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Subsequent Events
12 Months Ended
Aug. 31, 2014
Subsequent Events [Abstract]  
Subsequent Events

NOTE 21 - SUBSEQUENT EVENTS

 

On September 11, 2014, the Company obtained a merchant loan for additional working capital in the amount of $100,000. This loan requires 75 daily payments in the amount of $1,999 for a total repayment amount of $149,900. We netted gross proceeds of $99,295 after paying loan fees.

 

On September 25, 2014, the Company took down a second draw from its 4 million dollar line of credit facility in the amount of $1,200,000. The Company must meet specific monthly reporting and collateral requirements to further draw on the revolving credit facility. The outstanding balance at the time of the draw was $1,528,029 which is secured by twelve month 14.5% promissory note, which is convertible ONLY upon default by the Company. This note is automatically renewable for an additional twelve months. The company is required to pay interest and fees only for the initial 3 months.

 

On September 25, 2014, a closing was held pursuant to a Stock Purchase Agreement, dated as of September 25, 2014, (the “Agreement”) by and among Oncologix Tech Inc. (“OCLG” or “Company”), and Madhu Mathew Mammen and Imad Siddiqui (collectively the “Owners”), for Company to acquire 100 shares of Common Stock of Esteemcare Inc. and its wholly owned subsidiary Affordable Medical Equipment Solutions Inc. (“Esteem”), which represents all of the issued and outstanding shares of Esteem. Pursuant to the Agreement, the Owners sold all of the Common Stock of Esteem for $500,000 represented by a down payment of $400,000 at closing and a one year Secured Promissory Note for $100,000. The Owners own all of the shares of Esteem, a corporation organized under the laws of the State of South Carolina, a medical products and technology company.

 

On October 2, 2014, the company paid off a $50,000 convertible note borrowed from an accredited investor. The Company paid $71,436 which included a payment for principal, accrued interest and a 40% prepayment penalty.

 

Between October 28, 2014 and November 10, 2014, an accredited investor converted $15,000 of principal of a convertible note into 4,706,651 shares of common stock.

 

On November 12, 2014, the Company entered into a consulting contract with a vendor and issued 6,000,000 shares of its common stock. The Company recorded an expense of $24,000 for this transaction.

 

On November 24, 2014, the Company paid its first installment of $34,779 for a convertible note, which included $$6,029 of accrued interest. This convertible note was originally issued May 23, 2014.