Annual report pursuant to Section 13 and 15(d)

Convertible Note Receivable - Related Party

v3.21.2
Convertible Note Receivable - Related Party
 12 Months Ended
Jun. 30, 2021
Receivables [Abstract]  
Convertible Note Receivable - Related Party

NOTE 6 – CONVERTIBLE NOTE RECEIVABLE – RELATED PARTY

 

The Company has entered into multiple convertible note receivable agreements with WRLD3D. The convertible notes bear interest ranging from 5% to 10% with various maturity dates. The convertible notes have conversion features which allow the Company to convert the notes into shares of WRLD3D stock upon the occurrence of certain events. The Company has a security interest in all of WRLD3D’s personal property, inventory, equipment, general intangibles, financial assets, investment property, securities, deposit accounts and the proceeds thereof.

 

The following table summarizes the convertible notes receivable from WRLD3D.

 

              Convertible        
Agreement   Interest     Maturity   Note     Accrued  
Date   Rate     Date   Amount     Interest  
May 25, 2017     5 %   March 2, 2018   $ 750,000     $ 110,202  
February 9, 2018     10 %   March 31, 2019     2,500,000       500,773  
April 1, 2019     10 %   March 31, 2020     600,000       57,648  
August 19, 2019     10 %   March 31, 2020     400,000       32,439  
                  4,250,000       701,062  
Less allowance for doubtful account       (4,250,000 )     (701,062 )
Net Balance               $ -     $ -  

 

The Company has accrued interest of $701,062 at June 30, 2021 and 2020, which is included in “Other current assets”. The Company has not been accruing interest since July 1, 2020.