Plus Item 17 Subsequent Events:
On January 3, 2017, the Corporation issued $78,000 of its convertible promissory notes for cash. The notes bear interest at the rate of 8% until they mature, or until there is an event of default; thereafter, any portion of the principal or interest which has not been settled will be subject to interest at the rate of 22% per annum. The notes mature on November 10, 2017, and may be prepaid in full during the period from issuance to August 2, 2016, at various rates ranging from 125% to 145% of the principal balance plus accrued interest to the date of prepayment. The holder has the option to convert any balance of principal and interest which is unpaid at July 2, 2017 or thereafter, into common stock of the Corporation. The rate of conversion for these notes is calculated as the average of the lowest three closing bid prices during the ten trading days immediately preceding such conversion, discounted by 42%.
On January 12, 2017, the Corporation repaid $82,500 of its promissory notes and $3,526 in accrued interest thereon.
On February 13, 2017, the Corporation issued $35,000 of its convertible promissory notes for cash. The notes bear interest at the rate of 8% until they mature, or until there is an event of default; thereafter, any portion of the principal or interest which has not been settled will be subject to interest at the rate of 22% per annum. The notes mature on February 13, 2018, and may be prepaid in full during the period from issuance to August 2, 2016, at various rates ranging from 120% to 145% of the principal balance plus accrued interest to the date of prepayment. The holder has the option to convert any balance of principal and interest which is unpaid at August 12, 2017 or thereafter, into common stock of the Corporation. The rate of conversion for these notes is calculated as the average of the lowest three closing bid prices during the twenty trading days immediately preceding such conversion, discounted by 45%.
On February 21, 2017, the Corporation issued $43,000 of its convertible promissory notes for cash. The notes bear interest at the rate of 12% until they mature, or until there is an event of default; thereafter, any portion of the principal or interest which has not been settled will be subject to interest at the rate of 22% per annum. The notes mature on November 30, 2017, and may be prepaid in full during the period from issuance to August 2, 2016, at various rates ranging from 125% to 145% of the principal balance plus accrued interest to the date of prepayment. The holder has the option to convert any balance of principal and interest which is unpaid at August 20, 2017 or thereafter, into common stock of the Corporation. The rate of conversion for these notes is calculated as the average of the lowest three closing bid prices during the ten trading days immediately preceding such conversion, discounted by 42%.
On February 28, 2017, holders of the Corporation’s convertible promissory notes exercised the conversion feature of the notes and converted $10,000 in principal and interest in exchange for 635,727 shares of the Corporation’s common stock. On March 7, 2017, holders of the Corporation’s convertible promissory notes exercised the conversion feature of the notes and converted $45,925 in principal in exchange for 3,000,000 shares of the Corporation’s common stock. Also on March 7, 2017, holders of the Corporation’s convertible promissory notes exercised the conversion feature of the notes and converted $15,641 in principal and interest in exchange for 1,081,306 shares of the Corporation’s common stock.
On March 28, 2017, holders of the Corporation’s convertible promissory notes exercised the conversion feature of the notes and converted $10,473 in principal and interest in exchange for 865,572 shares of the Corporation’s common stock.
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