Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
On April 1, 2014, pursuant to a debt conversion notice, the Company issued 250,000,000 shares of the Company’s common stock to satisfy debt obligations of $12,500.
On April 7, 2014, pursuant to three debt conversion notices, the Company issued 821,007,589 shares of the Company’s common stock to satisfy debt obligations of $50,701.
On April 8, 2014, pursuant to a debt conversion notice, the Company issued 670,000,000 shares of the Company’s common stock to satisfy debt obligations of $43,550.
On April 16, 2014, pursuant to two debt conversion notices, the Company issued 309,760,000 shares of the Company’s common stock to satisfy debt obligations of $15,488.
On April 21, 2014, pursuant to a debt conversion notice, the Company issued 300,000,000 shares of the Company’s common stock to satisfy debt obligations of $15,000.
On April 23, 2014, pursuant to two debt conversion notices, the Company issued 580,000,000 shares of the Company’s common stock to satisfy debt obligations of $29,000.
On April 25, 2014, pursuant to three debt conversion notices, the Company issued 450,000,000 shares of the Company’s common stock to satisfy debt obligations of $45,000.
On May 1, 2014, pursuant to a debt conversion notice, the Company issued 241,600,000 shares of the Company’s common stock to satisfy debt obligations of $12,080.
On June 11, 2014, pursuant to a debt conversion notice, the Company issued 434,500,000 shares of the Company’s common stock to satisfy debt obligations of $19,553.
On June 19, 2014, pursuant to a debt conversion notice, the Company issued 1,150,000,000, shares of the Company’s common stock to satisfy debt obligations of $74,750.
These securities were not registered under the Securities Act of 1933, as amended (the “Securities Act”), but were issued in reliance upon the exemption from registration provided by Section 4(2) of the Securities Act as a transaction by an issuer not involving a public offering.
24
Item 3. Defaults Upon Senior Securities.
The Company is in default with several of its noteholders as reflected below and disclosed within this report in Note 3 of the Notes to the Consolidated Financial Statements dated June 30, 2014.
Panache Capital, LLC $ 7,330
Hanover Holdings I, LLC 90,438
Hanover Holdings I, LLC 20,276
Hanover Holdings I, LLC 8,107
Hanover Holdings I, LLC 18,562
Azfar Hague 14,606
Asher Enterprises, Inc. 27,483
Andre Fluellen 8,500
WHC Capital, LLC 1,832
WHC Capital, LLC 21,833
Asher Enterprises, Inc. 27,754
Andre Fluellen 8,900
Andre Fluellen 3,500
Andre Fluellen 3,150
Asher Enterprises, Inc. 15,536
Bulldog Insurance 5,799
Andre Fluellen 8,052
Robert Saidel 188,586
$ 480,244
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