this is all part of the consolidation process of b
Post# of 780
Posted On: 12/01/2015 7:19:01 PM
this is all part of the consolidation process of bringing it down to two note holders and giving the company net cash to work with. we will see a better q at year end this is all before the 5 mill financing was announced.
On August 18, 2015, the Company received a loan totaling $57,500 from an unrelated party of which $7,500 was paid directly to third parties on the Company’s behalf resulting in net cash proceeds of $50,000. The note carries interest at 15% per annum and is due on February 17, 2016. The holder has the right to convert the principal and accrued but unpaid interest to common stock at a 60% discount from the average of the three lowest trading prices for the Company’s common stock for the twenty five prior trading days. There was $57,500 and $0 of principal and $1,016 and $0 of accrued interest payable at September 30, 2015 and December 31, 2014.
During the nine months ended September 30, 2015, the Company entered into four separate notes payable totaling $97,450 with an existing noteholder. Of the $97,450 total, $69,450 was paid to a prior noteholder on the Company’s behalf and $2,925 was considered an original issue discount resulting in net cash proceeds to the Company of $25,075. The unpaid principal and interest may be converted to common stock at the option of the noteholder at a rate equal to a 45% discount from the lowest intra-day trading price of the Company’s common stock during the twenty trading days immediately preceding the conversion date. During the nine months ended September 30, 2015, the Company issued a total of 301,931,125 common shares in exchange for $54,018. There was $43,432 and $0 of principal and $1,085 and $0 of accrued interest due as of September 30, 2015 and December 31, 2014.
On August 18, 2015, the Company received a loan totaling $57,500 from an unrelated party of which $7,500 was paid directly to third parties on the Company’s behalf resulting in net cash proceeds of $50,000. The note carries interest at 15% per annum and is due on February 17, 2016. The holder has the right to convert the principal and accrued but unpaid interest to common stock at a 60% discount from the average of the three lowest trading prices for the Company’s common stock for the twenty five prior trading days. There was $57,500 and $0 of principal and $1,016 and $0 of accrued interest payable at September 30, 2015 and December 31, 2014.
During the nine months ended September 30, 2015, the Company entered into four separate notes payable totaling $97,450 with an existing noteholder. Of the $97,450 total, $69,450 was paid to a prior noteholder on the Company’s behalf and $2,925 was considered an original issue discount resulting in net cash proceeds to the Company of $25,075. The unpaid principal and interest may be converted to common stock at the option of the noteholder at a rate equal to a 45% discount from the lowest intra-day trading price of the Company’s common stock during the twenty trading days immediately preceding the conversion date. During the nine months ended September 30, 2015, the Company issued a total of 301,931,125 common shares in exchange for $54,018. There was $43,432 and $0 of principal and $1,085 and $0 of accrued interest due as of September 30, 2015 and December 31, 2014.
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