We are focusing too much on SCH-13D on the board. This SCH-13D was filed on October 26, 2014. I think it had a typo and instead of stating 90% it stated 99% at one place.
Additionally, we have been talking about 44,700,000. These are no longer on the table and have already been issued in November 2015 as a part of the acquisition of ChanBond.
We need to focus on the most recent 10-Q document that was filed in early 2016 for the quarterly period ended on December 31, 2015. Even this is also 2+ years old document !!!!
1) On October 27, 2015, the Company entered into a purchase agreement with Deirdre Leane and ChanBond, LLC , pursuant to which the Company purchased Chanbond, in exchange for $5,000,000 payable on or before October 27, 2020 (see Note 4) and a shares payment of forty-four million, seven hundred thousand (44,700,000) shares of the Company’s common stock.
2) In November 2015, the Company issued 44,700,000 shares of common stock as part of the acquisition of ChanBond.
3) The balance due to Deirdre Leane was $5,000,000 at December 31, 2015.
4) On April 23, 2014, we entered into a Subscription Agreement with UnifiedOnline! LLC (the “Subscriber”), a Delaware limited liability company, pursuant to which the Subscriber purchased 400,000 shares of Series AA Preferred Stock which were converted on January 5, 2015 to 903,825,954 shares of common stock becoming a majority shareholder in the Company. UO! IP of NC, LLC is a related party to Unified Online! LLC. In consideration for the Shares, Subscriber paid $116,087 to various vendors and obtained the agreement of a certain related party lessor to temporarily forbear exercising non-payment default remedies. Since entering into the Subscription Agreement, the Subscriber has advanced approximately $1.1 million bearing interest at 10% per annum to fund general working capital.
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