Get Started for Free Contexxia identifies hard-to-find pieces of information in SEC filings. No more highlighters, no more redlining, no more poring over huge documents. Novation Holdings Inc (1080602) 10-Q published on Jul 21, 2014 at 5:03 pm
In June 2014, the Company issued a total of 400,000,000 common shares on conversion of principal amount of loans. On July 1, 2014, the Comp-any issued an additional 287,298,510 common shares on conversion of principal amount of loans.
Novation has issued its convertible promissory note to ISP Holdings, Inc. in the principal amount of $280,000, representing the $200,000 purchase price for Burgoyne, the initial $50,000 working capital. advance, a $15,000 original issue discount, and a $15,000 expense allowance to cover ISP Holding’s expenses related to the transaction. The promissory note has a term of 14 months, bears interest at 8 percent, and is convertible into common stock (subject to a maximum holding of 9.9 percent of the total common shares outstanding at any time) at $0.03 per share.
Novation Consulting Services, Inc., a Florida corporation, is a wholly-owned subsidiary, and was formed to acquire and operate the assets and financial management consulting business acquired by us in January 2013. Novation Consulting provides administrative, financial, regulatory and legal management services to the Company as well as to other small public and private companies for a fixed monthly management fee.
Focus Gold Corporation is a publicly traded (OTC Pink: FGLD), SEC reporting company engaged in the mining business, which also operates in the accounts receivable management business through its 55 percent controlled subsidiaries, Focus Gold Financial Corp. and Focus Gold Commercial Resolution, Inc. The two subsidiaries operate from offices near Buffalo, New York and plan to open additional offices, probably in South Carolina and Florida.
Novation Consulting Services, Inc., received a total of $122,393 in proceeds of the sale of a promissory note issued in payment of consulting services rendered by the subsidiary in 2013. The payment included $2,393 in accrued interest on the note. Also during the nine months ended May 31, 2014, Novation Consulting Services, Inc. received proceeds of $40,000 from the sale of a second promissory note issued for services rendered in 2013.