During the six months ending June 30, 2015, the Company issued 474,818,283 common shares for the following purposes.
6,158,333
shares for third-party services valued at $51,194
5,460,125
shares issued for cash for cash proceeds of $48,380
12,165,163
shares issued for true-up of loan conversion valued and expensed at $93,087
111,500,000
shares resulting from Series A Preferred Stock holders converting 1,115,000 shares
339,534,662
shares resulting from debt holders converting $952,305 of debt into common stock
474,818,283
shares issued total
193,030,398
shares at December 31, 2014
667,848,681
shares at June 30, 2015
Preferred Stock
During the first six months ending June 30, 2015, the Company issued 1,260,000 net shares of Series A preferred stock for the following purposes.
(1,115,000
)
shares converted into 111,500,000 common shares
2,375,000
shares issued for $580,000 in cash
1,260,000
shares total
1,203,526
shares at December 31, 2014
2,463,526
shares at June 30, 2015
During the six months ending June 30, 2015, the Company issued 450,000 net shares of Series B preferred stock and issued 1,080,000 shares of Series C preferred stock as a part of its investments in Harris Lee Holdings, LLC and MA & Associates, LLC investments. The total value of preferred shares at issuance was $1,462,250.
Warrants
Simultaneous with issuing Series A Preferred Stock to ICPI in the six month period ended June 30, 2015, and under Investment Agreement No. 5 (October 2014) and Investment Agreement No. 6 (February 2015), we issued 2,325,000 warrants. These warrants allow the holder to purchase one share of Series A Preferred Stock for each Series A Preferred Stock at an exercise price of $0.50, subject to the terms of the warrant agreement between the warrant agent and us. These warrants are exercisable up to five years from the issuance date.
The following table presents the Series A preferred stock warrant activity during the six months ended June 30, 2015:
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