Annual report pursuant to Section 13 and 15(d)

Note 8 - Convertible notes receivable: Schedule of Convertible Notes Receivable (Tables)

v3.19.1
Note 8 - Convertible notes receivable: Schedule of Convertible Notes Receivable (Tables)
12 Months Ended
Dec. 31, 2018
Tables/Schedules  
Schedule of Convertible Notes Receivable

 

 

 

2018

 

2017

April 28, 2017, Electrum convertible note receivable bearing interest at 10% and maturing May 12, 2022, with monthly principal and interest payments of $2,290 beginning June 12, 2017. On May 31, 2018, the Company elected to convert the residual principal and unpaid interest into 526 membership interest units in Electrum based upon a fixed conversion rate of $164 per membership interest unit. The note was collateralized by cannabis equity securities owned by Electrum.

$

-

$

90,731

 

 

 

 

 

November 8, 2016, NeuCourt, Inc. convertible note receivable including accrued interest of $1,430 at December 31, 2017. The note bore interest at 5% per annum and matured November 8, 2018. On November 8, 2018, the note and accrued interest was repaid in full.

 

-

 

26,430

 

 

 

 

 

November 22, 2017, NeuCourt, Inc. convertible note receivable including accrued interest of $1,384 and $135 at December 31, 2018 and 2017. The note bears interest at 5% per annum and matures October 25, 2019. Principal and accrued interest are due at maturity. Principal and unpaid interest may be converted into a blend of shares of a to-be-created series of Preferred Stock and Common Stock of NeuCourt (i) on closing of a future financing round of at least $750,000, (ii) on the election of NeuCourt on maturity of the Note, or (iii) on election of Mentor following NeuCourt’s election to prepay the Note. *

 

26,384

 

25,135

 

 

 

 

 

October 31, 2018, NeuCourt, Inc. convertible note receivable including accrued interest of $417 and $0 at December 31, 2018 and 2017. The note bears interest at 5% per annum and matures October 31, 2020. Principal and accrued interest are due at maturity. Principal and unpaid interest may be converted into a blend of shares of a to-be-created series of Preferred Stock and Common Stock of NeuCourt (i) on closing of a future financing round of at least $750,000, (ii) on the election of NeuCourt on maturity of the Note, or (iii) on election of Mentor following NeuCourt’s election to prepay the Note. *

 

50,417

 

-

 

 

 

 

 

Total convertible notes receivable

 

76,801

 

142,296

 

 

 

 

 

Less current portion

 

(26,384)

 

(43,628)

 

 

 

 

 

Long term portion

$

50,417

$

98,668