NOTE 7 - NOTES PAYABLE

6 Months Ended

Jun. 30, 2017

NOTE 7 – NOTES PAYABLE

The notes payable at June 30, 2017 consisted of the following:

	June 30, 2017		December 31, 2016
Convertible note payable dated July 22, 2016, interest at 10% due on April 22,2017 – net of discount of $-0- and $67,854, respectively (A)	$	154,328	$	98,146
Promissory note dated July 1, 2016, interest at 8% per annum, interest and principal due on demand (B)		50,000		50,000
Total	$	204,328	$	148,146

(A) On July 22, 2016, the Company issued a $166,000 Convertible Promissory Note to Auctus Fund, LLC (“Auctus”) for net loan proceeds of $150,000. The note bears interest at a rate of 10% per annum (24% per annum default rate), is due April 22, 2017, and is convertible at the option of Auctus into shares of the Company common stock at a Conversion Price equal to the lesser of (a) 55% of the lowest Trading Price during the 25 Trading Day period prior to July 22, 2016 or (b) 55% of the lowest Trading Price during the 25 Trading Day period prior to the Conversion Date. See Note 9 – Derivative Liability.

(B) This note is payable to the Company’s law firm for legal services rendered.

JPX Global Inc. 10-Q