AS & OS - Possible name change in the works. To

AS & OS - Possible name change in the works.

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To approve Amended and Restated Company’s Articles of Incorporation that: (a) change the Company’s name to Summit Digital, Inc., (b) increase the authorized capital stock from 250,000,000 shares of common to, 900,000,000 shares, consisting of (i) 800,000,000 shares of Common Stock, par value $0.001 per share (the "Common Stock" and (ii) 100,000,000 shares of preferred stock, par value $0.001 per share (the "Preferred Stock" , issuable in one or more series and the Company’s board of directors may authorize from time to time, and (c) provides for a super-majority vote requirement of not less than 75% of the Company’s Common Stock on certain corporate matters

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http://www.otcmarkets.com/edgar/GetFilingHtml...ID=9578534

10-Q (Sep.30, 2014)

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As of September 30, 2014, the issuer has 159,503,664 shares of common stock, $0.001 par value, issued and outstanding.

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http://www.otcmarkets.com/edgar/GetFilingHtml...D=10263360


Federal Exemption(s) and Exclusion(s) Claimed
x Rule 506(b)
http://www.otcmarkets.com/edgar/GetFilingHtml...ID=9577677
http://www.sec.gov/answers/rule506.htm

WWAG - CONVERTIBLE DEBT -

At September 30, 2014 the Company the balance of the derivative liability was $4,681.

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NOTE 5 – CONVERTIBLE DEBT
On August 19, 2013, (Note 1), October 7, 2013, (Note 2), March 11, 2014 (Note 3), April 25, 2014 (Note 4) and May 19, 2014 (Note 5) the Company issued promissory notes in the amounts of $32,500, $32,500, $15,000, $53,000, and $37,500 respectively, to an unrelated party, at an interest rate of 8%, with an option to convert the outstanding balances into shares of the Company’s common stock with a discount off the market price at the time of conversion. Notes 1 and 2 and related accrued interest were previously converted into shares of the Company’s common stock.

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On September 15, 2014, $10,000 of principal associated with Note 3 was converted into 6,250,000 shares of the Company’s common stock. We issued the securities in reliance upon the exemption from registration provided pursuant to section 4(2) under the Securities Act.

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http://www.otcmarkets.com/edgar/GetFilingHtml...D=10263360


NOTE 4 – DERIVATIVE LIABILITY

The Company has adopted ASC Topic No. 815-40, in conjunction with its convertible debt, which defines determining whether an instrument (or embedded feature) is solely indexed to an entity’s own stock. These debts are convertible at the holder’s option at 51% of the average of the lowest three trading prices during the 30 days prior to conversion. The numbers of shares issuable upon conversion of these debts are limited so that the Holder’s total beneficial ownership of our common stock may not exceed 4.99% to 9.99% of the total issued and outstanding shares.

Total Assets $228,672 w/
LIABILITIES AND STOCKHOLDERS' EQUITY $228,672

Like how they are handling things financial.. .