| Schedule of convertible notes receivable |
Convertible
notes receivable consist of the following:
Schedule
of convertible notes receivable
| |
|
June 30,
2022 |
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|
December 31,
2021 |
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| |
|
|
|
|
|
|
| |
|
|
28,552 |
|
|
|
27,834 |
|
| November 22, 2017, NeuCourt, Inc. convertible note receivable including accrued interest of $3,552 and $2,834 at June 30, 2022 and December 31, 2021. The note bears interest at 5% per annum, originally matured November 22, 2019, and was extended to mature November 22, 2021, and subsequently to November 22, 2023. Principal and accrued interest are due at maturity. Upon extension, the Company received a cash payment of $2,496 for interest accrued through November 4, 2019. 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. * |
|
$ |
28,552 |
|
|
$ |
27,834 |
|
| |
|
|
|
|
|
|
|
|
| Following sale of $2,160.80 in note principal by
the Company to a third party on June 13, 2022, the October 31, 2018, NeuCourt, Inc. convertible note receivable including accrued
interest of $6,523 at
June 30, 2022 and $8,491 at
December 31, 2021. The note bears interest at 5%
per annum and matures October
31, 2022. 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 the maturity of the Note, or (iii) on the election of Mentor following NeuCourt’s election
to prepay the Note. * |
|
|
56,523 |
|
|
|
58,491 |
|
| |
|
|
|
|
|
|
|
|
| Total convertible notes receivable |
|
|
85,075 |
|
|
|
86,325 |
|
| |
|
|
|
|
|
|
|
|
| Less current portion |
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|
- |
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|
|
(58,491 |
) |
| |
|
|
|
|
|
|
|
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| Long term portion |
|
$ |
85,075 |
|
|
$ |
27,834 |
|
| * |
Subsequent
to June 30, 2022, quarter-end, the convertible notes were exchanged for a Simple Agreement for Future Equity
(SAFE) as described in Note 20. Prior to the exchange, the Conversion Price for each Note was the lower of (i) 75% of the price paid in the Next Equity
Financing, or the price obtained by dividing a $3,000,000 valuation cap by the fully diluted number of shares. The number of Conversion
Shares to be issued on conversion was the quotient obtained by dividing the outstanding principal and unpaid accrued interest on
a Note to be converted on the date of conversion by the Conversion Price (the “Total Number of Shares”), The Total Number
of Shares consisted of Preferred Stock and Common Stock as follows: (i) That number of shares of Preferred Stock obtained by dividing
(a) the principal amount of each Note and all accrued and unpaid interest thereunder by (b) the price per share paid by other purchasers
of Preferred Stock in the Next Equity Financing (such number of shares, the “Number of Preferred Stock”) and (ii) that
number of shares of Common Stock equal to the Total Number of Shares minus the Number of Preferred Stock. |
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