On December 15, 2006, the Company originally issued a debenture payable to a Holder for $150,942 in cash advances. The debenture accrues interest at 10% per annum and can convert into the company’s common stock at 50% of the lowest closing bid price 360 trading days before the conversion date. The Holder is restricted from any conversions that would result in the Holder owning over 9.9% of the outstanding common shares of the Company after the conversion. At June 30, 2012, the Company owed $7,707 in principal and $28,529 in accrued interest. During the year quarter ended September 30, 2012, the Company issued 45,000,000 common shares valued at $11,486 paying off the principal and reducing the accrued interest by $3,779. During the quarter ended December 31, 2012, the Company issued 45,000,000 common shares valued at $24,925 that paid off all the accrued interest on the debenture resulting in the debenture being paid off and retired by the Company.
During the quarter ended September 30, 2011 a lender advanced the company $7,500 that was converted into a debenture at December 31, 2011. The debenture accrues interest at 10% per annum and will convert into the company’s common stock at 50% of the lowest closing bid price 360 trading days before the conversion date. The Holder is restricted from any conversions that would result in the Holder owning over 9.9% of the outstanding common shares of the Company after the conversion. During the quarters ended September 30, 2012 and December 31, 2012, interest accrued on the debenture was $188 and $188, respectively. During the quarter ended March 31, 2013 the debenture accrued $187 in interest and $188 for the quarter ended June 30, 2013. At June 30, 2013 the Holder was owed $7,500 in principal and $1,489 in accrued interest. During the quarter ended September 30, 2013, the Company issued 16,514,816 common shares to the Holder resulting in the entire principal and accrued interest being paid off.
On December 31, 2011 the Company issued a debenture to a Holder for $26,444 for cash advances to the Company during the quarter ended December 31, 2011. The Holder is restricted from any conversions that would result in the Holder owning over 9.9% of the outstanding common shares of the Company after the conversion. The debenture will accrue interest at 10% per annum and will convert into the company’s common stock at 50% of the lowest closing bid price 360 trading days before the conversion date. During the quarter ended September 30, 2013, interest accrued on the debenture of $661. At September 30, 2013, the principal balance was $26,444 and the accrued interest was $4,627. The Company paid off the debenture during the quarter ended December 31, 2013 by issuing 48,080,000 common shares for $26,444 of principal and 8,812,727 common shares for $4,847 of accrued interest through the end of the same quarter.
On December 31, 2010, the Company issued a debenture payable for $162,706 for cash advances during the 2010 calendar year. The debenture accrues interest at 10% per annum and can convert into the company’s common stock at 50% of the lowest closing bid price 360 trading days before the conversion date. The Holder is restricted from any conversions that would result in the Holder owning over 9.9% of the outstanding common shares of the Company after the conversion. During the quarter ended September 30, 2012, the Company issued 6,666,667 common shares valued at $6,667 reducing the principal by $1,092 and accrued interest $5,575. At September 30, 2012, the Company owed the Holder $4,324 in principal and $7,816 in accrued interest. During the quarter ended June 30, 2013, the Holder converted $590 of principal and $2,848 of accrued interest for 6,250,000 common shares of the Company. During the quarter ended December 31, 2013 the debenture accrued $108 in accrued interest resulting in the Company owing $4,324 in principal and $8,462 in accrued interest at December 31, 2013. The Company paid off the debenture during the quarter ended March 31, 2014 by issuing 7,861,818 common shares for $4,324 of principal and 15,385,455 common shares for $8,462 of accrued interest through the end of the same quarter.
On March 31, 2008, the company originally issued a debenture payable to a creditor for $205,000 of unpaid compensation. The debenture accrues interest at 10% per annum and can convert into the company’s common stock at 50% of the lowest closing bid price 360 trading days before the conversion date. The Holder is restricted from any conversions that would result in the Holder owning over 9.9% of the outstanding common shares of the Company after the conversion. At June 30, 2012 the Company owed $11,015 in principal and $2,022 in accrued interest. During the quarter ended September 30, 2012 the debenture accrued $275 in interest. During the quarter ended March 31, 2013 the debenture accrued $276 in interest. At March 31, 2013, the Company owed the Holder $11,015 in principal and $2,848 in accrued interest. During the quarter ended December 31, 2013 the debenture accrued $261 in interest. At December 31, 2013 the Company owed the Holder $10,425 in principal and $782 in accrued interest. The Company paid off the debenture during the quarter ended March 31, 2014 by issuing 18,954,545 common shares for $10,425 of principal and 1,501,818 common stock for $826 of accrued interest through the end of the same quarter.
On December 31, 2009, the company originally issued a debenture payable to a creditor for $278,184 of unpaid compensation. The debenture accrues interest at 10% per annum and can convert into the company’s common stock at 50% of the lowest closing bid price 360 trading days before the conversion date. The Holder is restricted from any conversions that would result in the Holder owning over 9.9% of the outstanding common shares of the Company after the conversion. At June 30, 2012, the Company owed the Holder $73,184 in principal and $23,511 in accrued interest. During the quarter ended September 30, 2012, the Company issued 45,000,000 common shares valued at $24,750 reducing the principal by $14,032 and accrued interest $10,718. During the quarter ended December 31, 2012 the Company issued a total of 120,000,000 common shares under two separate demands notices valued at a total of $66,000. During the quarter ended March 31, 2013 the debenture accrued $189 in interest. During the quarter ended September 30, 2013, the debenture accrued $189 of interest. During the quarter ended December 31, 2013 the debenture accrued $189 of interest and at December 31, 2013 the Company owed the debenture holder $7,570 of principal and $944 of accrued interest. The Company paid off the debenture during the quarter ended March 31, 2014 by issuing 13,763,636 common shares for $7,570 of principal and 1,945,455 common shares for $1,070 of accrued interest through the end of the same quarter.
On June 29, 2012, the Company issued a $500,000 convertible debenture to a former president of the Company in exchange for his release of a $268,000 secured note that had a lien on the Company’s inventory and any and all of its’ assets of any kind or nature including assets held by its subsidiaries as of February 11, 2011. The value of the Debenture was determined based upon a discount to the book value of the Company’s intellectual property and assets. The Holder is restricted from any conversions that would result in the Holder owning over 9.9% of the outstanding common shares of the Company after the conversion. The debenture accrues interest at 10% per annum and will convert into the company’s common stock at 50% of the lowest closing bid price 360 trading days before the conversion date. During the quarter ended March 31, 2012 the Company issued a total of 475,000,000 common shares under four separate demand notices reducing the principal by $261,250. Accrued interest expense during the quarter ended March 31, 2013 was $2,662. During the quarters ended September 30, 2013 and December 31, 2013, the debenture accrued $675 of interest during each respective quarter. At December 31, 2013, the principal balance was $27,000 and the accrued interest was $29,036. The Company paid off the debenture during the quarter ended March 31, 2014 by issuing 49,090,909 common shares for $27,000 of principal and 50,909,091 common shares for $28,000 of accrued interest through the end of the same quarter.
On November 30, 2012, the Company reduced its loans from shareholders by $210,000 by issuing a debenture to a consulting corporation for its services for the same amount from January 1, 2011 through December 31 2011. The debenture accrues interest at 10% per annum and will convert into the company’s common stock at 50% of the lowest closing bid price 360 trading days before the conversion date. The Holder is restricted from any conversions that would result in the Holder owning over 9.9% of the outstanding common shares of the Company after the conversion. Accrued interest expense during the quarter ended March 31, 2013 was $5,250. During the quarter ended June 30, 2013, the Holder converted $84,820 of principal and $11,430 of accrued interest for 175,000,000 resulting in the outstanding principal being $125,180 at the end June 30, 2013. During the quarter ended September 30, 2013, the Holder converted $110,000 of principal for 210,379,957 common shares resulting in the outstanding principal being $15,180 at September 30, 2013. The debenture accrued $379 of interest during the quarter ended December 31, 2013 resulting in an outstanding principal balance of $15,180 and $379 of accrued interest at the end of the quarter. The Company paid off the debenture during the quarter ended March 31, 2014 by issuing 27,600,000 common shares for $15,180 of principal and 689,091 common shares for $379 of accrued interest through the end of the same quarter.
On November 30, 2012, the Company reduced its loans from shareholders by $165,000 by issuing a $165,000 convertible debenture to a former president of the Company for his services from January 1, 2010 thru January 31, 2011. The debenture accrues interest at 10% per annum and will convert into the company’s common stock at 50% of the lowest closing bid price 360 trading days before the conversion date. The Holder is restricted from any conversions that would result in the Holder owning over 9.9% of the outstanding common shares of the Company after the conversion. Accrued interest expense during the quarter ended March 31, 2013 was $4,125 and $4,125 for the quarter ended June 30, 2013 resulting in the Company owing $165,000 in principal and $9,625 in accrued interest at June 30, 2013. During the quarter ended September 30, 2013, the debenture accrued $4,125 in interest resulting in the Company owing 165,000 in principal and $13,750 in accrued interest. During the quarter ended December 31, 2013, the Holder converted into 218,107,273 common shares reducing the principal by $119,959 and 25,000,000 common shares for $13,750 of accrued interest. Interest of $2,626 accrued during the quarter resulting the principal balance being $45,041 and accrued interest being $2,626 at December 31, 2013. The Company paid off the debenture during the quarter ended March 31, 2014 by issuing 81,892,727 common shares for $45,041 of principal and 4,774,546 common shares for $2,626 of accrued interest through the end of the same quarter.
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