Conversion Of Debt is Material and Requires Reporting
Due to the reverse split, the amount of common shares into which Debentures are convertible is de minimus.
IF THERE WERE DEBENTURES CONVERTIBLE INTO 1,000,000,000 (ONE BILLION) SHARES OF COMMON STOCK (PRE SPLIT), THEY ARE ONLY CONVERTIBLE INTO 50,000 ( FIFTY THOUSAND) SHARES OF COMMON STOCK (POST SPLIT).
From the filing on November 25, 2014 (25 days ago).
ADJUSTMENTS TO DERIVATIVE LIABILITY FOR CONVERSION
On January 6, 2014, the Company issued 214 shares of common stock (4,271,166 shares split 1:20,000) to retire a debenture, including interest. On April 25, 2014, the Company issued 244 shares of common stock (4,879,279 shares split 1:20,000) to retire a debenture, including interest. On May 28, 2014, the Company issued 589 shares of common stock (11,777,777 shares split 1:20,000) to retire a portion of another debenture, including interest. On September 29, 2014, the Company issued 23,423 shares (post split) to retire a portion of two debentures. These resulted in an equity adjustment of $118,701 to retire their debentures.
As of the date of this filing, no other debentures have been called or converted.
Nor have there been any subsequent 8k filings since November 25, 2014 to address this issue.
