As of October 1st, 2019, the Company reported $677,151 of Convertible Notes. Through a combination of debt pay-down and note conversions, the convertible debt plus accrued interest was reduced to $370,986 by September 30th, 2020.
Additional convertible debt plus accrued interest was reduced from October 1st, 2020 through December 31st, 2020, resulting in a convertible debt liability of just $111,351.
From January 1st, 2021 through February 5th, 2021, the Company further reduced their convertible debt, resulting in a remaining convertible debt liability of just $77,000.
"We are pleased to have significantly reduced the Company's convertible debt burden over the past 16 months," said director Todd Markey. "Adding to our success by reducing our total remaining debt liability of $111,351 at the end of 2020, we have further reduced that liability to $77,000 as of today. The significant and ongoing reduction in our debt until it is at zero convertible debt, provides us with a stronger balance sheet in 2021, and should provide shareholders with a greater sense of confidence that we have their best interests at heart."
About Social Life Network, Inc.
Social Life Network is an artificial intelligence and blockchain powered social network and eCommerce technology company. Since the launch of the company in January of 2013, the Company has launched niche industry social networks to service the millions of business professionals and consumers in the residential real estate industry, the legal global cannabis industry, sports verticals including racket sports, golf, cycling, soccer, hunting, fishing and camping. The Company operates in part, like a publicly traded tech incubator, and retains ownership in each licensee through stock and options ownership when they reach a contracted usership growth, outlined in their licensing contracts. This allows the Company to minimize its expenses and exposure to failed startups licensees that use its platform.
For more information, visit our website @ www.SocialNetwork.ai
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SAFE HARBOR & DISCLAIMER
This information does not constitute an offer to sell or a solicitation of an offer to buy securities or assets of Social Life Network, Inc. All information presented herein with respect to the existing business and the historical operating results of Social Life Network ("the Company") and estimates and projections as to future operations are based on materials prepared by the management of the Company and involve significant elements of subjective judgment and analysis which may or may not be correct. While the information provided herein is believed to be accurate and reliable, the Company makes no representations or warranties, expressed or implied, as to the accuracy or completeness of such information. In furnishing this information, the Company reserves the right to amend or replace some or all of the information herein at any time and undertakes no obligation to provide the recipient with access to any additional information. Nothing contained herein is or should be relied upon as a promise or representation as to the future.