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Subsequent Events
3 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
Subsequent Events

Convertible Promissory Note

 

On February 2, 2012 Sionix received funding for a 9.875% Convertible Promissory Note issued as of January 19, 2012 in the principal amount of $65,000 maturing on January 19, 2013. The lender has the right beginning 180 days after the issue date to convert theaccrued interest and principal under this note into common stock. The amount of shares issued would be determined by the then fair market value of Company’s shares multiplied by 60%. The Company has the right to prepay the Convertible Promissory Note without penalty. In the event of default, the Convertible Promissory Note is immediately due and payable and additional interest will accrue at the rate equal to the lesser of (i) 15% per annum in addition to the Interest Rate or (ii) the highest rate permitted by law, per annum until all outstanding principal, interest and fees are repaid in full.