This is For the quarterly period ended September 30, 2012 Could that be the Asher debt that was paid off Last week?
NOTE 16 — SUBSEQUENT EVENTS
On October 11, 2012, there was a note payable issued to the Holland Family Trust for $50,000 for money that was loaned to the Company. The money was loaned to the Company at a rate of 10% interest compounded annually and matures on April 11, 2013.
On October 18, 2012, Asher Enterprises, Inc. converted $2,000 of the principal amount of the Convertible Promissory Note that was issued on July 21, 2011 together with $500 of Interest thereto, totaling $2,500. This was converted into 2,500,000 common shares of stock at a conversion price of $0.001 in accordance with the Variable Conversion Price. After this conversion the remaining debt consisted of $2,000 accrued and unpaid interest.
On October 25, 2012, Asher Enterprises, Inc. converted $2,000 of Interest associated with the Convertible Promissory Note that was issued on July 21, 2011. This was converted into 2,000,000 common shares of stock at a conversion price of $0.001 in accordance with the Variable Conversion Price. This closed out this debt, and it is no longer on the Company’s records.
On November 1, 2012, there was a note payable issued to the Holland Family Trust for $130,000 for money that was loaned to the Company. The money was loaned to the Company to pay off the debt associated with the two remaining Asher Enterprises, Inc. convertible promissory notes, and was loaned to the Company at a rate of 10% interest compounded annually and matures on May 1, 2013.
On November 2, 2012, the Company paid Asher Enterprises, Inc. the sum of $130,000 to close out the two remaining convertible promissory notes originally dated September 16, 2011 and December 6, 2011. There are no outstanding liabilities remaining to Asher Enterprises, and all of the Asher Enterprises, Inc. notes have been re-paid in full with either stock or cash.
News 
Market Data 
Discover 
AI
