Quarterly report pursuant to Section 13 or 15(d)

SUBSEQUENT EVENTS

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SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2018
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
  16 SUBSEQUENT EVENTS

 

Convertible notes

 

On October 8, 2018 Crown Bridge Partners LLC issued a notice of conversion whereby $15,759 consisting of $15,259 of principal and $500 of fees on a convertible note issued on February 27, 2018 was converted to 206,000 shares of common stock at a conversion price of $.0765 per share. The company made a loss on conversion of $31,621.

 

On October 8, 2018, the Company issued a Convertible Promissory Note in the aggregate principal amount of $100,000 to JSJ Investments Inc. The note has a maturity date of October 8, 2019 and a coupon of eight percent (8%) per annum. The Company has the right to prepay the note prior to maturity in accordance with penalty provisions set forth in the note. The outstanding principal amount of the note plus interest and any default interest is convertible at any time after the pre-payment date at the election of the holder into shares of the Company’s common stock at a conversion price equal to 60% of the average of the lowest three trading bid prices during the previous ten (10) trading days, including the date the notice of conversion is received.

 

On October 8. 2018, Qpagos S.A.P.I de C.V. entered into a joint venture agreement with Surelty Inc. (“Surelty”) and incorporated a separate entity; Surelty Mexico S.A. de C.V (“Surelty Mexico”). Qpagos S.A.P.I de C.V. owns 49.9% of the outstanding equity of Surelty Mexico and Surelty owns the remaining 50.1% of the outstanding equity. Surelty Mexico operates in the short term secured micro loan business with 30 day terms and maximum loans of MXN 4,000 (approximately $200).

 

On October 9, 2018, GS Capital Partners LLC issued a notice of conversion whereby $23,058 consisting of $22,968 of principal and $91 of accrued interest on a convertible note issued on September 19, 2018 was converted to 203,874 shares of common stock at a conversion price of $0.1131 per share. The company made a loss on conversion of $20,775.

 

On October 16, 2018, the Company issued a Convertible Promissory Note in the aggregate principal amount of $27,500 to Crown Bridge Partners. The note has a maturity date of October 16, 2019 and a coupon of 8% per annum. The Company may not prepay the note. The outstanding principal amount of the note is convertible after 180 days, at the election of the holder into shares of the Company’s common stock at a conversion price equal to 60% of the lowest trading price during the previous fifteen (15) trading days.

 

On October 25, 2018, the Company issued a Convertible Promissory Note in the aggregate principal amount of $300,000 to Labrys Fund LP. The note has a maturity date of April 25, 2019 and a coupon of 8% per annum. The Company may not prepay the note. The outstanding principal amount of the note is convertible after 180 days, at the election of the holder into shares of the Company’s common stock at a conversion price equal to 60% of the lowest trading price during the previous ten (10) trading days.

 

On November 2, 2018, the Company repaid 50% of the GS Capital convertible note with a principal balance of $105,000 entered into on May 3, 2018 for gross proceeds of $70,356 including interest and early settlement penalty thereon.

 

On November 5, 2018, in terms of a debt purchase agreement entered into between Alex Pereira and GS Capital Partners, the remaining principal amount owing to GS Capital Partners under the convertible promissory note entered into on May 3, 2018, of $52,500 including accrued interest thereon of $2,106, was purchased by Alex Pereira.

 

On November 5, 2018, the Company issued a Convertible Promissory Note in the aggregate principal amount of $19,250 to Alex Pereira. The note has a maturity date of November 5, 2019 and a coupon of 8% per annum. The Company has the right to prepay the note prior to maturity in accordance with penalty provisions set forth in the note. The outstanding principal amount of the note is convertible after 180 days, at the election of the holder into shares of the Company’s common stock at a conversion price equal to 62% of the lowest trading price during the previous ten (10) trading days.

 

Other than disclosed above, the Company has evaluated subsequent events through the date of the unaudited condensed consolidated financial statements were available to be issued and has concluded that no such events or transactions took place that would require disclosure herein.