Agreement for Cancellation of Notes and Liabilities between Simlatus Corporation and Direct Capital Group Inc. dated May 19, 2016
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Summary
Simlatus Corporation and Direct Capital Group Inc. have agreed to immediately cancel a series of promissory notes between them, totaling over $1.6 million. Simlatus Corporation will no longer have any liabilities related to exploration, development costs, or oil and gas leases in California associated with Direct Capital Group. In turn, Direct Capital Group accepts responsibility for all ongoing liabilities related to these costs and leases. This agreement releases both parties from further financial obligations to each other regarding these matters.
EX-10.2 3 ex102.htm AGREEMENT BETWEEN SIML AND DIRECT CAPITAL GROUP INC. DATED MAY 19, 2016 ex102.htm
EXHIBIT 10.2 ( EXHIBIT A)
DIRECT CAPITAL GROUP INC
1401 CAMINO DEL MAR
DEL MAR CA 92014
May 19, 2016
Gary Tilden, CEO
Simlatus Corporation
175 Joerschke Dr., Suite A
Grass Valley, CA 95945
Dear Mr. Tilden:
Direct Capital Group Inc. agrees that the following notes between Direct Capital Group, Inc. and Simlatus Corporation (Formerly Grid Petroleum Corporation) be cancelled effective immediately. Simlatus Corporation agrees to cancel any further liabilities associated with exploration and development costs and the acquired oil and gas lease of properties in California associated with Direct Capital Group, Inc.; and Direct Capital Group, Inc. agrees to accept the ongoing liabilities of the exploration and development costs and the acquired oil and gas leases.
| Original | Current | Principal | P & I | ||||||||||||||
| Principal | Original | Interest | Balance | Balance | |||||||||||||
| Payee | Amount | Date | Rate | 19/03/2016 | 19/03/2016 | ||||||||||||
| Direct Capital Group | 80,000 | 02/29/16 | 8.00 | % | 80,000.00 | $ | 81,298.00 | ||||||||||
| Direct Capital Group | 80,000 | 01/31/16 | 8.00 | % | 80,000.00 | $ | 81,806.00 | ||||||||||
| Direct Capital Group | 80,000 | 12/31/15 | 8.00 | % | 80,000.00 | $ | 82,350.00 | ||||||||||
| Direct Capital Group | 80,000 | 11/30/15 | 8.00 | % | 80,000.00 | $ | 82,893.00 | ||||||||||
| Direct Capital Group | 80,000 | 10/31/15 | 8.00 | % | 80,000.00 | $ | 83,818.00 | ||||||||||
| Direct Capital Group | 240,000 | 03/31/15 | 8.00 | % | 24,000.00 | $ | 282,319.00 | ||||||||||
| Direct Capital Group | 360,000 | 01/01/15 | 8.00 | % | 360,000.00 | $ | 423,204.00 | ||||||||||
| Direct Capital Group | 48,000 | 10/31/14 | 8.00 | % | 45,157.00 | $ | 49,572.00 | ||||||||||
| Direct Capital Group | 360,000 | 10/01/14 | 22.00 | % | 360,000.00 | $ | 463,029.00 | ||||||||||
| Direct Capital Group | 48,000 | 07/31/14 | 22.00 | % | - | $ | 8,919.00 | ||||||||||
| Direct Capital Group | 48,000 | 04/30/14 | 22.00 | % | 23,000.00 | $ | 38,060.00 | ||||||||||
| Direct Capital Group | 16,000 | 02/28/14 | 22.00 | % | - | $ | 3,561.00 | ||||||||||
| Direct Capital Group | 16,000 | 01/31/14 | 22.00 | % | - | $ | - | ||||||||||
| Direct Capital Group | 16,000 | 12/31/13 | 22.00 | % | - | $ | - | ||||||||||
| Direct Capital Group | 16,000 | 11/30/13 | 22.00 | % | - | $ | - | ||||||||||
| Direct Capital Group | 16,000 | 10/31/13 | 22.00 | % | - | $ | - | ||||||||||
| Direct Capital Group | 11,000 | 08/31/13 | 22.00 | % | - | $ | - | ||||||||||
| Direct Capital Group | 14,072 | 07/31/13 | 22.00 | % | 72.00 | $ | 5,013.00 | ||||||||||
| Direct Capital Group | 11,000 | 07/31/13 | 22.00 | % | - | $ | - | ||||||||||
| TOTALS | $ | 1,620,072.35 | $ | 1,212,229.00 | $ | 1,685,842.00 | |||||||||||
Regards,
/s/ Jon Fullenkamp
Jon Fullenkamp, President
Direct Capital Group Inc
