The company announced a loan to it for $300,000. It will eventually result in the issuance of more shares to pay it down.
Meanwhile, in the past several months, the company's borrowings has resulted in the issuance of some 83 million shares.
Convertible Note Conversions
During the six months ended June 30, 2017, the Company issued the following shares of common stock upon the conversions of portions of the Convertible Notes:
Date Principal Conversion Interest Conversion Total Conversion Conversion Price
Shares
Issued Issued to
1/10/17 $ 73,000 $ 5,664 $ 78,664 $ 0.01595 4,931,912 Cerberus
1/17/17 $ 57,500 $ 4,562 $ 62,062 $ 0.01537 4,037,878 LG
1/27/17 $ 48,129 $ 3,914 $ 52,043 $ 0.01276 4,078,598 Cerberus
2/8/17 $ 60,000 $ 5,050 $ 65,050 $ 0.012934 5,029,369 LG
2/27/17 $ 26,120 $ 2,171 $ 28,291 $ 0.013804 2,049,467 Cerberus
3/10/17 $ 40,000 $ 3,630 $ 43,630 $ 0.01363 3,200,997 LG
3/27/17 $ 34,775 $ 3,255 $ 38,030 $ 0.012876 2,953,523 Cerberus
3/28/17 $ 65,625 $ 3,697 $ 69,322 $ 0.01276 5,432,725 LG
4/25/17 $ 76,081 $ 4,752 $ 80,833 $ 0.009744 8,295,680 LG
5/10/17 $ 22,000 $ 2,199 $ 24,199 $ 0.008 3,023,338 Cerberus
5/10/17 $ 20,640 $ 9,360 $ 30,000 $ 0.0075 4,000,000 St Georges
5/25/17 $ 29,052 $ 947 $ 30,000 $ 0.00564 5,319,149 St Georges
6/6/17 $ 32,813 $ 2,999 $ 35,811 $ .00551 6,499,359 LG
6/8/17 $ 34,100 $ 900 $ 35,000 $ 0.00564 6,205,674 St Georges
6/9/17 $ 22,000 $ 1,500 $ 23,500 $ 0.00551 4,264,903 Cerberus
6/29/17 $ 48,849 $ 1,151 $ 50,000 $ .00564 8,865,248 St Georges
6/30/17 $ 30,625 $ 2,960 $ 33,585 $ 0.0058 5,790,541 LG
$ 721,309 $ 58,710 $ 780,019 83,978,363
A summary of the convertible notes payable balance as of June 30, 2017 is as follows:
2017
Beginning Principal Balance $ 826,480
Convertible notes-newly issued 760,898
Conversion of convertible notes (principal) (721,309)
Unamortized discount (603,165)
Ending Principal Balance $ 262,904
