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XML - IDEA: XBRL DOCUMENT - HK BATTERY TECHNOLOGY INCR16.htm
EXCEL - IDEA: XBRL DOCUMENT - HK BATTERY TECHNOLOGY INCFinancial_Report.xls
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EX-21.1 - EXHBIT 21.1 SUBSIDIARIES OF THE REGISTRANT - HK BATTERY TECHNOLOGY INCsubsidiaries_ex21z1.htm
EX-31.1 - EXHIBIT 31.1 SECTION 302 CERTIFICATION - HK BATTERY TECHNOLOGY INCsection302cert_ex31z1.htm
EX-32.1 - EXHIBIT 32.1 SECTION 906 CERTIFICATION - HK BATTERY TECHNOLOGY INCsection906cert_ex32z1.htm
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10-K - FORM 10-K ANNUAL REPORT - HK BATTERY TECHNOLOGY INCannualreport_10k.htm
v2.4.0.6
NOTES PAYABLE
12 Months Ended
Dec. 31, 2011
NOTES PAYABLE  
NOTES PAYABLE

NOTE 5 – NOTES PAYABLE

 

On February 5, 2010, the Company entered into a financing arrangement with JMJ Financial (“JMJ”), pursuant to which JMJ would lend the Company up to $3,200,000.  The Company received $200,000 from JMJ pursuant to these notes.  The notes bore interest at 8% and had a maturity date of three years from the date of issuance.  Under the terms of the notes, JMJ was entitled, at its option, to convert all or part of the principal amount and accrued interest into shares of the Company’s Common Stock at a conversion price equal to 70% of the lowest trade price of the Common Stock in the twenty (20) trading days immediately prior to the conversion, subject to adjustment in certain circumstances.  On May 6, 2010 the Company repaid the outstanding amount owed of $200,000 and cancelled the financing agreement with JMJ.  No significant gain or loss was recognized on the settlement of the debt.

 

On May 24, 2010 the Company issued a $50,000 Secured Convertible Promissory Note to MLF Group, LLC, and an unrelated third-party entity.  The Note accrued interest at a rate of 10.0% per annum, and was due in full on or before May 14, 2011.  The Note was mandatorily convertible upon the closing of any securities or other financing resulting in gross cash proceeds to the Company in excess of $500,000.  In the event such a financing arrangement was consummated, the note would convert into shares of the Company’s common stock at a conversion price equal to the price per share paid by investors in the financing. The note was converted into common stock on October 29, 2010, pursuant to the Company’s private placement offering (see Note 4 – Equity Transactions).

 

On October 1, 2010 the Company received proceeds of $25,000 from a Bridge Note to MLF Group, LLC, and an unrelated third-party entity. The Bridge Note accrued interest at a rate of 10.0% per annum, and was due in full one year from the issue date.  The Bridge Notes was mandatorily convertible upon the closing of any securities or other financing resulting in gross cash proceeds to the Company in excess of $500,000.  In the event a Contingent Event is consummated, all outstanding principal and interest amounts of the Bridge Notes will automatically convert into the Company’s securities being sold in such financing at a conversion price equal to the purchase price paid by investors in such financing. The note was converted into common stock on October 29, 2010, pursuant to the Company’s private placement offering (see Note 4 – Equity Transactions).

 

In August 2010, the Company entered into a Secured Promissory Note Agreement with three unrelated third-party lenders whereby the Company borrowed a total of $125,000 from the lenders.  The notes accrued interest at a rate of 10% per annum, and were due in full exactly one year from the note date.  The Note was mandatorily convertible upon the closing of any securities or other financing resulting in gross cash proceeds to the Company in excess of $500,000.  In the event such a financing arrangement was consummated, the note would convert into shares of the Company’s common stock at a conversion price equal to the price per share paid by investors in the financing.  These notes were converted into common stock on October 29, 2010, pursuant to the Company’s private placement offering (see Note 7 – Capital Stock).

 

In December 2009, a $100,000 note was issued to Theory Capital Corp. with an interest of 10% per annum until paid in full. The note was due on June 4, 2010 but it was not paid. The Theory Note was mandatorily convertible into common stock upon the Company's closing of a private placement offering. In the event such a financing arrangement was consummated, the note would convert into shares of the Company's common stock at a conversion price equal to the price per share paid by investors in the financing. The note was converted into common stock on October 29, 2010, pursuant to the Company's private placement offering (see Note 4 Equity Transactions). Currently the common stocks have not been issued as of December 31, 2011; however, the shareholders have the right to claim the common stocks. The Company reclassified the $100,000 Theory convertible notes from notes payable to equity as of December 31, 2010 and the Company needs to issue the common stock for the $100,000 convertible notes soon.