Ann: Issue of Convertible Notes, page-9

The interest rate or the accrual rate is punitive?

The Note Term is 3yrs and each Note accrues interest at 8% compounding daily, payable quarterly in arrears.

The way I read this, interest is accrued daily, not per annum as stated.

I maybe having a blankity blank moment but there would be big difference between to two

Noteholders will receive interest of 8% per annum

Need a light bulb moment if you can help