Wednesday, July 22, 2015 9:01:20 AM
On May 23, 2014, the Company entered into a securities purchase agreement pursuant to which the Company issued a 10% convertible promissory note in the aggregate principal amount of up to $500,000, to be advanced in amounts at the lender’s discretion. Upon closing of the transaction the Company received an advance of $50,000. The Company received additional advances in the amount of $300,000 for an aggregate sum of $350,000. The note is convertible into shares of common stock of the Company at a price equal to a variable conversion price of the lesser of $0.0048 per share or fifty percent (50%) of the lowest trading price after the effective date of each respective advance. The note matures six (6) months from the effective dates of each respective advance. The maturity dates in respect to each advance is from May 2015 through December 2015. The Company recorded amortization of debt discount, which was recognized as interest expense in the amount of $105,890 during the six months ended December 31, 2014.
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