(H) Conversion of debt & Issuance of Convertible Preferred Stock – related party
During the year ended December 31, 2013, the Company's Chief Executive Officer converted accrued payroll of $30,000 in exchange for the issuance of Series A convertible Preferred Stock (“Series A PS”).
Each share of Series A PS is entitled to vote together with the holders of the Company’s common stock on all matters and is entitled to 200,000,000 votes on all such matters. Each Share of Series A PS is convertible into one share of the Company’s common stock at the holder’s option.
Series A PS Valuation
Debt converted – related party $ (30,000 ) Valuation of Series A PS issued as consideration 5,217,800 Loss on settlement of debt $ 5,187,800
The valuation of the Series A PS was performed by a third party valuation expert and was based on the voting control obtained and the Company's market cap at the time of the transaction.
Mikearama I like all your positive posts, you are a visionary like many on this board. Those who base their investing on charts will miss out. Look around and see that everywhere material is used it is all made with fossil fuels. We have the technology to create material for any specific need and replace most of the material if not all the material used in the world, and unthought of uses. The best part is by building old fashion farms to do it. If people do research they would know that Mr Thompson is a man of integrity. Not even taking his pay when the company needed it in the early years . You can know and trust someone by their actions without even talking to them. I have been long and large for years . Our payday is around the corner!!! Go Kim Go Kblb Go Ben Go Scientists
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