ITEM 3.02 UNREGISTERED SALES OF EQUITY SECURITIES.
On August 27, 2015, Peter J. Smith, our Chief Executive Officer, converted $323,186.51 of debt owed to him by the Company into 128,375,973 restricted shares of common stock. The converted debt was comprised of $168,827.14 principal of promissory notes and $48,303.41 in accrued interest, plus $106,055.96 in accrued salary. The conversion price was $.002518 per share, which equated to 50% of the average closing price of our common stock for the prior 20 trading days. This conversion price was approved by the Company's Board of Directors on July 29, 2015.
On August 27, 2015, Enzo Taddei, our Chief Financial Officer, converted $238,447.11 of debt owed to him by the Company into 94,715,835 restricted shares of common stock. The converted debt was comprised of $38,678.98 principal of promissory notes and $25,866.98 in accrued interest, plus $173,901.15 in accrued salary. The conversion price was $.002518 per share, which equated to 50% of the average closing price of our common stock for the prior 20 trading days. This conversion price was approved by the Company's Board of Directors on July 29, 2015.
On August 27, 2015, Patrick Vivian Dolan, one of our Directors, converted $118,199.32 in accrued salary into 46,951,071 shares of restricted common stock. The conversion price was $.002518 per share, which equated to 50% of the average closing price of our common stock for the prior 20 trading days. This conversion price was approved by the Company's Board of Directors on July 29, 2015.
As a result of these debt conversions, the Company has a total of 752,383,629 shares of common stock outstanding.
The above issuances of common stock were issued in reliance on the exemption from registration requirements of the Securities Act of 1933, as amended ("33 Act") provided by Section 4.(a)(2) of the 33 Act.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Now I know why there was such heavy loading today! Someone was fleecing shareholders into selling while accumulating a massive position here!
Congrats Longs and new shareholders GEQU just took another Massive step forward. We have wiped the books clean of any old company debt..... With Restricted Stock that cannot be sold into the market. Our Company officials are shareholders just like us except their shares are restricted and cannot be sold. This is what you see happen to a company hitting its stride Running with the Bulls! This is just the beginning! High Five everyone! You saw what happened back on July 8th when we got a 8k just like this don't you! We are up 500+% since then!
Q3 going to look clean as a babies azz! Can you say $$$$$$$$$$$$$$$$$$$$$$$$$$$$
