Finally the FACTS!! 61MM+ OS with more convertibles issued in Sept!! What a joke
As of November 13, 2015, the issuer had 61,311,447 shares of common stock outstanding.
On June 30, 2015, the Company issued a convertible promissory note in the principal amount of $205,082 to a then related party. The note replaces a convertible promissory note dated January 31, 2015 in the principal amount of $159,000 that matured on March 31, 2015 and for which there were unpaid fees and interest. The note matures on January 1, 2016 subject to extension of the note at the issuer’s until June 30, 2018 provided that certain additional consideration is paid in an amount not less than 108% of the principal outstanding at the issue date. The note bears an interest rate of 9% per annum and interest is payable quarterly within five business days of the end of each quarter. The note may be converted into shares of common stock at a 20% discount to the market price of the Company’s common stock subject to further adjustment in certain cases.
On July 15, 2015, the Company issued a convertible promissory note in the principal amount of $10,000 to a related party. The note matures six months from the date of issuance and bears interest at the rate of 10% per annum. The note may be converted into shares of common stock at a fixed price of $0.05 per share.
On August 4, 2015, the Company issued a convertible promissory note in the principal sum of up to $250,000 The note contains a 10% OID, and is to be funded in the aggregate amount of $225,000 in tranches at the sole discretion of the holder. The first tranche funded was $50,000, with an OID of $5,000. The note has a maturity date of two years from the funding of each tranche and is convertible at the lesser of $0.10 or at a 40% discount market price of the Company’s common stock, subject to further adjustment in certain cases.
On September 2, 2015, the Company issued convertible promissory notes in the aggregate principal amount of $25,000, of which a note in the principal amount of $5,000 was issued to a related party. The notes mature nine months from the date of issuance and bear interest at the rate of 10% per annum. Notes in the principal amount of $20,000 may be converted into shares of common stock at a fixed rate of $0.05 per share, subject to adjustment in certain cases and a note in the principal amount of $5,000 may be converted into shares of common stock at a fixed rate of $0.05 per share, subject to adjustment in certain cases
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On September 9, 2015, the Company issued a convertible promissory note in the principal amount of $36,000 reflecting an OID of $5,500. The note matures one year from the date of issuance and bears interest at the rate of 6% per annum. The note may be converted into shares of common stock at a 47% discount to the market price of the Company’s common stock subject to further adjustment in certain cases.
On September 30, 2015, the Company issued a convertible promissory note in the principal amount of $30,000. The note matures nine months from the date of issuance and bears interest at the rate of 8% per annum. The note may be converted into shares of common stock at a 42% discount to market price of Company common stock, subject to further adjustment in certain cases.
