PART II: Taken from FORM 10-Q, For the quarterly period ended June 30, 2017, NOTE 9 - Subsequent Events
From July 1, 2017, through October 6, 2017, the Company has issued 780,450,947 shares of common stock in satisfaction of $521,943 and $91,573 of principal and accrued interest, respectively, pursuant to conversion notices received by the Company from convertible debt holders.
On August 1, 2017, the Company issued a convertible promissory note, with a face value of $181,700, maturing on February 1, 2018, (the “Maturity Date”) and stated interest of 10% to a third-party invstor. The note is convertible at any time following the funding of the note into a variable number of the Company's common stock, based on a conversion ratio of 60% of the average of the three lowest trading prices quoted for the 20 days prior to conversion. The note was funded on August 3, 2017, when the Company received proceeds of $150,000, after disbursements for the lender’s transaction costs, fees and expenses. The note also requires daily ACH payments beginning on September 5, 2017, in the amount equal to the remaining balance on September 5, 2017, divided by the remaining days to the Maturity Date. As of October 6, 2017, the lender has converted $130,351 of the note in exchange for 141,330,143 restricted shares of common stock. As of October 6, 2017, the note balance is $51,349.
On August 7, 2017, the Company issued a convertible promissory note, with a face value of $223,422 and stated interest of 10% to a third-party investor. The note is convertible at any time following the funding of the note into a variable number of the Company's common stock, based on a conversion ratio of 60% of the average of the three lowest trading prices for the 20 days prior to conversion. The note was funded on August 9, 2017, when the Company received proceeds of $186,280, after disbursements for the lender’s transaction costs, fees and expenses. The note also requires 240 daily payments of $931 per day via ACH.
