NOTES PAYABLE

3 Months Ended

Mar. 31, 2022

NOTE 8 – NOTES PAYABLE

At March 31, 2022, we were indebted under various convertible and non-convertible Notes payable of $2,075,410, net of debt discount of $147,618. Such notes payable consist of the following:

-	$27,435	SBA/PPP loan, which the Company has been notified was forgiven in June 2022.

-	$78,500	Current portion of related party notes including accrued interest

-	$1,117,300	Current portion of convertible notes payable; bearing interest from 5% to 18%; convertible into shares at either $0.05 per share or a VWAP based on the trailing 10 trading days depending on the specific instrument.

-	$452,579	Long-term related party convertible notes payable; non-interest bearing; convertible into shares at $0.05 per share; due January 2023.

-	$399,596	Long-term convertible notes payable, net of debt discount; bearing interest at 8%; convertible into shares based on a calculation of the greater of $0.05 per share or a VWAP based on the trailing 10 trading days; due December 2023

The Company also committed to issue the owner of Score Inc. an additional unsecured convertible note payable by March 31, 2023 equal to Score’s average gross revenue during the calendar years ending 2021 and 2022. The unsecured note is convertible into not more than 10 million shares of common stock of Fision at USD $0.20 per share. The company has accounted for this contingent liability at fair value and recorded it as Contingent liability – Scorein.com acquisition on the balance sheet and the fair value conversion feature as derivative (See Note 3). The balance of this contingent note payable is $358,671 as of March 31, 2022.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

FISION Corp 10-Q