Bullboard - Stock Discussion Forum Yappn Corp YPPN

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Yappn Corp. delivers real-time language translation products which enable vendors and consumers to communicate freely with one another, each in their own preferred languages. The Company offers a set of tools to engage consumers in approximately 67 languages. The Company translates the words, as well as the context and syntax, thereby ensuring that what is written in one language is translated... see more

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Yappn Corp > Asher note 83% interest?

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Post by Tgarfield on Apr 04, 2014 2:41pm

Asher note 83% interest?

Does anyone understand how the interest was calculated? It seems like they were paid a lot more than 8% per year. They were paid 38.7% for only 171 days. Is that not like 83% per year? It seems more like Asher got the 39% mentioned in the original note. I reread the note. I can't seem to figure out how that applied. It seems similar to the way the cashless conversion process works in other yappn notes for warrants.

I guess 83% per year is what OTC pays. Or is there another explaination.

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As previously reported with the Securities and Exchange Commission on October 15, 2013, Yappn Corp. (the “Company”), on October 9, 2013, completed the sale of a Convertible Promissory Note (“Asher Note”) in the principal amount of $78,500 with an interest rate of 8% per annum pursuant to the terms of a Securities Purchase Agreement between the Company and Asher Enterprises, Inc. (“Asher”). For more information on this transaction please see the Company’s Current Report on Form 8-K filed with the SEC on October 15, 2013.

On March 28, 2014, the Company repaid the Asher Note in full, including the principal balance and all accrued interest totaling $108,899.93.

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Comment by Tgarfield on Apr 04, 2014 2:58pm

seems David needs some better connections.

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Comment by mbbttfb on Apr 04, 2014 3:22pm

Tgar you will note on page 13 of the 8% convertible note agreement they pay 35% of the note value + accrued interest for repayment of the note if done with 150 and 180 days of note issuance. So 39% is pretty much bang on. Nice business. And unless you want to give away 10% of the company for $78K pretty much no option but to pay it. You may have options with the devil. But none of them are good ...more

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Comment by mbbttfb on Apr 04, 2014 3:40pm

It actually kind of funny the interest on a note from Asher. I doubt they rarely get paid the 8%. I'm betting they either get the early payout or take the huge wack of shares they can dump and make a killing. Had yappn not paid the note out Asher would likely have made several hundred thousand dollars and cratered the price.

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