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. Solo International, Inc (1501845) 10-Q published on Aug 14, 2015 at 12:08 pm
Reporting Period: Jun 29, 2015
(Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.)
The following table i reflects the issuance of 187,955,794 shares in respect of Conversion Notices received for a total of $84,000 in principal and $16,000 in accrued interest from certain convertible notes payable during the nine month period ended June 30, 2015:
As at June 30, 2015 the entire balance of $365,000 in outstanding notes is due and payable. As yet the Company has not negotiated any repayment terms with respect to this outstanding balance, however, the noteholder has assigned certain amounts of the total debt totaling $100,000 in principal and $16,000 in accrued interest to third parties, which amounts have been settled by the issuance of 207,183,492 shares of common stock as set out below:
On December 15, 2014, December 29, 2014, February 24, 2015 and April 9, 2015, we raised $7,500, $3,000, $7,500 and $7,500, respectively, through private offering of convertible promissory notes with LUI LLC. Under the terms of the Notes, interest shall accrue at 5% per annum until June 15, 2015, June 29, 2015, August 24, 2015, and October 9, 2015, respectively (the “Maturity Date”), at which time, unless converted, all principal and accrued interest shall be due and payable. Any amount of principal or interest on the Notes which is not paid when due shall bear Default Interest from the due date thereof until the same is paid. Interest shall commence accruing on the date that the Note is fully paid and shall be computed on the basis of a 365-day year and the actual number of days elapsed. As at June 30, 2015 the notes payable on June 15 and June 29, 2015 were not retired as of the Maturity Date and are currently accruing interest at a rate of 12% on all outstanding principal and unpaid interest as at that date.
On April 9, 2015, we raised $ $7,500, through private offering of convertible promissory notes. Under the terms of the Note, interest shall accrue at 5% per annum until October 9, 2015, respectively (the “Maturity Date”), at which time, unless converted, all principal and accrued interest shall be due and payable. Any amount of principal or interest on the Note which is not paid when due shall bear Default Interest from the due date thereof until the same is paid. Interest shall commence accruing on the date that the Note is fully paid and shall be computed on the basis of a 365-day year and the actual number of days elapsed. The holder shall have the right to convert the Note on or after the Maturity Date of this Note, and any unpaid indebtedness shall be convertible into common shares of the Company at a price per share equal to 50% of the lowest posted trade price within the last 20 trading sessions.