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. Perk International Inc. (1579717) 10-Q published on Apr 29, 2021 at 12:03 pm
On December 16, 2020, the Company received a $12,000 loan from GPL Ventures, LLC. The note is unsecured, bears interest at 10% and matures on December 16, 2021. As of February 28, 2021, there is $296 of interest accrued on this loan.
For the three months ended February 28, 2021 we incurred $22,845 of general and administrative expense(“G&A”) compared to $747 for the three months ended February 29, 2020. The increase is primarily due to $10,000 of legal expense related to our Form 10 filing and a $12,000 debt issuance cost for the beneficial conversion feature on a new loan.
For the nine months ended February 28, 2021 we incurred $47,878 of general and administrative expense compared to $2,241 for the nine months ended February 29, 2020. In the current period we incurred $1,500 of accounting expense, $21,600 of audit fees for services related to our year end audit and the filing of our Form 10 and $10,000 of legal expense. We also incurred $12,000 of debt issuance cost for the beneficial conversion feature on a new loan.
For the nine months ended February 28, 2021, we had interest expense of $17,631 compared to interest expense of $667 for the nine months ended February 29, 2020. The increase in interest expense is due to the accrual of interest on our loans and notes payable.
For the nine months ended February 28, 2021, we received $12,000 from a new loan and a $5,753 advance to the Company by our CEO.