Quarterly report pursuant to Section 13 or 15(d)

Convertible Notes Receivable - Related Party

v3.20.2
Convertible Notes Receivable - Related Party
 3 Months Ended
Sep. 30, 2020
Receivables [Abstract]  
Convertible Notes Receivable - Related Party

NOTE 7 – CONVERTIBLE NOTES 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 September 30, 2020 and June 30, 2020, respectively, which is included in “Other current assets”. As of July 1, 2020, the Company is not accruing interest.