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Alias Born | 07/22/2009 |
Sunday, July 23, 2017 8:36:09 PM
#10 from the report:
Over Subscribed
As of December 31, 2015 and 2016, the Company was authorized to issue 4,000,000,000 shares of common
stock and had 771,325,143 and 848,073,143 issued and outstanding, respectively. Per the terms of its
convertible notes payable and outstanding warrant agreements, these debt instruments were convertible into an
additional 61,448,654,545 shares of common stock, which exceeds the maximum number of shares of common
stock that the Company is authorized to issue. As a result, all of the Company’s convertible notes payable were
treated as if they were derivative liabilities as of December 31, 2016. The following is a summary of the
convertible shares as of December 31, 2016:
Principal
Accrued
Interest
Total Amount
Convertible
Conversion/
Exercise Price
Issuable Shares as
of December 31,
2016
Holder One $ 117,697 $ 91,255 $ 208,952 $ 0.000010 20,895,200,000
Holder Two 58,500 10,990 $ 69,490 $ 0.000055 1,263,454,545
Holder Three 105,600 14,272 $ 119,872 $ 0.000010 11,987,200,000
Holder Four 185,859 32,169 $ 218,028 $ 0.000010 21,802,800,000
Warrants issued April 9, 2014 - - $ - $ 0.000010 5,000,000,000
Warrants issued August 26, 2014 - - $ - $ 0.000010 500,000,000
$ 467,656 $ 148,686 $ 616,342 $ 0.000011 61,448,654,545
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