1,367,866,228 shares issued to former president or presidents! WOW
I wonder which former president/presidents got issued all these shares? hmmmm...... whoever he or they are must be pretty dang happy. CA-CHING!
475,000,000+
49,090,909+
50,909,091+
218,107,273+
25,000,000+
81,892,727+
4,774,546+
120,213,500+
85,000,000+
150,000,000+
61,350,909+
40,000,000+
6,527,273
=1,367,866,228
On June 29, 2012, the Company issued a $500,000 convertible debenture to a former president of the Company in
exchange for his release of a $268,000 secured note that had a lien on the Company’s inventory and any and all of its’
assets of any kind or nature including assets held by its subsidiaries as of February 11, 2011. The value of the
Debenture was determined based upon a discount to the book value of the Company’s intellectual property and
assets. The Holder is restricted from any conversions that would result in the Holder owning over 9.9% of the
outstanding common shares of the Company after the conversion. The debenture accrues interest at 10% per annum
and will convert into the company’s common stock at 50% of the lowest closing bid price 360 trading days before the
conversion date.
During the quarter ended March 31, 2012 the Company issued a total of 475,000,000 common
shares under four separate demand notices reducing the principal by $261,250.
Accrued interest expense during the
quarter ended March 31, 2013 was $2,662. During the quarters ended September 30, 2013 and December 31, 2013,
the debenture accrued $675 of interest during each respective quarter. At December 31, 2013, the principal balance
was $27,000 and the accrued interest was $29,036.
]The Company paid off the debenture during the quarter ended
March 31, 2014 by issuing 49,090,909 common shares for $27,000 of principal and 50,909,091 common shares for
$28,000 of accrued interest through the end of the same quarter.
On November 30, 2012, the Company reduced its loans from shareholders by $165,000 by issuing a $165,000
convertible debenture to a former president of the Company for his services from January 1, 2010 thru January 31,
2011. The debenture accrues interest at 10% per annum and will convert into the company’s common stock at 50% of
the lowest closing bid price 360 trading days before the conversion date. The Holder is restricted from any
conversions that would result in the Holder owning over 9.9% of the outstanding common shares of the Company after
the conversion. Accrued interest expense during the quarter ended March 31, 2013 was $4,125 and $4,125 for the
quarter ended June 30, 2013 resulting in the Company owing $165,000 in principal and $9,625 in accrued interest at
June 30, 2013. During the quarter ended September 30, 2013, the debenture accrued $4,125 in interest resulting in
the Company owing 165,000 in principal and $13,750 in accrued interest.
During the quarter ended December 31,
2013, the Holder converted into 218,107,273 common shares reducing the principal by $119,959 and 25,000,000 common shares for $13,750 of accrued interest.
Interest of $2,626 accrued during the quarter resulting the principal
balance being $45,041 and accrued interest being $2,626 at December 31, 2013.
The Company paid off the debenture during the quarter ended March 31, 2014 by issuing 81,892,727 common shares for $45,041 of principal and 4,774,546 common shares for $2,626 of accrued interest through the end of the same quarter.
On September 30, 2011, the company reduced its accounts payable by $270,000 by issuing a debenture to the
company’s former president for the same amount for unpaid compensation from July 1, 2008 through December 31
2009. The debenture accrues interest at 10% per annum and will convert into the company’s common stock at 50% of
the lowest closing bid price 360 trading days before the conversion date. The Holder is restricted from any
conversions that would result in the Holder owning over 9.9% of the outstanding common shares of the Company after
the conversion.
During the quarter ended September 30, 2012, the Company issued 120,213,500 common shares
valued at $78,275 reducing the principal by $72,650 and accrued interest $5,625.
During the quarter ended December
31, 2012 the Company issued 85,000,000 shares reducing the principal by $46,750 and accrued interest expense
during the quarter was $3713.
During the quarter ended March 31, 2013 the Company issued 150,000,000 shares to
the Holder reducing the principal by $53,450 and accrued interest by $29,050. During the same quarter $3,000 of
interest accrued on the debenture. During the quarter ended September 30, 2013, the debenture accrued $2,254 of
interest. At September 30, 2013 the Company owed the Holder $90,150 in principal and $7,507 in accrued interest.
During the quarter ended December 31, 2013 the Holder converted $33,743 of principal into 61,350,909 common
shares and $7,507 of accrued interest expense into 13,649,091 of common shares.
During the quarter ending March
31, 2014, the Company retired $22,000 of debenture principal for the issuance of 40,000,000 common shares and
$3,590 of accrued interest for 6,527,273 common shares. At March 31, 2014 the Company owed the Holder $34,407
in principal and no accrued interest.
