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.