| Schedule of debt extinguishment |
|
|
Mid-Con Petroleum, LLC |
|
|
Mid-Con
Drilling, LLC
|
|
|
Total |
|
Face value of debt |
|
|
1,713,066 |
|
|
|
792,644 |
|
|
|
2,505,710 |
|
less: unamortized debt discount |
|
|
(11,323 |
) |
|
|
(11,291 |
) |
|
|
(22,614 |
) |
Carrying value of debt |
|
|
1,701,743 |
|
|
|
781,353 |
|
|
|
2,483,096 |
|
FV of new debt |
|
|
1,803,411 |
|
|
|
834,448 |
|
|
|
2,637,859 |
|
Loss on extinguishment |
|
|
(101,668 |
) |
|
|
(53,095 |
) |
|
|
(154,763 |
) |
|
| Schedule total number of shares, equal to the face value of the debt |
|
|
Mid-Con Petroleum, LLC |
|
|
Mid-Con
Drilling, LLC
|
|
|
Total |
|
Balance prior to debt modification: |
|
|
|
|
|
|
|
|
|
Promissory Note Principal balance |
|
|
1,713,066 |
|
|
|
792,644 |
|
|
|
2,505,710 |
|
Unamortized discount at date of modification |
|
|
(11,323 |
) |
|
|
(11,291 |
) |
|
|
(22,614 |
) |
|
|
|
1,701,743 |
|
|
|
781,353 |
|
|
|
2,483,096 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance after debt modification: |
|
|
|
|
|
|
|
|
|
|
|
|
Promissory Note Principal balance |
|
|
1,713,066 |
|
|
|
792,644 |
|
|
|
2,505,710 |
|
Unamortized debt discount |
|
|
(1,465,824 |
) |
|
|
(678,244 |
) |
|
|
(2,144,068 |
) |
|
|
|
247,242 |
|
|
|
114,400 |
|
|
|
361,642 |
|
Fair value of conversion feature |
|
|
1,556,169 |
|
|
|
720,047 |
|
|
|
2,276,217 |
|
Loss on extinguishment of debt |
|
|
(101,668 |
) |
|
|
(53,095 |
) |
|
|
(154,763 |
) |
|
|
|
1,701,743 |
|
|
|
781,353 |
|
|
|
2,483,096 |
|
|