$INTV CEO ADDICTED TO SERIAL TOXIC NOTES!!
3. GOING CONCERN
The Company has reported recurring net losses since its inception and used net cash in operating activities of $355,680 in the six months ended December 31, 2018. As of December 31, 2018, the Company had an accumulated deficit of $12,641,382. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.
The Company has 40,000,000 shares of common stock authorized, with 9,874,103 and 8,964,103 shares issued and outstanding as of December 31, 2018 and June 30, 2018, respectively.
During the six months ended December 31, 2018, the Company issued a total of 910,000 shares of its common stock.
On August 14, 2018, 100,000 shares of common stock valued at $55,000, based on the closing market price of stock on the date of grant, were issued to a consultant.
On August 23, 2018, 560,000 shares of common stock were issued to a lender in the cashless exercise of warrants recorded at par value of $560. See Note 10.
On September 26, 2018, a total of 150,000 shares of common stock valued at $53,250, based on the closing market price of stock on the date of grant, were issued to two lenders as loan fees. See Note 8.
On October 5, 2018, 100,000 shares of common stock valued at $25,160, based on the closing market price of stock on the date of grant, were issued to a consultant.
During the six months ended December 31, 2017, the Company issued a total of 3,175,774 shares of its common stock.
A total of 2,640,017 shares of the Company’s common stock, valued at $149,049, were issued in conversion of $55,760 note principal, $2,715 accrued interest payable, $58,216 in derivative liabilities, $2,449 in fees and $29,909 in penalties.
On July 6, 2017, 188,240 shares of common stock were issued to a lender in the cashless exercise of warrants recorded at par value of $188.
On August 31, 2017, 347,222 shares of common stock valued at $15,625 were issued to Steve Rubakh for accrued compensation.
On September 30, 2017, the Company increased the number of outstanding common shares by 114 shares due to rounding of shares in the reverse stock split.
