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Monday, August 01, 2016 3:17:21 PM
On August 1, 2015, the Company entered into a Loan Facility Agreement with an investor pursuant to which the Company received $61,428. The loans mature on August 1, 2018 and bear interest at a per annum rate of 8%. The principal and accrued interest are convertible to common stock of the Company at a conversion rate of 55% of the prevailing per share market price. As of March 31, 2016 the principal balance and accrued interest payable was $64,700. As of March 31, 2016 a derivative liability in the amount of $109,137 was recorded for the conversion feature. The fair value of the conversion feature was calculated using Black-Scholes and the following assumptions, estimated life of 2.33 years, volatility of 283%, risk free interest rate of .073%, and dividend yield of 0%.
On April 12, 2016, the Company issued 7,193,361 shares of its common stock upon conversion of a convertible promissory note.
On April 21, 2016, the Company issued 7,905,504 shares of its common stock upon conversion of a convertible promissory note.
On April 25, 2016, the Company issued 1,892,173 shares of its common stock upon conversion of a convertible promissory note.
On May 4, 2016, the Company issued 8,875,474 shares of its common stock upon conversion of a convertible promissory note.
On May 9, 2016, the Company issued 13,500,000 shares of its common stock upon conversion of convertible promissory notes.
TA - Over $500 million in toxic funded pump and dumps exposed and growing every day!
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