More subsequent events. Good thing Malone Bailey is keeping Anish honest. LOL Must have made him grind his teeth!!
18. Subsequent Events
a. On July 1, 2014, the Company moved its corporate office and its precision manufacturing facility to our new facility at 2320 E Orangethorpe Avenue, Anaheim, CA 92806. The Company’s new lease is for a period from July 1, 2015 until August 31, 2024, The rent commenced at $23,353 per month and increases annually. The Company has an option for a ten year extension of the lease on final terms to be agreed.
b. On January 15 2015, the effective date, the Company entered into a settlement agreement with TCA. Under the terms of the agreement, TCA will receive $100,000 as soon as all the Company’s filings are current and will then receive $80,000 per month for 13 months and $60,000 in the 15th month. These payments may be accelerated at any time.
c. Since July 1, 2014 the Company has converted notes and unpaid interest totalling $306,977 to 668,818,367 common shares.
d. Since July 1, 2014 the Company has raised funds through a 10% convertible note for $330,000 of which $257,000 has been funded. The note is convertible at the lower of $0.001 or 50% of the lowest trading price of the Company’s common stock during the 20 consecutive trading days prior to the date of conversion.
e. In October 2014, M Line Holdings, Inc. formed a new wholly owned subsidiary, M Line Machinery Funding, Inc. This Company which has not traded to date, will be used for machinery finance and also for any other financial services provided by the Company to prospective customers. The name has been changed to M Line Financial Services, Inc.
f. On March 3, 2015, a total of 200,000,000 shares were issued to two officers in lieu of payroll
g. On October 14, 2014, the Company issued to one of its officers 10 million shares of its blank check preferred stock (designated as Series A Preferred Stock) which are non-convertible, zero dividend and zero interest and carry a voting power equivalent to 50% of the Company’s outstanding common and preferred stock.
