Neither....It was in
exchange for a note coming due....extended it out to December 2016...
Refer to here:
"On December 10, 2015, the Issuer issued a Secured Amended and Restated Series B Preferred Stock Convertible Promissory Note to HIVE in the original principal amount of $250,000.00 (the “Amended and Restated HIVE Note”), in exchange for HIVE extending the maturity date to December 2016 from February 2016. The Amended and Restated HIVE Note replaced the HIVE Note in all regards, provided a security in the assets of the Issuer, and included a convertible feature into Series B Preferred Stock, par value $0.00001 per share (“Series B Preferred Stock”), as provided in the Series B Preferred Stock Description and Designation, as amended. Per the terms of the Amended and Restated HIVE Note, the principal amount of $250,000 is convertible upon election of the Reporting Person into Series B Preferred Stock immediately upon receipt at a conversion price of $0.01 per share. The Amended and Restated HIVE Note is due and payable, to the extent not converted, on or before December 10, 2016. Each share of Series B Preferred Stock is entitled to vote at 5:1 ratio to common stock. Each share of Series B Preferred Stock is currently convertible to into common stock at a ratio of 1:1 (25,000,000 shares of common stock in the aggregate).
On December 10, 2015, the Company issued a Secured Series B Preferred Stock Convertible Promissory Note to HIVE, in the original principal amount of $50,000, convertible upon election of the Reporting Person into Series B Preferred Stock immediately upon receipt at a conversion price of $0.01 per share. The Secured Series B Preferred Stock Convertible Promissory Note is due and payable, to the extent not converted, on or before December 10, 2016. Each share of Series B Preferred Stock is entitled to vote at 5:1 ratio to common stock. Each share of Series B Preferred Stock is currently convertible to into common stock at a ratio of 1:1 (5,000,000 shares of common stock in the aggregate)"
AI
