Mindpix Corporation Notes to the Consolidated Fin
Post# of 5570
Posted On: 08/21/2014 6:25:18 PM
Mindpix Corporation
Notes to the Consolidated Financial Statements June 30, 2014
Note 7. Commitments and Contingencies
The Company’s former Chief Financial Officer commenced litigation against the Company claiming that the Company owed him $121,630 for his services pursuant to a Services Agreement. The Company settled the matter in March 2014 and agreed to pay the former Chief Financial Officer $15,000 and issue 8,000,000 shares of common stock with a settlement-date fair value of $67,200. The Company has accrued $15,000 and $82,200, included in accounts payable and accrued expenses, as of June 30, 2014 and December 31, 2013, respectively.
The Company defaulted in 2005 on a Financing Agreement with a third party, whereby the third party had loaned approximately $325,000 to the Company. The Company has repaid approximately $177,610; however, the remaining balance is no longer accrued as management believes the statute of limitations has expired. A lawsuit was filed in this matter in Washington County, Utah.
Note 8. Subsequent Events
Issuance of Common Stock
In July 2014, the Company issued 61,936,936 share of common stock upon the conversion of convertible debt and accrued interest totaling $27,500.
In July 2014, the Company issued 20,000,000 shares of common stock granted to employees in 2013.
In July 2014, the Company issued 11,000,000 shares of common stock to consultants for services rendered.
In July 2014, the Company sold 525,000,000 shares of common stock for cash of $450,000, of which $395,000 was received.
Notes to the Consolidated Financial Statements June 30, 2014
Note 7. Commitments and Contingencies
The Company’s former Chief Financial Officer commenced litigation against the Company claiming that the Company owed him $121,630 for his services pursuant to a Services Agreement. The Company settled the matter in March 2014 and agreed to pay the former Chief Financial Officer $15,000 and issue 8,000,000 shares of common stock with a settlement-date fair value of $67,200. The Company has accrued $15,000 and $82,200, included in accounts payable and accrued expenses, as of June 30, 2014 and December 31, 2013, respectively.
The Company defaulted in 2005 on a Financing Agreement with a third party, whereby the third party had loaned approximately $325,000 to the Company. The Company has repaid approximately $177,610; however, the remaining balance is no longer accrued as management believes the statute of limitations has expired. A lawsuit was filed in this matter in Washington County, Utah.
Note 8. Subsequent Events
Issuance of Common Stock
In July 2014, the Company issued 61,936,936 share of common stock upon the conversion of convertible debt and accrued interest totaling $27,500.
In July 2014, the Company issued 20,000,000 shares of common stock granted to employees in 2013.
In July 2014, the Company issued 11,000,000 shares of common stock to consultants for services rendered.
In July 2014, the Company sold 525,000,000 shares of common stock for cash of $450,000, of which $395,000 was received.
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