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Replies to post #2135 on Independent Film Development Corp. (IFLM)
05/20/15 2:37 PM
On March 2, 2015, the Company issued 1,000,000 shares of common stock to Rachel Boulds, CFO for services. The shares were valued based on the closing price of the common stock on the date of grant for a total non-cash expense of $2,000.
On March 2, 2015, the Company issued 1,500,000,000 shares of common stock to Jeff Ritchie, Interim CEO for conversion of $15,000 of accrued salary. The shares were valued based on the closing price of the common stock on the date of grant which resulted in a loss on conversion of $2,985,000.
On March 2, 2015, the Company issued 62,500,000 shares of common stock to DTS Partners, LLC, for conversion of $2,500 of principal due to them. The shares were valued based on the closing price of the common stock on the date of grant which resulted in a loss on conversion of $122,500.
On March 30, 2015, the Company issued 4,000,000 shares of common stock to Neil Linder, for conversion of $4,000 of accrued interest due to him. Due to the conversion within the terms of the agreement, no gain or loss was recognized.
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