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. OMEGA BRANDS INC. (1564863) 10-Q published on Sep 10, 2015 at 4:36 pm
The Company borrowed $25,000 to help fund our operations. The Note is due and payable on May 15, 2016. The Principal Amount of this Note shall incur interest beginning on the Maturity Date at the rate of two percent (2%), per annum, calculated daily, in arrears, based on a 365 day year, which shall be payable in cash upon demand. At the option of the Holder, at any time after the issuance date of the Note until the Note is no longer outstanding, the Principal Amount, together with all accrued and unpaid interest, in whole or in part, may be convertible into common shares of the Company at the conversion price of $0.01 per share. The note was determined to have a Beneficial Conversion Feature of $25,000, which will be amortized over the life of the note.
During 2nd Quarter 2015, our company also incurred foreign currency transaction gain from payables of $963. Our company also incurred $3,567 of interest expense mainly related to the issuance of a $25,000 convertible note. During fiscal 2015, our company incurred foreign currency transaction loss from payables of $354 and interest expense of $3,567.
During the three month period ended July 31, 2014, the former majority shareholder forgave the total loan payable of $8,770. On the date the loan was forgiven the loan was no longer considered related party under ASC 850, as such $8,770 is recorded as gain on forgiveness of debt.
No cash was used for investing activities in fiscal year 2015. $1,235 was used to purchase fixed assets in fiscal year 2014.
Our company issued a convertible note for $25,000 to help fund our operations. The Note is due and payable on May 15, 2016. The Principal Amount of this Note shall incur interest beginning on the Maturity Date at the rate of two percent (2%), per annum, calculated daily, in arrears, based on a 365 day year, which shall be payable in cash upon demand. At the option of the Holder, at any time after the issuance date of the Note until the Note is no longer outstanding, the Principal Amount, together with all accrued and unpaid interest, in whole or in part, may be convertible into common shares of the company at the conversion price of $0.01 per share.