10. SUBSEQUENT EVENTS |
6 Months Ended |
|---|---|
Jul. 31, 2017 | |
| Notes | |
| 10. SUBSEQUENT EVENTS | 10. SUBSEQUENT EVENTS
In August, additional funds were accepted under the private placement noted in Form D filed on July 13, 2017 and we issued additional Common Shares and Series B Preferred Shares. The Company raised an additional $25,000 and issued a further 1,008,065 common shares and 12,500 Series B Preferred shares.
The Company created a new subsidiary on August 4th, Snapt Games, Inc. and obtained a game as part of the agreement with the original developer for shares and cash. The acquired game has been renamed with new graphics and a second game is in development with proceeds be allocated to a charitable foundation. The cost of the first game is $3,500 and the Company will pay marketing costs.
The Company entered into an agreement for a new convertible note for $50,000 and the fund have not yet been received by the Company but is anticipated. The note is due and payable twelve months from the issuance date and bears interest at 8% per annum with an original issuance discount of $4,500. If the Note is paid off prior to the due date, the Company is required to pay the face amount plus a scaled penalty ranging from 10% to 35% depending on the repayment date. Also noted, after 181 days from the issuance date, the Note is convertible into the shares of the Companys common stock. The conversion rate is equal to 55% of the market price during the previous 10 trading days.
The Company entered into a letter of intent to acquire an active business in June, releasing a press release at that time. The discussions continue as will due diligence. In order to facilitate the funding of acquisitions, the company entered into a formal fund raising agreement with North South Capital, LLC on September 1, 2017. The terms outline the Broker will seek to raise between $1M and $5M dollars for operations for a fee.
The company announced its application to the open source Blockchain initiative, the Enterprise Ethereum Alliance, to support its stated intent to build charts and publish information for cryptocurrency and ICO (Initial Coin Offerings).
The Company has entered into a non-binding agreement upon signing an LOI to explore possible joint venture for the development and marketing of a payments platform. As part of its commitment, the Company incorporated a subsidiary called RCPS Management, Inc. on September 1, 2017. After additional early stage due diligence is completed, the Company will release further information to the public via a press release. |