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EXCEL - IDEA: XBRL DOCUMENT - Classic Rules Judo Championships, Inc.Financial_Report.xls
10-Q - FORM 10-Q - Classic Rules Judo Championships, Inc.f10q-judo.htm
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EX-21.1 - SUBSIDIARIES - Classic Rules Judo Championships, Inc.f10q_211-judo.htm
EX-31.1 - RULE 13A-14(A) / 15D-14(A) CERTIFICATION OF CHIEF EXECUTIVE OFFICER - Classic Rules Judo Championships, Inc.f10q_311-judo.htm
EX-32.1 - SECTION 1350 CERTIFICATIONS OF CEO - Classic Rules Judo Championships, Inc.f10q_321-judo.htm
EX-32.2 - SECTION 1350 CERTIFICATIONS OF CFO - Classic Rules Judo Championships, Inc.f10q_322-judo.htm
EX-31.2 - RULE 13A-14(A) / 15D-14(A) CERTIFICATION OF CHIEF FINANCIAL OFFICER - Classic Rules Judo Championships, Inc.f10q_312-judo.htm
v2.4.0.6
Note D - Convertible Loan Payable
9 Months Ended
Sep. 30, 2012
Notes  
Note D - Convertible Loan Payable

NOTE D – CONVERTIBLE LOAN PAYABLE

 

On May 9, 2011 the Company received a $5,000 loan from an individual.  The loan was convertible into 5% of the common stock of the Company if converted during the four-month conversion period beginning on the signing date.  If the loan was not converted to common stock during the conversion period the loan becomes payable in full with 10% simple interest.  Failure to pay back the loan in full with interest by the payment date will result in a penalty of 15% compounded daily of the remaining amount due until paid.  The individual has the right to buy an additional 10.3% of the common stock of the Company for $10,300 during the conversion period.  The loan is guaranteed by the sole officer and director of the Company.

 

The parties have agreed that no interest or penalties will be paid. Interest at a rate of 10% amounting to $57 for the three and nine month periods ended September 30, 2012 and $196 for the three and nine month periods ended September 30, 2011, has been imputed on the loan, and has been credited to additional paid-in capital.

 

On February 8, 2012 the holder of the convertible loan exercised his option to convert the loan into 590,293 newly issued shares of common stock of the Company at $0.008 per share.