All Yours Stevo..On April 29, 2013, the Company issued 550,000,000 shares of common stock to its CEO pursuant to his employment agreement dated November 18, 2005.
The note is convertible at the option of the holder at any time during the lending period. The note is convertible into common stock at a discounted conversion price from the calculated average of the lowest three trading prices for the common stock during the ten trading day period prior to the date of the conversion notification. The holder has converted a portion of these notes in satisfaction of the amounts due. During the twelve month period ended December 31, 2012, notes with a face value of $316,800 were converted into 426,565,385 shares of common stock http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=9222920
The Company receives proceeds, at various dates, from an unrelated third party in exchange for a series of convertible promissory notes at an annual interest rate of 8% on any unpaid principal and a maturity date of nine months from the date of funding. A penalty interest rate will be in effect for any amount of principal or interest which is not paid when due shall bear interest at the rate of twenty two percent (22%) per annum from the due date. The note is convertible at the option of the holder at any time during the lending period. The note is convertible into common stock at a conversion price of 35% (65% discount) of the calculated average of the lowest three trading prices for the common stock during the ten trading day period prior to the date of the conversion notification. The holder has converted a portion of these notes in satisfaction of the amounts due. During the six month period ended June 30, 2012, notes with a face value of $142,500 was converted into 298,318,520 shares of common stock, at an average price of $.00048, calculated per the agreed terms listed above. The Company currently reports the amount due, under these convertible notes net of unamortized discounts and financing costs (amortized to interest expense over the term of each note) associated with origination fees and the beneficial conversions resulting from the terms of the installment funding. http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8769652
During the nine month period ended September 30, 2012, notes with a face value of $97,500 was converted into 350,445,504 shares of common stock. The debt conversion was recorded at the fair market value of the stock, at an average price of $.00535. The difference in the calculated issue price, per the agreed terms listed above, and the fair market value of the shares resulted in a recognition of $1,777,023 as an expense of the conversion, included as a change in derivative. The Company currently reports the amount due, under these convertible notes net of unamortized discounts and financing costs (amortized to interest expense over the term of each note) associated with origination fees and the beneficial conversions resulting from the terms of the installment funding. http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8619797
The Company received a total of $70,000 (net of $7,500 of financing costs) and $72,500 of proceeds, received on various dates, from an unrelated third party in exchange for a series of convertible promissory notes at an annual interest rate of 8% on any unpaid principal and a maturity date of nine months from the date of advances, for the three month periods ending March 31, 2012 and 2011, respectively. A penalty interest rate will be in effect for any amount of principal or interest which is not paid when due shall bear interest at the rate of twenty two percent (22%) per annum from the due date. The note is convertible at the option of the holder at any time during the lending period. The note is convertible into common stock at a conversion price of 35% (65% discount) of the calculated average of the lowest three trading prices for the common stock during the ten trading day period prior to the date of the conversion notification. The holder has converted a portion of these notes in satisfaction of the amounts due. During the three month period ended March 31, 2012, notes with a face value of $122,500 was converted into 256,718,520 shares of common stock, at an average price of $.00048, calculated per the agreed terms listed above. The Company currently reports the amount due, under these convertible notes, of $97,500, which is net of $6,167 of unamortized financing costs (amortized to interest expense over the term of each note) associated with origination fees from the installments. http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8619797
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