Saturday, August 06, 2016 7:42:45 PM
Note 11 – Other Income
On March 28, 2013 the Company initiated patent litigation against an outside party. In March 2015, the case was in full discovery, the pre-trial hearing was held, and the deliberations were continuing. Mediation took place in May 2015 to discuss a potential settlement, and on January 15, 2016, the parties reached a settlement in the matter. As part of the settlement, the Company received a payment in January 2016 of $9,750,000 and incurred fees related to the settlement of $4,187,257.
ITEM 2. RECENT ISSUANCES OF UNREGISTERED SECURITIES
In January 2016, note holders converted an aggregate of $35,421 of principal and $2,406 of accrued interest into 157,451,441 shares of the Company's common stock at conversion prices ranging from $0.000232 to $0.0003 per share.
In February 2016, note holders converted an aggregate of $69,888 of principal, $21,027 of accrued interest and $9,485 of additional interest into 610,231,367 shares of the Company's common stock at conversion prices ranging from $0.0001 to $0.00036 per share.
In March 2016, note holders converted an aggregate of $37,814 of principal, $14,535 of accrued interest and $229,668 of additional interest into 1,024,552,833 shares of the Company's common stock at conversion prices ranging from $0.000058 to $0.0008 per share.
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