STREAMTRACK, INC. - FORM 10-Q - XML - IDEA: XBRL DOCUMENT - April 13, 2012

The Company issued a convertible note for $70,000 to an unrelated party on May 14, 2010.  The note bore 8% interest and matured on February 14, 2011. The note was fully converted into common shares of the Company as follows:

On February 9, 2011, the Company converted $10,000 of the loan to 1,265,823 shares of common stock.

On August 10, 2011, the Company converted $31,500 of the loan to 9,729,478 shares of common stock.

On September 6, 2011 the Company converted $9,878 of the loan to 2,173,913 shares of common stock.

On September 9, 2011 the Company converted $6,955 of the loan to 1,530,612 shares of common stock.

On September 14, 2011 the Company converted $6,816 of the loan to 1,500,000 shares of common stock.

On September 20, 2011 the Company converted $4,852 of the loan to 1,067,797 shares of common stock.

The Company, subsequently, issued a second convertible note for $78,500 to the same unrelated party on September 27, 2011.  The note bears 8% interest and will mature on May 27, 2012. The note is convertible into shares of common stock of the Company beginning 120 days after the issuance and up until the note comes due (or later if extended).  The note is convertible into shares of common stock at a rate of 61% of the market price on the date of conversion.  The investor will be limited to convert no more than 4.99% of the issued and outstanding common stock at time of conversion at any one time. Interest expense of $1,566 was recorded on this loan for the three months ended February 29, 2012.

The Company, subsequently, issued a third convertible note for $78,500 to the same unrelated party on December 28, 2011.  The note bears 8% interest and will mature on May 27, 2012. The note is convertible into shares of common stock of the Company beginning 120 days after the issuance and up until the note comes due (or later if extended).  The note is convertible into shares of common stock at a rate of 61% of the market price on the date of conversion.  The investor will be limited to convert no more than 4.99% of the issued and outstanding common stock at time of conversion at any one time. Interest expense of $860 was recorded on this loan for the three months ended February 29, 2012.