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EXCEL - IDEA: XBRL DOCUMENT - Solo International, IncFinancial_Report.xls
10-K - 10-K - Solo International, Incform10k.htm
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EX-31.2 - CERTIFICATION - Solo International, Incex312.htm
EX-32.1 - CERTIFICATION - Solo International, Incex321.htm
EX-31.1 - CERTIFICATION - Solo International, Incex311.htm
EX-10.05 - AMENDED OPTION AGREEMENT BY AND BETWEEN 9252-4768 QUEBEC INC. AND 9228-6202 QUEBEC INC - Solo International, Incex1005.htm
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EX-23.1 - CONSENT LETTER OF PLS CPA, A PROFESSIONAL CORPORATION - Solo International, Incex231.htm
v2.4.0.6
Convertible Promissory Note, Net
12 Months Ended
Sep. 30, 2012
Debt Disclosure [Abstract]  
Convertible Promissory Notes, Net

 

5. CONVERTIBLE PROMISSORY NOTE, NET

 

On November 4, 2011, the Company entered into a Securities Purchase Agreement with Craigstone Ltd. pursuant to which the Company received $100,000 as a loan from Craigstone in exchange for one (1) Unit consisting of: a Convertible Promissory Note convertible to common stock in whole or in part, at any time and from time to time before maturity at the option of the holder at seventy-five percent (75%) of the average traded price of the common stock for the thirty (30) trading days immediately preceding the conversion date; and a three (3) year Warrant (the “Warrant”) to purchase two hundred fifty thousand (250,000) shares of the Company’s Common Stock exercisable at the lower of : (i) a price of $0.20 per share or (ii) seventy-five percent (75%) of the average traded price of common stock for the thirty (30) trading days immediately preceding the exercise date. The Note earns simple interest accruing at ten percent (10%) per annum and is due on or before the twelfth month anniversary of the date of execution.

 

During the fiscal year ended September 30, 2012, the Company entered into further Securities Purchase Agreements with Craigstone Ltd. pursuant to which the Company received $320,000 as loans from Craigstone in exchange for one (1) Unit consisting of: a Convertible Promissory Note convertible to common stock in whole or in part, at any time and from time to time before maturity at the option of the holder at seventy-five percent (75%) of the average traded price of the common stock for the thirty (30) trading days immediately preceding the conversion date; and a three (3) year Warrant (the “Warrant”) to purchase seven hundred twelve thousand five hundred (712,500) shares of the Company’s Common Stock exercisable at the lower of : (i) a price of $0.20 per share or (ii) seventy-five percent (75%) of the average traded price of common stock for the thirty (30) trading days immediately preceding the exercise date. The Notes earn simple interest accruing at ten percent (10%) per annum and are due on or before the twelfth month anniversary of the date of execution.

 

The beneficial conversion feature resulting from the discounted conversion price compared to market price was valued on the date of grant to be $197,176 on the notes, and $57,175 on the warrants. This value was recorded as a discount on debt and offset to additional paid in capital. Amortization of the discount was $155,772 for the fiscal year ended September 30, 2012, which amounts have been recorded as interest expense.

 

    September 30, 2012     Issue Date  
Convertible Promissory Note – face value, due on November 4, 2012   $ 100,000     $ 100,000  
Convertible Promissory Note – face value, due on January 4, 2013     115,000       115,000  
Convertible Promissory Note – face value, due on February 3, 2013     85,000       85,000  
Convertible Promissory Note – face value, due on March 8, 2013     35,000       35,000  
Convertible Promissory Note – face value, due on May 11, 2013     25,000       25,000  
Convertible Promissory Note – face value, due on June 19, 2013     25,000       25,000  
Convertible Promissory Note – face value, due on September 11, 2013     35,000       35,000  
Total convertible promissory note – face value     420,000       420,000  
Less: beneficial conversion feature     (74,290 )     (197,176 )
Warrant discount     (24,289 )     (57,175 )
    $ 321,421     $ 165,649  

 

Interest Expense            
    September 30, 2012     September 30, 2011  
Amortization of debt discount   $ 155,772     $ -  
Interest at contractual rate     27,001       -  
    $ 182,773     $ -