31, 2016, respectively. 

 

Delinvest Commercial LTD 

 

Effective October 31, 2016, the Company executed an unsecured promissory note for $50,000 with an investor, bearing interest at 10% per annum payable on March 1, 2017. On March 1, 2017, the Company executed an amended and restated promissory note extending the maturity date to June 29, 2017 and increasing the interest rate to 15% per annum. Accrued interest included in the loan balance totaled $2,274 and $836, at March 31, 2017 and December 31, 2016, respectively.