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Thursday, November 12, 2015 8:18:43 AM
referencing these conversion prices
In March 2013, the Company issued 50,000 shares of its common stock to U Bala in exchange for accrued salaries fair valued at $0.057 per share. In connection with the settlement, the Company recognized a gain on settlement of accrual of $32,150 during the year ended March 31, 2013.
On August 15, 2013, the Company issued an aggregate of 34,288,606 shares in settlement of outstanding related party advances of $1,371,544.
In December 2013, the Company issued an aggregate of 15,000,000 shares valued at $0.04 per share in settlement of outstanding facilitator fees dues of $600,000 (Note 1).
In March 2014, the Company issued an aggregate of 7,968,328 shares valued at $0.0275 per share in settlement of outstanding note payable of $179,129 and related accrued fees of $40,000.
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