UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

[X]  QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2021

 

[_]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _______ to ______

 

Commission File Number 333-107179 & 000-51210

 

LEGACY VENTURES INTERNATIONAL, INC

(Exact name of registrant as specified in its charter)

 

Nevada		30-0826318
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
27 Baycliffe Rd. Markham, ON, L3R 7T9 (Address of principal executive offices)  (Zip Code)
647-969-7383 (Registrant's telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X]    No [_]

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes [X]    No [_]

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or, an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company", and "emerging growth company", in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer [_]		Accelerated filer [_]
Non-accelerated filer [_]		Smaller reporting company [X]
(Do not check if smaller reporting company)		Emerging growth company [_]

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  [_]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes [_]    No [X]

 

 As of May 14, 2021, there were 315,064 outstanding shares of the registrant's common stock, $0.0001 par value per share

 

 

TABLE OF CONTENTS

 

		Page No.
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements		4
Item 2. Management's Discussion and Analysis		11
Item 3. Quantitative and Qualitative Disclosures About Market Risk		12
Item 4. Controls and Procedures		12
PART II – OTHER INFORMATION
Item 1. Legal Proceedings		13
Item 1A. Risk Factors		13
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		13
Item 3. Defaults Upon Senior Securities		13
Item 4. Mine Safety Disclosures		13
Item 5. Other Information		13
Item 6. Exhibits		14

 

 

 

 

 

PART I

 

FINANCIAL INFORMATION

 

 

ITEM 1. FINANCIAL STATEMENTS REQUIRED BY FORM 10-Q

 

The Interim Condensed Financial Statements of the Company are prepared as of March 31, 2021

 

CONTENTS
Interim Condensed Balance Sheets	4
Interim Condensed Statements of Operations and Comprehensive Loss	5
Interim Condensed Statements of Stockholders’ Deficiency	6
Interim Condensed Statements of Cash Flows	7
Notes to the Interim Condensed Financial Statements	8

 

 

 

 

 

 

LEGACY VENTURES INTERNATIONAL, INC.

INTERIM CONDENSED BALANCE SHEETS (unaudited)

(Express in US dollars) 

 

 

 

						March 31				June 30,
ASSETS		Note				2021				2020
Current assets
Cash						$	31,098			$	15,136
Total assets						$	31,098			$	15,136
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
Current liabilities
Accounts payable and accrued liabilities						$	107,286			$	116,097
Secured promissory notes			4				165,000				100,000
Convertible notes			4				20,000				20,000
Interest payable			4				26,790				11,894
Advances from third parties			5				22,925				22,925
Total liabilities							342,001				270,916
Stockholders' deficiency
Preferred Stock, $0.0001 par value; 10,000,000 shares authorized:
Preferred Stock - no shares issued and outstanding March 31, 2021, and June 30, 2020			6			$	—			$	—
Common Stock, $0.0001 par value; 100,000,000 shares authorized:
Common Stock - 315,064 shares issued and outstanding March 31, 2021 and June 30, 2020			6				32				32
Additional paid in capital			4				6,394,771				6,394,771
Accumulated deficit							(6,705,706	)			(6,650,583	)
Total liabilities and stockholders' deficiency							(310,903	)			(255,780	)
						$	31,098			$	15,136
Going concern			2

 

See accompanying notes to the unaudited interim condensed financial statements

 

 

 

 

 

LEGACY VENTURES INTERNATIONAL, INC.

INTERIM CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(unaudited)

(Expressed in US dollars)

 

						For the three months ended March 31,								For the nine months ended March 31,
		Note				2021				2020				2021				2020
Operating expenses
Professional fees						$	11,450			$	9,750			$	36,150			$	31,350
Other general and administration							1,316				372				3,948				3,570
Loss from operations							(12,766	)			(10,122	)			(40,098	)			(34,920	)
Other (expenses) income
Interest expense - Convertible and Secured notes			4				(5,557	)			(3,091	)			(14,896	)			(5,146	)
Bank charges and other							95				(1,795	)			(129	)			(1,795	)
Total other expenses							(5,462	)			(4,886	)			(15,025	)			(6,941	)
Loss before taxes							(18,228	)			(15,008	)			(55,123	)			(41,861	)
Net loss and comprehensive loss						$	(18,228	)		$	(15,008	)		$	(55,123	)		$	(41,861	)
Net loss per share - basic and diluted						$	(0.06	)		$	(0.05	)		$	(0.17	)		$	(0.13	)
Weighted average number of common shares outstanding - basic and diluted							315,064				315,064				315,064				315,064

 

 

 

See accompanying notes to the unaudited interim condensed financial statements

 

 

 

 

 

 

 

 

 

LEGACY VENTURES INTERNATIONAL, INC.

INTERIM CONDENSED STATEMENTS OF STOCKHOLDERS’ DEFICIENCY

(unaudited)

 

(Expressed in US dollars)

 

							Common Stock
			Note				Number of Shares				Amount				Additional paid in capital				Deficit			Total
June 30, 2019							315,064			$	32			$	6,394,771			$	(6,561,398	)		$(166,595)
Net loss							—				—				—				(41,861	)		(41,861)
March 31, 2020							315,064				32				6,394,771				(6,603,259	)		(208,456)
Net loss							—				—				—				(47,324	)		(47,324)
June 30, 2020							315,064			$	32			$	6,394,771			$	(6,650,583	)		$(255,780)
Net loss							—				—				—				(55,123	)		(55,123)
March 31, 2021							315,064			$	32			$	6,394,771			$	(6,705,706	)		$(310,903)

 

 

See accompanying notes to the unaudited interim condensed financial statements

 

 

 

 

 

 

 

LEGACY VENTURES INTERNATIONAL, INC.

INTERIM CONDENSED STATEMENTS OF CASH FLOWS

(unaudited)

(Expressed in US dollars)

 

		For the nine months ended March 31,
		2020				2019
Cash used in operating activities
Net loss		$	(55,123	)		$	(41,861	)
Adjustments to reconcile net loss to net cash used by operating activities:
Changes in non-cash operating assets and liabilities
Interest payable - Convertible notes			14,896				5,146
Accounts payable and accrued liabilities			(8,811	)			(6,763	)
Net cash used in operating activities			(49,038	)			(43,478	)
Cash flow from investing activities
Net cash used in investing activities			—				—
Proceeds from secured convertible note			65,000				50,000
Net cash provided by financing activity			65,000				50,000
Increase in cash			15,962				6,522
Cash, beginning of period			15,136				12,745
Cash, end of period		$	31,098			$	19,267
Cash payments for:
Interest		$	—			$	—
Income taxes		$	—			$	—

 

 

 

See accompanying notes to the unaudited interim condensed financial statements 

 

 

 

 

 

 LEGACY VENTURES INTERNATIONAL, INC.

NOTES TO THE UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS

(Expressed in US dollars)

(Unaudited)

 

 

NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS

 

Legacy Ventures International, Inc. (“Legacy” or the “Company”), was incorporated on March 4, 2014 under the laws of the State of Nevada The Company currently has no ongoing operations except for the incurring of general and administrative expenditures.

 

On August 9, 2018, the former holder of 91% of the outstanding shares of common stock of the Company, approved the appointment of Peter Sohn as the Chief Executive Officer and Chief Financial Officer and Director of the Company. Effective December 17, 2018, and Mr. Sohn accepted the appointments as Chief Executive Officer and Chief Financial Officer and Director of the Company.

 

On December 17, 2018, the former of 91% of the outstanding shares of common stock of the Company delivered to Peter Sohn an agreement for the acquisition by Mr. Sohn of the Shares from Mr. Letcavage, which agreement is dated August 9, 2018, but was delivered and deemed effective on December 17, 2018 (the “Agreement”). As a result Mr. Sohn is now able to unilaterally control the election of our Board of Directors, all matters upon which shareholder approval is required and, ultimately, the direction of the Company.

 

COVID-19

The outbreak of the novel strain of coronavirus, specifically identified as “COVID-19”, has resulted in governments worldwide enacting emergency measures to combat the spread of the virus. These measures, which include the implementation of travel bans, self-imposed quarantine periods and social distancing, have caused material disruption to businesses globally resulting in an economic slowdown. Global equity markets have experienced significant volatility and weakness. Governments and central banks have reacted with significant monetary and fiscal interventions designed to stabilize economic conditions. The duration and impact of the COVID-19 outbreak is unknown at this time, as is the efficacy of the government and central bank interventions. It is not possible to reliably estimate the length and severity of these developments and the impact on the financial results and conditions of the Company in future periods. To date the Company has not experienced any impacts as a result of COVID-19.

  

 NOTE 2 – GOING CONCERN AND BASIS OF PRESENTATION

 

The Company’s unaudited interim condensed financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. During the current period, the Company has incurred recurring losses from operations and as at December 31, 2020, has a working capital deficiency of $310,903 (June 30, 2020 - $255,780), and an accumulated deficit of $6,705,706 (June 30, 2020 - $6,650,583). The Company’s continued existence is dependent upon its ability to continue to execute its operating plan and to obtain additional debt or equity financing. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. There can be no assurance that the necessary debt or equity financing will be available, or will be available on terms acceptable to the Company, in which case the Company may be unable to meet its obligations. Should the Company be unable to realize its assets and discharge its liabilities in the normal course of business, the net realizable value of its assets may be materially less than the amounts recorded in the unaudited interim condensed financial statements. The unaudited interim condensed financial statements do not include any adjustments relating to the recoverability of recorded asset amounts that might be necessary should the Company be unable to continue in existence.

  

NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS 

 

SIGNIFICANT ACCOUNTING POLICIES

 

The Company's significant accounting policies have not changed from the year ended June 30, 2020.

 

The accompanying unaudited condensed interim financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10–Q and Rule 10 of Regulation S–X. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America. However, in the opinion of the management of the Company, all adjustments necessary for a fair presentation of the financial position and operating results have been included in these unaudited condensed interim financial statements. These unaudited condensed interim financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10–K for the fiscal year ended June 30, 2020, as filed with the SEC on October 13, 2020. Operating results for the three and nine months ended March 31, 2021, are not necessarily indicative of the results that may be expected for any subsequent quarter or for the year ending June 30, 2021. 

 

 

  LEGACY VENTURES INTERNATIONAL, INC.

NOTES TO THE UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS

(Expressed in US dollars)

(Unaudited)

 

 

 

NOTE 4 – SECURED PROMISSORY AND CONVERTIBLE NOTES

 

Secured Promissory Note

On December 2, 2018, the Company issued a Secured Promissory Note ("Secured Note") to an accredited investor.  The Secured Note has an aggregate principal amount of $50,000, and is payable on December 2, 2019 (the "Maturity Date"), and bears an interest rate of 4% per  annum and a default interest rate of 18% per annum.  The amount owing under the Secured Note is secured by the assets of the Company. The Secured Note may be converted into shares of common stock of the Company, the terms of which are to be negotiated between the Company and the note holder. Interest expense for the three months ended March 31, 2021 and 2020, was $2,339 and $2,364, respectively. Interest expense for the nine months ended March 31, 2021 and 2020, was $7,121 and $3,674.

 

On September 6, 2019, the Company issued a Secured Promissory Note ("Secured Note") to an accredited investor.  The Secured Note has an aggregate principal amount of $50,000, and is payable on September 6, 2020 (the "Maturity Date"), and bears an interest rate of 4% per   annum and a default interest rate of 18% per annum.  The amount owing under the Secured Note is secured by the assets of the Company. The note may be converted into shares of common stock of the Company, the terms of which are to be negotiated between the Company and the note holder. Interest expense for the three months ended March 31, 2021 and 2020, was $2,339 and $496, respectively. Interest expense for the nine months ended March 31, 2021 and 2020, was $5,769 and $791.

 

On October 1, 2020, the Company issued a Secured Promissory Note ("Secured Note") to an accredited investor.  The Secured Note has an aggregate principal amount of $65,000, and is payable on October 1, 2021, (the "Maturity Date"), and bears an interest rate of 4% per annum and a default interest rate of 18%.  The amount owing under the Secured Note is secured by the assets of the Company. The note may be converted into shares of common stock of the Company, the terms of which are to be negotiated between the Company and the note holder. Interest expense for the three and nine months ended March 31, 2021, was $641 and $1,289, respectively.

  

Unsecured Convertible Promissory Notes 

On June 28, 2017 the Company issued $20,000 of unsecured convertible promissory notes (“Convertible Notes”). The notes were assigned to 5 different arm’s length parties, each holding $4,000. The Convertible Notes matured on June 27, 2018, and bear interest at a rate of 8% per annum, and 12% for amounts owing past the default date. The Convertible Notes are convertible into the Common Stock of the Company at a fixed conversion rate of $0.75 per share at any time prior to the maturity date. The Company evaluated the terms and conditions of the Convertible Notes under the guidance of ASC 815, Derivatives and Hedging. The conversion feature met the definition of conventional convertible for purposes of applying the conventional convertible exemption. The definition of conventional contemplates a limitation on the number of shares issuable under the arrangement. The instrument was convertible into a fixed number of shares and there were no down round protection features contained in the contracts. The Company was required to consider whether the hybrid contracts embodied a beneficial conversion feature (“BCF”). The calculation of the effective conversion amount resulted in a BCF because the fair value of the conversion was greater than the Company’s stock price on the date of issuance and a BCF was recorded in the amount of $20,000 and accordingly the amount of $20,000 was credited to Additional Paid in Capital. The BCF which represents debt discount is accreted over the life of the loan using the effective interest rate. Interest expense for the three months ended March 31, 2021 and 2020, was $238 and $231, respectively. Interest expense for the nine months ended March 31, 2021 and 2020, was $717 and $691, respectively. As at March 31, 2021, the carrying value of the Convertible Note was $20,000.

 

No amounts have been paid to date for the above mentioned notes, nor have any of the notes been called or converted.

 

As at March 31, 2021 the Company had interest payable of $26,790 on the secured promissory notes and convertible notes (June 30, 2020 - $11,894).

 

 

 

 LEGACY VENTURES INTERNATIONAL, INC.

NOTES TO THE UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS

(Expressed in US dollars)

(Unaudited)

 

 

NOTE 5 – RELATED PARTY ADVANCES AND BALANCES, AND ADVANCES FROM THIRD PARTIES

 

The Company was previously advanced funds by a third party, the funds were used to pay certain professional fees including auditors, and accountants. The Company is currently in the process of negotiating with the third party with respect to settlement of the amount advanced. There are no prescribed terms of repayment or rate of interest on the advances.

 

For the three and nine months ended March 31, 2021 and 2020, was $3,000 and $9,000 was paid to the Company’s sole Director and Officer, the amount expensed is in Professional fees in the interim unaudited condensed statements of operations and compreshensive loss. There were no other related party transactions.

 

NOTE 6 - COMMON AND PREFERRED STOCK TRANSACTIONS

 

COMMON STOCK - AUTHORIZED

 

As at March 31, 2021, the Company was authorized to issue 10,000,000 of preferred stock, with a par value of $0.0001 and 100,000,000 of common stock, with a par value of $0.0001.

 

There were no common stock transactions in the three and nine months ended March 31, 2021 and 2020.

 

As at March 31, 2021, and June 30, 2020, the Company had 315,064 common stock issued and outstanding.

 

 

 

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

 

Forward-Looking Statements

 

This report contains forward-looking statements that involve risks and uncertainties.  We use words such as anticipate, believe, plan, expect, future, intend and similar expressions to identify such forward-looking statements. You should not place too much reliance on these forward-looking statements.  The Company’s actual results are likely to differ materially from those anticipated in these forward-looking statements for many reasons.

 

Plan of Operation

 

Legacy Ventures International, Inc. (“Legacy” or the “Company”), was incorporated on March 4, 2014 under the laws of the State of Nevada.

 

Liquidity and Capital Resources

 

As of March 31, 2021, the Company's primary source of liquidity consisted of $31,098 (June 30, 2020 - $15,136) in cash.  The Company financed its operations through a combination of advances from third parties and the issuance of secured promissory notes and convertible promissory notes.

 

On October 1, 2020, the Company issued a Secured Promissory Note ("Secured Note") to an accredited investor.  The Secured Note has an aggregate principal amount of $65,000, and is payable on October 1, 2021, (the "Maturity Date"), and bears an interest rate of 4% per annum and a default interest rate of 18%.  The amount owing under the Secured Note is secured by the assets of the Company. The note may be converted into shares of common stock of the Company, the terms of which are to be negotiated between the Company and the note holder.

 

The Company has sustained net losses which have resulted in a total stockholders' deficiency at March 31, 2021, and is currently experiencing a shortfall in operating capital which raises substantial doubt about the Company's ability to continue as a going concern.  The Company anticipates a net loss for the year ending June 30, 2021 and with the expected cash requirements for the coming months, without additional cash inflows from an corporate transaction, there is substantial doubt as to the Company's ability to continue operations.

 

We may seek to secure additional debt or equity capital to finance substantial business development initiatives.  There is presently no agreement in place with any source of financing for the Company and there can be no assurance that the Company will be able to raise any additional funds, or that such funds will be available on acceptable terms.  Funds raised through future equity financing will likely be substantially dilutive to current shareholders.  Lack of additional funds will materially affect the Company and its business, and may cause the Company to cease operations.  Consequently, shareholders could incur a loss of their entire investment in the Company.

 

Net Cash Used in Operating Activities

 

During the nine months ended March 31, 2021, cash used in operations was $49,038 and $43,478 for the nine months ended March 31, 2020, respectively.  Cash used in operating activities was primarily the result of selling, general and administrative expenses offset to some extent by an increase in accounts payable and accrued liabilities. 

  

Net Cash Used in Investing Activities

 

There was no cash used in or provided from investing activities for the three and nine months ended March 31, 2021 and 2020.

 

Net Cash Provided by Financing Activities

 

There was cash provided from financing activities of $65,000 and $50,000, respectively for the nine months ended March 31, 2021 and 2020, as a result of the proceeds received from the issuance of a promissory note.

 

 

 

 

Results of Operations

 

Operating expenses.  Operating expenses for the three months ended March 31, 2021, was $12,766 compared with $10,122 for the three months ended March 31, 2020. Operating expenses were largely consistent with the three months ended March 31, 2021 compared with the same period in 2020.

 

Operating expenses for the nine months ended March 31, 2021, was $40,098 compared with $34,920 for the nine months ended March 31, 2020. Operating expenses were higher with the nine months ended March 31, 2020 largely due to higher professional fees.

 

Other (expenses) income. Other (expenses) income was higher for the three and nine months ended March 31, 2021 , compared with the three and nine months ended March 31, 2020, primarily due to higher interest expense.

 

Net Loss. Net loss for the three months ended March 31, 2021, was $18,228, compared with $15,008 for the three months ended March 31, 2020. Net loss for the nine months ended March 31, 2021, was $55,123, compared with $41,861 for the nine months ended March 31, 2020.

 

Off-Balance Sheet Arrangements

 

We do not have any off balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Company’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources that is material to investors.

 

Personnel

 

The Company has no full-time employees, but utilizes other project-based contract personnel to carry out the Company’s business.  We utilize contract personnel on a continuous basis, primarily in connection with the filing of reports with the Securities and Exchange Commission which require a high level of specialization for one or more of the service components offered.

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

 

Not Required.

 

Item 4. Controls and Procedures.

 

The Securities and Exchange Commission defines the term "disclosure controls and procedures" to mean a Company's controls and other procedures of an issuer that are designed to ensure that information required to be disclosed in the reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Securities Exchange Act of 1934 is accumulated and communicated to the issuer's management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.  The Company maintains such a system of controls and procedures in an effort to ensure that all information which it is required to disclose in the reports it files under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified under the SEC's rules and forms and that information required to be disclosed is accumulated and communicated to principal executive and principal financial officers to allow timely decisions regarding disclosure.

 

As of the end of the period covered by this Quarterly Report, the Company carried out an evaluation, under the supervision and with the participation of the Company’s chief executive officer and chief financial officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to Exchange Act Rules 13a-15(b) and 15d-15(b). Based upon this evaluation, the Company’s chief executive officer and chief financial officer concluded that the Company’s disclosure controls and procedures as of the end of the period covered by this Quarterly Report were ineffective due to a lack of segregation of duties,  due to limited administrative and financial personnel and related resources and as the Company only has one director.

 

Changes in Internal Control over Financial Reporting

 

There have been no significant changes in the Company’s internal controls over financial reporting that occurred during the period ended March 31, 2021, that have materially or are reasonably likely to materially affect, the Company’s internal controls over financial reporting.

 

 

PART II – OTHER INFORMATION

 

 

Item 1. Legal Proceedings

 

We are not currently subject to any legal proceedings, and to the best of our knowledge, no such proceeding is threatened, the results of which would have a material impact on the Company’s properties, results of operations, or financial condition. Nor, to the best of our knowledge, are any of the Company’s officers or directors involved in any legal proceedings in which we are an adverse party.

 

Item 1A. Risk Factors

 

Since we are a smaller reporting company, we are not required to provide the information required by this Item.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

On October 1, 2020, the Company issued a Secured Promissory Note ("Secured Note") to an accredited investor.  The Secured Note has an aggregate principal amount of $65,000, and is payable on October 1, 2021, (the "Maturity Date"), and bears an interest rate of 4% per annum and a default interest rate of 18%.  The amount owing under the Secured Note is secured by the assets of the Company. The note may be converted into shares of common stock of the Company, the terms of which are to be negotiated between the Company and the note holder.

 

Item 3. Defaults Upon Senior Securities

 

None.

 

Item 4. Mine Safety Disclosures.

 

Not Applicable.

 

Item 5. Other Information.

 

None.

 

Item 6. Exhibits.

 

The following exhibits are filed with or incorporated by reference in this report:

 

Item No.	Description
31.1*	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Peter Sohn.
32.1*	Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for Peter Sohn.
101*	XBRL Report

 

*  filed herewith

 

 

 

 

	LEGACY VENTURES INTERNATIONAL, INC.
Date: May 14, 2021	By: /s/ Peter Sohn                               Name: Peter Sohn Title: Chief Financial Officer and Principal Executive Officer