BINGHAM CANYON CORP Just Filed Its Annual Report: NOTE 14. SUBSEQUENT ...

NOTE 14. SUBSEQUENT EVENTS

 

On January 4, 2021, the Company issued 25,000,000 common shares to settle a convertible note described in Note 6(bb), with a remaining balance of $40,000.

 

On January 27, 2021, the Company entered into a convertible promissory note with a non-related party for $150,000. The note is due on January 26, 2022 and bears interest on the unpaid principal balance at a rate of 5% per annum. The note may be converted by the lender at any time before 6-months of the date of issuance into shares of Company’s common stock at a conversion price equal to $0.10.

 

On February 2, 2021, the Company sold future receivables with a non-related party for $177,800, of which $35,994 was applied to previous loans owing to the lender and $39,795 was loan fees and original issue discount resulting in cash proceeds to the Company of $102,011. The advance is to be repaid through weekly payments of $7,730. In connection with the advance, the Company granted the lender a security interest in all past, present and future assets of the Company.

 

On February 16, 2021, the Company issued 1,803,279 shares of common stock to settle $247,270 from a $275,000 note payable dated June 20, 2018, which has a balance of $331,304, including interest, to the current Chairman and CEO of the Company. The Company also agreed to issue a new note for the remaining balance owed to the Chairman and CEO of $84,034, dated February 16, 2021. The note will bear interest at 5% per annum and is due on June 30, 2021.

 

On February 16, 2021, the Company issued 2,663,299 shares of common stock to settle a June 20, 2018 note payable of $380,000 and accrued interest of $77,229 owed to the current COO and Director of the Company.

 

On February 15, 2021, 40,000 shares of preferred series C stock was converted into common stock (1 share converts into 100 shares of common stock), resulting in the issuance of 4,000,000 shares of common stock.

 

On February 23, 2021, the Company entered into a convertible promissory note with a non-related party for $128,000, of which $3,000 was an original issue discount resulting in cash proceeds to the Company of $125,000. The note is due on February 22, 2022 and bears interest on the unpaid principal balance at a rate of 12% per annum. Stringent pre-payment terms apply (from 15% to 40%, dependent upon the timeframe of repayment during the note’s term) and any part of the note which is not paid when due shall bear interest at the rate of 22% per annum from the due date until paid. The Note may be converted by the Lender at any time after 180 days of the date of issuance into shares of Company’s common stock at a conversion price equal to 61% of the lowest trading price during the 15-trading day period prior to the conversion date.

 

On March 1, 2021, the Company released an additional vested 375,000 shares of common stock to its current COO and Director, as per the Company employment agreement with the executive.

 

On March 1, 2021, the Company entered into a consulting agreement. Pursuant to the agreement, the consultant will provide advisory services for a period of three months in consideration of $5,000 per month and an option to purchase 2,500,000 shares of common stock at $0.0001 for one year, exercisable on issuance.

 

On March 9, 2021, the Company sold future receivables with a non-related party for $522,640, of which $146,640 was loan fees, original issue discount and reserve resulting in cash proceeds to the Company of $376,000. The advance is to be repaid through daily payments of $2,999. The Company only received $22,766, net of fees, from the lender. On March 22, 2021, the Company cancelled this future receivables contract through total payments of $28,764 to the lender.

 

On March 9, 2021, the Company sold future receivables with a non-related party for $111,920, of which $35,145 was loan fees and original issue discount resulting in cash proceeds to the Company of $76,775. The advance is to be repaid through daily payments of $1,399. In connection with the advance, the Company granted the lender a security interest in all past, present and future assets of the Company.

 

On March 18, 2021, the Company entered into a convertible promissory note with a non-related party for $200,000. The note is due on March 17, 2022 and bears interest on the unpaid principal balance at a rate of 5% per annum. The note may be converted by the lender at any time before 6-months of the date of issuance into shares of Company’s common stock at a conversion price equal to $0.10.

 

On March 23, 2021, the Company amended the convertible note described in Note 6(y). Pursuant to the amendment, the Company repaid $20,000 of principal and $17,457 of interest and the maturity date will be extended to April 15, 2021.

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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