This is just a sample of what you're up against, smelly mely:
Direct Capital Group Note #7
On July 31, 2013 the Company entered into a Convertible Promissory Note with Direct Capital Group in the sum of $11,000. The promissory note is unsecured, bears interest at 8% per annum, and matures on February 1, 2014. The Conversion Price shall mean par .00001 multiplied by the number of Common Stock converted at the time.($11,000 @ $0.00001 = 1,100,000,000 shares) The transaction was handled as a private sale exempt from registration under Section 4(2) of the Securities Act of 1933. During the six month period ended December 31, 2013, the Company accrued $366 (December 31, 2012 - $nil) in interest expense.
A portion of the proceeds from issuance of the convertible debt, equal to the intrinsic value, is allocated to additional paid-in capital. Because the debt is due on demand and is convertible at the date of issuance, the valuation of the beneficial conversion feature is charged to interest expense at the date of issuance.
During the six month period ended December 31, 2013 interest expense relating to the beneficial conversion feature of this convertible note of $11,000 (December 31, 2012 - $nil) was recorded in the financial statements, with a corresponding increase to additional paid in capital and debt discount of $9,097 (six month period ended December 31, 2012 - $nil) was accreted to the statement of operations.
As at December 31, 2013, accrued interest of $366 (December 31, 2012 - $nil) and debt discount of $1,903 (December 31, 2012 - $nil) was recorded.
Direct Capital Group Note #8
On August 31, 2013 the Company entered into a Convertible Promissory Note with Direct Capital Group in the sum of $11,000. The promissory note is unsecured, bears interest at 8% per annum, and matures on March 1, 2014. The Conversion Price shall mean par .00001 multiplied by the number of Common Stock converted at the time.($11,000 @ $0.00001 = 1,100,000,000 shares) The transaction was handled as a private sale exempt from registration under Section 4(2) of the Securities Act of 1933. During the six month period ended December 31, 2013, the Company accrued $291 (December 31, 2012 - $nil) in interest expense.
A portion of the proceeds from issuance of the convertible debt, equal to the intrinsic value, is allocated to additional paid-in capital. Because the debt is due on demand and is convertible at the date of issuance, the valuation of the beneficial conversion feature is charged to interest expense at the date of issuance.
During the six month period ended December 31, 2013 interest expense relating to the beneficial conversion feature of this convertible note of $11,000 (December 31, 2012 - $nil) was recorded in the financial statements, with a corresponding increase to additional paid in capital and debt discount of $7,374 (six month period ended December 31, 2012 - $nil) was accreted to the statement of operations.
As at December 31, 2013, accrued interest of $291 (December 31, 2012 - $nil) and debt discount of $3,626 (December 31, 2012 - $nil) was recorded.
Direct Capital Group Note #9
On September 30, 2013 the Company entered into a Convertible Promissory Note with Direct Capital Group in the sum of $11,000. The promissory note is unsecured, bears interest at 8% per annum, and matures on April 1, 2014. The Conversion Price shall mean par .00001 multiplied by the number of Common Stock converted at the time.($11,000 @ $0.00001 = 1,100,000,000 shares) The transaction was handled
17
as a private sale exempt from registration under Section 4(2) of the Securities Act of 1933. During the six month period ended December 31, 2013, the Company accrued $219 (December 31, 2012 - $nil) in interest expense.
A portion of the proceeds from issuance of the convertible debt, equal to the intrinsic value, is allocated to additional paid-in capital. Because the debt is due on demand and is convertible at the date of issuance, the valuation of the beneficial conversion feature is charged to interest expense at the date of issuance.
During the six month period ended December 31, 2013 interest expense relating to the beneficial conversion feature of this convertible note of $11,000 (December 31, 2012 - $nil) was recorded in the financial statements, with a corresponding increase to additional paid in capital and debt discount of $5,530 (six month period ended December 31, 2012 - $nil) was accreted to the statement of operations.
As at December 31, 2013, accrued interest of $219 (December 31, 2012 - $nil) and debt discount of $5,470 (December 31, 2012 - $nil) was recorded.
Direct Capital Group Note #10
On September 30, 2013 the Company entered into a Convertible Promissory Note with Direct Capital Group in the sum of $46,215. The promissory note is unsecured, bears interest at 8% per annum, and matures on April 1, 2014. The Conversion Price shall mean par .00001 multiplied by the number of Common Stock converted at the time.($46,215 @ $0.00001 = 4,621,500,000 shares) The transaction was handled as a private sale exempt from registration under Section 4(2) of the Securities Act of 1933. During the six month period ended December 31, 2013, the Company accrued $922 (December 31, 2012 - $nil) in interest expense.
A portion of the proceeds from issuance of the convertible debt, equal to the intrinsic value, is allocated to additional paid-in capital. Because the debt is due on demand and is convertible at the date of issuance, the valuation of the beneficial conversion feature is charged to interest expense at the date of issuance.
During the six month period ended December 31, 2013 interest expense relating to the beneficial conversion feature of this convertible note of $46,215 (December 31, 2012 - $nil) was recorded in the financial statements, with a corresponding increase to additional paid in capital and debt discount of $23,234 (six month period ended December 31, 2012 - $nil) was accreted to the statement of operations.
As at December 31, 2013, accrued interest of $922 (December 31, 2012 - $nil) and debt discount of $22,981 (December 31, 2012 - $nil) was recorded.
Direct Capital Group Note #11
On October 11, 2013, the Company arranged a debt swap whereas Direct Capital Group acquired the debt from a former related party in the amount $190,084. The promissory note is unsecured, bears interest at 6% per annum. During the six month period ending December 31, 2013, the Company accrued $2,626 (six month period ended December 31, 2012 - $nil) in interest expense.
Upon the holder’s option to convert becoming active the Company recorded a debt discount and derivative liability of $218,091 being the fair value of the conversion feature which was determined using the Black-Scholes valuation model. The debt discount is accreted to the statement of operations using the effective interest rate method over the term of the note or to the date of conversion, and the derivative liability is revalued at each reporting date to fair value. Any change in fair value is credited or charged to the statement of operations in the period.
During the six month period ended December 31, 2013, the Company recorded a gain of $55,431 (six month period ended December 31, 2012 - $nil) due to the change in value of the derivative liability during the period, and debt discount of $42,184 (six month period ended December 31, 2012 - $nil) was accreted to the statement of operations.
18
During the six month period ended December 31, 2013, the Company issued 9,574,468 common shares upon the conversion of $18,000 of the principal balance and $20,652 of the derivative liability was re-classified as additional paid in capital upon conversion.
As at December 31, 2013, accrued interest of $2,626 (December 31, 2012 - $nil), debt discount of $147,900 (December 31, 2012 - $nil) and a derivative liability of $142,008 (December 31, 2012 - $nil) was recorded.
Direct Capital Group Note #12
On October 31, 2013 the Company entered into a Convertible Promissory Note with Direct Capital Group in the sum of $16,000. The promissory note is unsecured, bears interest at 8% per annum, and matures on May 1, 2014. The Conversion Price shall mean par .00001 multiplied by the number of Common Stock converted at the time.($16,000 @ $0.00001 = 1,600,000,000 shares) The transaction was handled as a private sale exempt from registration under Section 4(2) of the Securities Act of 1933. During the six month period ended December 31, 2013, the Company accrued $214 (December 31, 2012 - $nil) in interest expense.
A portion of the proceeds from issuance of the convertible debt, equal to the intrinsic value, is allocated to additional paid-in capital. Because the debt is due on demand and is convertible at the date of issuance, the valuation of the beneficial conversion feature is charged to interest expense at the date of issuance.
During the six month period ended December 31, 2013 interest expense relating to the beneficial conversion feature of this convertible note of $16,000 (December 31, 2012 - $nil) was recorded in the financial statements, with a corresponding increase to additional paid in capital and debt discount of $5,363 (six month period ended December 31, 2012 - $nil) was accreted to the statement of operations.
As at December 31, 2013, accrued interest of $214 (December 31, 2012 - $nil) and debt discount of $10,637 (December 31, 2012 - $nil) was recorded.
Direct Capital Group Note #13
On November 30, 2013 the Company entered into a Convertible Promissory Note with Direct Capital Group in the sum of $16,000. The promissory note is unsecured, bears interest at 8% per annum, and matures on June 1, 2014. The Conversion Price shall mean par .00001 multiplied by the number of Common Stock converted at the time.($16,000 @ $0.00001 = 1,600,000,000 shares) The transaction was handled as a private sale exempt from registration under Section 4(2) of the Securities Act of 1933. During the six month period ended December 31, 2013, the Company accrued $109 (December 31, 2012 - $nil) in interest expense.
A portion of the proceeds from issuance of the convertible debt, equal to the intrinsic value, is allocated to additional paid-in capital. Because the debt is due on demand and is convertible at the date of issuance, the valuation of the beneficial conversion feature is charged to interest expense at the date of issuance.
During the six month period ended December 31, 2013 interest expense relating to the beneficial conversion feature of this convertible note of $16,000 (December 31, 2012 - $nil) was recorded in the financial statements, with a corresponding increase to additional paid in capital and debt discount of $2,710 (six month period ended December 31, 2012 - $nil) was accreted to the statement of operations.
As at December 31, 2013, accrued interest of $109 (December 31, 2012 - $nil) and debt discount of $13,290 (December 31, 2012 - $nil) was recorded.
Direct Capital Group Note #14
On December 31, 2013 the Company entered into a Convertible Promissory Note with Direct Capital Group in the sum of $16,000. The promissory note is unsecured, bears interest at 8% per annum, and matures on July 1, 2014. The Conversion Price shall mean par .00001 multiplied by the number of Common Stock converted at the time.($16,000 @ $0.00001 = 1,600,000,000 shares) The transaction was handled
19
as a private sale exempt from registration under Section 4(2) of the Securities Act of 1933. During the six month period ended December 31, 2013, the Company accrued $nil (December 31, 2012 - $nil) in interest expense.
A portion of the proceeds from issuance of the convertible debt, equal to the intrinsic value, is allocated to additional paid-in capital. Because the debt is due on demand and is convertible at the date of issuance, the valuation of the beneficial conversion feature is charged to interest expense at the date of issuance.
During the six month period ended December 31, 2013 interest expense relating to the beneficial conversion feature of this convertible note of $16,000 (December 31, 2012 - $nil) was recorded in the financial statements, with a corresponding increase to additional paid in capital and debt discount of $nil (six month period ended December 31, 2012 - $nil) was accreted to the statement of operations.
As at December 31, 2013, accrued interest of $nil (December 31, 2012 - $nil) and debt discount of $16,000 (December 31, 2012 - $nil) was recorded.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
