NOTE BY TARPON !!!
In connection with the settlement, and during the six months ended June 30, 2014, the Company issued Tarpon 63,378,000 shares of Common Stock from which gross proceeds of $123,351 were generated from the sale of the Common Stock. In connection with the transaction, Tarpon received fees of $41,856 and providing payments of $81,495 to settle outstanding vendor payables.
Any shares not used by Tarpon are subject to return to the Company. Accordingly, the Company accounts for these shares as issued but not outstanding until the shares have been sold by Tarpon and the proceeds are known. Net proceeds received by Tarpon are included as a reduction to accounts payable or other liability as applicable, as such funds are legally required to be provided to the party Tarpon purchased the debt from.
Tarpon commenced the Action against the Company on February 6, 2014 to recover an aggregate of $519,282
30.6.2014 $519,282 - $81,495 = $437 787
