conversions here are going to be the killer. There, at the time, seems to be well over 1B shares worth of convertible debt over the next 4 months :/
Quote:
As of September 30, 2013, the Company has 900,000,000 shares of common stock authorized at par value of $0.0001 and 100,000,000 shares of preferred stock authorized at par value of $0.0001.
During the nine months ended September 30, 2013, the Company issued a total of 162,960,000 shares of common stock in partial conversion of a convertible note payable for $16,296, or $0.0001 per share, recognizing a loss on conversion of $737,596. As of September 30, 2013, the Company had insufficient shares of authorized stock to issue for all potential conversions of convertible notes payable (Note 6). The Company has plans to increase the number of authorized shares in the near future to cover potential conversions of convertible debt and other possible transactions involving its common stock.
Quote:
As of September 30, 2013, the principal balance of the Company’s outstanding loans payable was $110,000. The loans payable bear interest at the rate of 8% per annum, and are due upon demand. The loans do not contain any type of conversion feature. The Company intends to retire these loans at a future date through the issuance of shares of common stock at a rate to be agreed upon by both the lenders and the Company at the time the retirement is to be completed. There was no interest paid on the loans during the nine months ended September 30, 2013.
Quote:
Subsequent to April 17, 2013 through September 30, 2013, the lender converted $16,296 of the April Note, leaving a remaining balance at September 30, 2013 of $166,754.
Quote:
On April 2, 2013, May 9, 2013, July 12, 2013, and September 27, 2013, the Company issued four convertible notes payable each in the principal amount of $10,000 and received cash proceeds totaling $40,000. These notes bear interest at 8% per annum and may be prepaid in full or in part at any time without penalty or premium. Partial prepayments shall be applied to installments due in reverse order of their maturity. If the notes are not repaid before 180 days from the date of each note, the lender has the right to convert the full amount due into shares of common stock of the Company at a conversion price per share equal to the lesser of $0.0002 or sixty (60%) of the average bid and ask price of the Company’s common stock for the previous three (3) trading days.
