On January 1, 2020, the Company entered into a four-year employment agreement with Gary J. Grieco, its President and CEO, whereby Mr. Grieco will receive $48,000 per year commencing April 1, 2020, and receive 15,000,000 shares of the Company’s common stock for services to the Company as its President and CEO. In addition, once monthly revenue exceeds monthly expenses the salary will be increased and Mr. Grieco will be issued an additional 10,000,000 shares of the Company’s common stock. The employment agreement begins on January 1, 2020, and is automatically renewable for two years unless terminated earlier as per the terms of the agreement.
On January 8, 2020, the Company sold future receivables of $87,540 in consideration for $60,000. The advance is to be repaid through $3,651 weekly payments. The Company paid $3,625 of finance fees and includes default fees of up to $2,500 and a default rate of interest of 9%. In connection with the advance, the Company granted the lender a security interest in all accounts, equipment, intangibles and inventory. As of the date of filing, the Company had received advances of $15,575.
From January 9, 2020 through January 13, 2020, the Company issued a total of 36,050,000 shares of common stock upon the conversion of $17,093 of principal, $3,507 of interest and of fees pursuant to the convertible notes payable described in Note 6(n).
On February 7, 2020, the Company agreed to settle $39,054 of principal and accrued interest outstanding on the note described in Note 6(f) through the issuance of 39,000 Shares of Series C Preferred Stock and the payment of $54.
On February 7, 2020, the Company entered into an agreement to settle the $175,814 convertible note payable described in Note 6(aa) and $5,279 of interest accrued on the note through the issuance of 181,000 Shares of Series C Preferred Stock and the payment of $93.
On February 11, 2020, the Company received a $1,500 advance from the President of the Company and a $2,000 advance from a Director of the Company. The advances are unsecured, non-interest bearing and due on demand.
On February 18, 2020, the Company sold future receivables of $32,978 in consideration for $22,000. The advance is to be repaid through daily payments of $660. The Company paid $794 of finance fees and the agreement includes default fees of up to $15,000. In connection with the advance, the Company granted the lender a security interest in all accounts, equipment, intangibles and inventory.
On February 18, 2020, the Company received an additional tranche of $8,888 pursuant to the convertible note described in Note 6(n). The additional tranche consisted of a $888 original issue discount resulting in cash proceeds to the Company of $8,000.
On March 5, 2020, the Company received an additional tranche of $30,000 pursuant to the convertible note described in Note 6(n). The additional tranche consisted of a $3,000 original issue discount resulting in cash proceeds to the Company of $27,000.
On March 20, 2020, the Company entered into a consulting agreement. Pursuant to the agreement the consultant will provide investor relations services for a period of six months. To date the Company had issued the consultant 150,000 shares of common stock for services received.
On March 9, 2020, the Company entered into a convertible promissory with a non-related party for $45,000 of which $3,000 was an original issue discount resulting in cash proceeds to the Company of $42,000. The note is due on March 2, 2021 and bears interest on the unpaid principal balance at a rate of 12% per annum. Stringent pre-payment terms apply (from 15% to 40%, dependent upon the timeframe of repayment during the note’s term) and any part of the note which is not paid when due shall bear interest at the rate of 22% per annum from the due date until paid. The Note may be converted by the Lender at any time after 180 days of the date of issuance into shares of Company’s common stock at a conversion price equal to 61% of the lowest trading price during the 15-trading day period prior to the conversion date.
On March 9, 2020, the Company entered into a promissory note with a non-related party for $20,000. The note is due May 28, 2020, is unsecured and bears an interest rate of 8% per annum.
From March 1, 2020 through March 30, 2020, the Company sold 270,000 Series C Convertible Preferred Shares for $270,000.
On April 1, 2020, the Company issued a promissory note for $100,000. The note bears interest at $2,500 per month is repayable in four monthly $27,500 payments commencing May 1, 2020. The Company issued the lender 250,000 shares of the Company’s common stock as consideration for the loan.
On April 2, 2020, the Company entered into a settlement agreement to settle the $60,000 and $26,000 convertible notes described in Notes 6(u) and (z). The Company agreed to pay $100,000 to settle the principal and accrued interest and penalties relating to the two convertible notes.
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On April 10, 2020, the Company entered into a convertible promissory note with a non-related party for $150,000 of which $18,000 was an original issue discount resulting in cash proceeds to the Company of $132,000. The note is due on April 9, 2021 and bears interest on the unpaid principal balance at a rate of 5% per annum and any part of the note which is not paid when due shall bear interest at the rate of 12% per annum from the due date until paid. The Note may be converted by the Lender at any time into shares of Company’s common stock at a conversion price equal to 65% of the lowest trading price during the 25-trading day period prior to the conversion date.
On April 16, 2020, the Company entered into a convertible promissory with a non-related party for $128,000 of which $3,000 was an original issue discount resulting in cash proceeds to the Company of $125,000. The note is due on March 2, 2021 and bears interest on the unpaid principal balance at a rate of 12% per annum. Stringent pre-payment terms apply (from 15% to 40%, dependent upon the timeframe of repayment during the note’s term) and any part of the note which is not paid when due shall bear interest at the rate of 22% per annum from the due date until paid. The Note may be converted by the Lender at any time after 180 days of the date of issuance into shares of Company’s common stock at a conversion price equal to 61% of the lowest trading price during the 15-trading day period prior to the conversion date.
On April 21, 2020, the Company issued 1,000,000 shares of common stock to an employee of the Company for cash proceeds of $10,000.
On April 24, 2020, the Company issued 2,750,000 shares of common stock for cash proceeds of $110,000.
On May 5, 2020, the Company consolidated this note with the two notes described in Notes 6(d) and (g) into a new note with a principal amount of $118,644 and a maturity date of May 5, 2021. The note beards interest at 8% per annum and in connection with the consolidation the Company issued the lender 15,000,000 shares of the Company’s common stock.
From April 1, 2020 through May 8, 2020, the Company issued 9,246,186 shares of common stock upon the cashless exercise of 9,280,742 warrants.
On May 11, 2020, the Company entered into a settlement agreement to settle the $60,000 convertible notes described in Note 6(s). The Company agreed to pay $100,000 to settle the principal and accrued interest and penalties relating the convertible note.
On May 12, 2020, the Company entered into a convertible promissory with a non-related party for $83,000 of which $3,000 was an original issue discount resulting in cash proceeds to the Company of $42,000. The note is due on November 8, 2021 and bears interest on the unpaid principal balance at a rate of 12% per annum. Stringent pre-payment terms apply (from 15% to 40%, dependent upon the timeframe of repayment during the note’s term) and any part of the note which is not paid when due shall bear interest at the rate of 22% per annum from the due date until paid. The Note may be converted by the Lender at any time after 180 days of the date of issuance into shares of Company’s common stock at a conversion price equal to 61% of the lowest trading price during the 15-trading day period prior to the conversion date.
On July 6, 2020, the Company entered into a consulting agreement. Pursuant to the agreement the consultant will provide investor relations services for a period of one year in consideration for $3,000 per month and the issuance of 1,000,000 common shares of the Company.
On July 7, 2020, the Company entered into a promissory note with a non-related party for $150,000. The note is due October 5, 2020, is unsecured and bears an interest rate of 10% per annum.
On July 15, 2020, the Company entered into a promissory note with a non-related party for $119,200. The note is repayable in $7,450 weekly payments.
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