Asher was paid fully in 2012...
On August 31, 2010, Megola (“Company”) entered into a Securities Purchase Agreement with Asher Enterprises, Inc. (“Buyer”).
The basic parameters of the Agreement with Asher Enterprises, Inc. will include, but not be limited to, the following:
(a) The Company and the Buyer are executing and delivering this Agreement in reliance upon the exemption from securities
registration afforded by the rules and regulations as promulgated by the United States Securities and Exchange Commission (the
“SEC”) under the Securities Act of 1933, as amended (the “1933 Act”);
(b) Buyer desires to purchase and the Company desires to issue and sell, upon the terms and conditions set forth in this Agreement
an 8% convertible note of the Company, in the aggregate principal amount of $45,000 (together with any note(s) issued in
replacement thereof or as a dividend thereon or otherwise with respect thereto in accordance with the terms thereof, the “Note”),
convertible into shares of common stock of the Company (the “Common Stock”), upon the terms and subject to the limitations and
conditions set forth in such Note.
(c) The Buyer wishes to purchase, upon the terms and conditions stated in this Agreement, such principal amount of Note as is set
forth immediately below its name on the signature pages hereto
During the year ending July 31, 2012, Megola (“Company”) issued 1,625,000 shares of its Common Stock to Asher Enterprises, Inc
valued in the amount of $33,600, to reduce the amount owing on the Company’s August 31, 2010 Convertible Debenture
outstanding to Asher Enterprises, Inc.
During the year ending July 31, 2011, Megola (“Company”) issued 8,400,252 shares of its Common Stock to Asher Enterprises, Inc
valued in the amount of $41,000, to reduce the amount owing on the Company’s August 31, 2010 Convertible Debenture
outstanding to Asher Enterprises, Inc.
