Quarterly report pursuant to Section 13 or 15(d)

LOANS PAYABLE

v3.2.0.727
LOANS PAYABLE
6 Months Ended
May. 31, 2015
Accounting Policies [Abstract]  
LOANS PAYABLE

On November 26, 2014, the Company executed a Promissory Note with Argent Offset, LLC for $12,500. The note included a $500 loan fee, accrued interest at 10%, compounded monthly, and was due December 5, 2014. A late payment fee of $500 per day was to be incurred from December 6, 2014 through December 7, 2014 and then increases to $1,000 per day. On February 1, 2015, we entered into a Temporary Forbearance Agreement with Argent. Under the forbearance agreement, we agreed to pay a forbearance fee of $7,500. The new loan will bear interest at an annual rate of 10% until due on August 1, 2015. Further, we have agreed to pay 12.5% of any new funds invested in the company until the amount due is paid in full. As of May 31, 2015, $5,000 has been repaid on this loan leaving a balance of $15,000 and accrued interest of $727.

 

On March 17, 2015, the Company executed a Convertible Promissory Note for $10,750 with Strategic IR, Inc. The note bears interest at 10% per annum and is due on or before April 16, 2015. The note includes a one-time loan fee of $1,750 for a total due of $12,500. Accrued interest as of May 31, 2015, is $367. This note is currently pas due.