Posted On: 05/16/2016 5:01:07 PM
Post# of 1288
NOTE 5 - SUBSEQUENT EVENTS
In accordance with ASC 855, Subsequent Events, the Company has evaluated subsequent events from April 1, 2016 through May 13, 2016, the date of issuance of the last quarterly financial statements, and has determined it has the following material subsequent events to disclose; (1) The Company has engaged professional services and begun other activities to establish a presence off-shore. (2) The approximate amount of these activities is $300,000.
In April 2016, several investors made additional loans to the company in the form of convertible notes with an aggregate principal balance of approximately $360,000. These notes payable bear interest at 5% per annum, are due two years from the date of execution in April 2018, and are being evaluated for conversion preferences and obligations.
In accordance with ASC 855, Subsequent Events, the Company has evaluated subsequent events from April 1, 2016 through May 13, 2016, the date of issuance of the last quarterly financial statements, and has determined it has the following material subsequent events to disclose; (1) The Company has engaged professional services and begun other activities to establish a presence off-shore. (2) The approximate amount of these activities is $300,000.
In April 2016, several investors made additional loans to the company in the form of convertible notes with an aggregate principal balance of approximately $360,000. These notes payable bear interest at 5% per annum, are due two years from the date of execution in April 2018, and are being evaluated for conversion preferences and obligations.
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