Sigyn Therapeutics, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

NOTES PAYBALE

NOTES PAYBALE	12 Months Ended
Dec. 31, 2016
Debt Disclosure [Abstract]
NOTES PAYBALE	NOTE 10 – NOTES PAYBALE Predecessor CCI borrows funds from third parties from time to time for working capital purposes. For the year ended December 31, 2015 (Predecessor), CCI had borrowings of $144,939 (including $29,039 of debt discount), repayments of $104,044, and accretion of debt discount of $29,039 for a balance of $40,895 at December 31, 2015. For the eleven months ended November 30, 2016 (Predecessor), CCI had borrowings of $257,100 (including $31,500 of debt discount), repayments of $174,338, and accretion of debt discount of $31,500. CCI issued notes payable to Menno Holterman (“Holterman Notes”), a director of CCI. As of December 31, 2014, CCI had borrowed $181,408 bearing interest at 10% (“December 2014 Note”). During the year ended December 31, 2015, CCI borrowed an additional $278,273 bearing no interest and had no repayments for a balance of $459,681 at December 31, 2015. During the eleven months ended November 30, 2016, CCI borrowed an additional $157,442 bearing no interest and had no repayments. For the 2015 and 2016 Notes, we imputed interest on the principal amount of the borrowings at 10% per annum. The terms of the December 2014 note call for interest only payments payable for the first three months of the note and beginning April 2015, payment of principal amortized over the remaining term of the note plus interest. The note was due June 1, 2016. As CCI is in default, the Holterman Notes were reclassed to short term note payable – related party. CCI recognized interest expense of $46,144 and $24,963 under Other (income) expense in the accompanying Statements of Operations for the eleven months ended November 30, 2016 (Predecessor) and the year ended December 31, 2015 (Predecessor), respectively. On October 1, 2014, CCI, through Owen deVries, its CEO and director, borrowed $50,000 from a related party through common ownership for working capital purposes. The loan was due on January 1, 2015 and bearing no interest. CCI imputed interest on $50,000 principal amount of the borrowings at 10% per annum. The note was repaid on January 2, 2015.

NOTES PAYBALE

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

NOTES PAYBALE

NOTE 10 – NOTES PAYBALE

Predecessor

CCI borrows funds from third parties from time to time for working capital purposes. For the year ended December 31, 2015 (Predecessor), CCI had borrowings of $144,939 (including $29,039 of debt discount), repayments of $104,044, and accretion of debt discount of $29,039 for a balance of $40,895 at December 31, 2015. For the eleven months ended November 30, 2016 (Predecessor), CCI had borrowings of $257,100 (including $31,500 of debt discount), repayments of $174,338, and accretion of debt discount of $31,500.

CCI issued notes payable to Menno Holterman (“Holterman Notes”), a director of CCI. As of December 31, 2014, CCI had borrowed $181,408 bearing interest at 10% (“December 2014 Note”). During the year ended December 31, 2015, CCI borrowed an additional $278,273 bearing no interest and had no repayments for a balance of $459,681 at December 31, 2015. During the eleven months ended November 30, 2016, CCI borrowed an additional $157,442 bearing no interest and had no repayments. For the 2015 and 2016 Notes, we imputed interest on the principal amount of the borrowings at 10% per annum. The terms of the December 2014 note call for interest only payments payable for the first three months of the note and beginning April 2015, payment of principal amortized over the remaining term of the note plus interest. The note was due June 1, 2016. As CCI is in default, the Holterman Notes were reclassed to short term note payable – related party. CCI recognized interest expense of $46,144 and $24,963 under Other (income) expense in the accompanying Statements of Operations for the eleven months ended November 30, 2016 (Predecessor) and the year ended December 31, 2015 (Predecessor), respectively.

On October 1, 2014, CCI, through Owen deVries, its CEO and director, borrowed $50,000 from a related party through common ownership for working capital purposes. The loan was due on January 1, 2015 and bearing no interest. CCI imputed interest on $50,000 principal amount of the borrowings at 10% per annum. The note was repaid on January 2, 2015.