Convertible Promissory Notes and Notes Payable

3 Months Ended

Sep. 30, 2021

Convertible Promissory Notes and Notes Payable

Note 9. Convertible Promissory Notes and Notes Payable

Note 9. Convertible Promissory Notes and Notes Payable

Convertible promissory notes and notes payable outstanding as of September 30, 2021 are summarized below:

	Maturity Date	September 30, 2021
6% $500,000 Note Payable	January 31, 2022	$	500,000
6% $500,000 Note Payable, convertible to common shares at $5.00 per share	August 1, 2022		500,000
Total notes payable			1,000,000
Less current portion of notes payable			1,000,000
Notes payable, net of current portion		$	-

Future payments on notes payable are as follows:
January 31, 2022	$	500,000
August 1, 2022		500,000
	$	1,000,000

During the three months ended September 30, 2021, the Company entered into a note payable in connection with the acquisition of VitaMedica for $500,000 and payable January 31, 2022, and interest at the rate of 6% per annum.

During the three months ended September 30, 2021, the Company entered into a convertible note payable in connection with the acquisition of VitaMedica for $500,000, convertible into the Company’s common shares at $5.00 per common share. The convertible note has an interest rate of 6% per annum, and the principal and interest are payable on the maturity date of August 1, 2022. The Company cannot prepay the note and the principal and accrued interest is convertible at the holder’s option with notice that shall not be less than fifteen days prior to maturity.