| Convertible notes payable |
Convertible
notes payable consists of the following:
| |
|
December
31, 2019 |
|
December
31, 2018 |
| September
2019 Notes, issued September 29, 2019, with a maturity date of September 29, 2020, with an interest rate of 15%. |
|
$ |
70,020 |
|
|
$ |
— |
|
| January and February
2018 Notes, issued January 3, 2018 and February 16, 2018 respectively, with a maturity date of March 31, 2020 as amended,
with an interest rate of 10% |
|
|
294,000 |
|
|
|
294,000 |
|
| November 2017 Notes,
issued November 10, 2017, with a maturity date of March 31, 2020, as amended, bearing no interest, and secured by substantially
all of the Company's assets and guarantees of payment by the Company's CEO, and Australian Sapphire Corporation("ASC"), a
shareholder of the Company which is wholly-owned by the Company's CEO. |
|
|
287,502 |
|
|
|
287,502 |
|
| November 2016 Notes,
issued November 10, 2016, with a maturity date of March 31, 2020, as amended, bearing no interest, and secured by substantially
all of the Company's assets and guarantees of payment by the Company's CEO, and ASC. |
|
|
287,502 |
|
|
|
287,502 |
|
| December 2015 Notes,
issued December 23, 2015, with a maturity date of March 31, 2020, as amended, bearing no interest, and secured by substantially
all of the Company's assets and guarantees of payment by the Company's CEO, and ASC. |
|
|
862,500 |
|
|
|
862,500 |
|
| Total Convertible notes
payable |
|
|
1,801,524 |
|
|
|
1,731,504 |
|
| Debt discount |
|
|
— |
|
|
|
— |
|
| Convertible notes payable,
net of unamortized debt discount |
|
$ |
1,801,524 |
|
|
$ |
1,731,504 |
|
|
| Summary of convertible debt |
he
following represents a summary of the convertible debt terms at December 31, 2019:
| |
|
Amount of Notes |
|
Debt Discount |
|
Maturity
Dates thru
|
|
Conversion price |
|
Number of Warrants |
|
Exercise Price |
|
Warrants Exercisable thru |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
September 2019 Notes |
|
|
$ |
70,020 |
|
|
$ |
— |
|
|
9/29/2020 |
|
$ |
0.0025 |
|
|
|
— |
|
|
$ |
0.15 |
|
|
|
— |
|
| |
January and February 2018 Notes |
|
|
|
294,000 |
|
|
|
— |
|
|
3/31/2020 |
|
$ |
0.0025 |
|
|
|
1,960,000 |
|
|
$ |
0.15 |
|
|
|
2/16/2023 |
|
| |
November 2017 Notes |
|
|
|
287,502 |
|
|
|
— |
|
|
3/31/2020 |
|
$ |
0.0025 |
|
|
|
3,593,776 |
|
|
$ |
0.15 |
|
|
|
11/10/2022 |
|
| |
November 2016 Notes |
|
|
|
287,502 |
|
|
|
— |
|
|
3/31/2020 |
|
$ |
0.0025 |
|
|
|
3,593,776 |
|
|
$ |
0.15 |
|
|
|
11/10/2022 |
|
| |
December 2015 Notes |
|
|
|
862,500 |
|
|
|
— |
|
|
3/31/2020 |
|
$ |
0.0025 |
|
|
|
10,781,250 |
|
|
$ |
0.15 |
|
|
|
11/10/2022 |
|
| |
Total |
|
|
|
1,801,524 |
|
|
$ |
— |
|
|
|
|
$ |
0.0025 |
|
|
|
19,928,802 |
|
|
$ |
0.15 |
|
|
|
|
|
|
| Schedule of fair value and relative fair value |
| |
|
January 3, 2018 |
|
February 16, 2018 |
| |
|
Fair value |
|
Relative fair value |
|
Fair value |
|
Relative fair value |
| Warrant |
|
$ |
95,324 |
|
|
$ |
19,784 |
|
|
$ |
65,292 |
|
|
$ |
16,955 |
|
| Common sock |
|
$ |
70,833 |
|
|
$ |
14,701 |
|
|
$ |
54,167 |
|
|
$ |
14,066 |
|
| Redeemable shares |
|
$ |
255,000 |
|
|
$ |
52,923 |
|
|
$ |
195,000 |
|
|
$ |
50,637 |
|
| Remaining note value |
|
$ |
110,300 |
|
|
$ |
22,892 |
|
|
$ |
110,300 |
|
|
$ |
28,642 |
|
| Total |
|
$ |
531,457 |
|
|
$ |
110,300 |
|
|
$ |
424,759 |
|
|
$ |
110,300 |
|
| Additional discount (interest) |
|
$ |
— |
|
|
$ |
13,808 |
|
|
$ |
— |
|
|
$ |
8,058 |
|
|