SLIO$ Correct me if I am wrong, but the way I read this it looks like none of these derivative holders have exercised their right to convert their debt, yet. As highlighted in bold, he is using the conditional IF in the phrasing. Am I reading that correctly?
[/quote]
(vi)Derivative liabilities from exceed authorized shares of common stock
As of June 30, 2015 given the fact that the Company currently has only 900,000,000 shares of common stock authorized, the Company could exceed its authorized shares of common stock by approximately 1,165,304,752 shares (September 30, 2014 – 176,799,100 shares) if all of the financial instruments described in notes above are exercised or converted into shares of common stock.
At June 30, 2015, 1,165,304,752 of these shares were in excess of the authorized share capital and were accounted for as a derivative liability. The fair value of the 1,165,304,752 common shares was determined to be $815,713 ($335,918 as to 176,799,100 shares as of September 30, 2014) based upon the closing price of the Company’s common stock. Details of the derivative liability are provided below:
Balance at September 30, 2014
335,918
Derivative liabilities due to the tainting of convertible notes
123,632
(Gain) on change in fair value
356,163
Balance at June 30, 2015
815,713 [/quote]
AI
