If all that debt is being paid off with this type of settlement agreement there is going to be a lot of discounted shares out there just waiting for some volume. The A/S is going to have to increase significantly to convert all this debt into discounted shares.
Debt settlement agreements:
On August 2, 2010 the company signed a Debt Settlement Agreement with Ajene Watson, LLC related to the extinguishment of outstanding debt. Under the terms of the agreement, the company issued 120,000,000 common shares to Ajene Watson, LLC in extinguishment of $24,000 of the $238,312 in debt owed and due.
On October 25, 2010, the company elected to issue Michael Cummings and Johnnie Fox 47,695,426 shares of Series G convertible preferred stock as payment in lieu of cash for consulting services performed by Real Time Data. The payment was made in extinguishment of $136,000 of the $375,000 in debt owed and due.
On January 24, 2010 the company signed a Debt Settlement Agreement with
BlakesReport.com related to the extinguishment of outstanding debt. Under the terms of the agreement, the company issued 162,680,000 common shares to BlakesReport.com in extinguishment of $8,300 of the $100,000.00 in debt owed and due.
On February 18, 2011 the company signed a Securities Settlement Agreement, and under separate cover, an Assignment and Assumption Agreement with Redwood Management LLC to retire $65,047.25 in outstanding debt. The company took this action to avoid dispute, retire debt from its books and records, and to make an effort to improve its financial picture for potential acquisition and future funding by eliminating or limiting the extent of debt the company faces.
On May 12, 2011 the company issued 200,000,000 common shares to BlakesReport.com in extinguishment of $10,204 of the $71,292.00 in debt owed and due under the Debt Settlement Agreement signed on January 21, 2011.
$61,088 still owed
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