As per last 10q
Medifirst Solutions, Inc.
Notes to Consolidated Financial Statements March 31, 2016
The Company has incurred losses from inception of approximately $1,304,222, which, among other factors, raises substantial doubt about the Company's ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon management's plans to raise additional capital from the sale of stock and receive additional loans from related parties. The accompanying financial statements do not include any adjustments that might be required should the Company be unable to continue as a going concern.
Note 12. SUBSEQUENT EVENTS
On April 15, 2016 the Company entered into a Business Consulting Agreement with a Michigan limited liability company ("Consultant"
. The agreement provides for the Company retaining the Consultant for 125 days for general business and product development services. The Consultant shall be paid $750 per month in cash and 500,000 shares of common stock of the Company valued at $5,000 as of the effective date and another 500,000 common shares upon determination of the Company in its sole and absolute discretion.
On April 5, 2016 a noteholder elected to partially convert $3,000 of an outstanding convertible note (originally $59,000) payable into 783,062 shares of common stock. The principal balance due remaining under the note payable after the conversion is $49,000. On May 5, 2016 a noteholder elected to partially convert $2,800 of an outstanding convertible note payable into 768,026 shares of common stock. The principal balance due under the note payable after the conversion is $46,200.
On April 18, 2016 the company issued 1,100,000 shares of common stock in conversion of 2,200 shares of Preferred Series B stock.
On May 2, 2016, the Company issued to an Investor a convertible redeemable note in the principal amount of $57,750 ("the Note". The Note, which matures on May 2, 2017, pays interest at the rate of 8% per annum. The note contains a 10% original issue discount. The holder of the note is entitled, at its option beginning on the 6-month anniversary, to convert all or any of the principal face amount of the Note then outstanding into shares of the Company's common stock at the price equal to 55% of the lowest trading price for the twenty prior trading days including the date of conversion.
On May 2, 2016, the Company issued to an Investor a replacement redeemable convertible note in the principal amount of $60,000 ("the Replacement Note". The Note, which matures on May 2, 2017, pays interest at the rate of 8% per annum. This Replacement Note partially replaces a note originally issued on June 12, 2015 in the principal amount of $100,000 The holder of the note is entitled, at its option beginning on the 6-month anniversary, to convert all or any of the principal face amount of the Note then outstanding into shares of the Company's common stock at the price equal to 55% of the lowest trading price for the twenty prior trading days including the date of conversion.
On May 10, 2016 a noteholder elected to partially convert $7,241 of an outstanding convertible note payable into 2,194,200 shares of common stock. The principal balance due under the note payable after the conversion is $52,759.
On May 4, 2016 a noteholder elected to partially convert $8,800 of an outstanding convertible note payable into 2,000,000 shares of common stock. The principal balance due remaining under the note payable after the conversion is $26,200.
On May 11, 2016 the Company amended a Convertible Debenture originally issued June 12, 2015 in remaining unassigned principal amount of $45,000. The Company issued 300,000 shares to the debenture holder for the main purpose of extending the maturity date to one year from the date of the amendment.
Medifirst Solutions, Inc.
Notes to Consolidated Financial Statements March 31, 2016
The Company has incurred losses from inception of approximately $1,304,222, which, among other factors, raises substantial doubt about the Company's ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon management's plans to raise additional capital from the sale of stock and receive additional loans from related parties. The accompanying financial statements do not include any adjustments that might be required should the Company be unable to continue as a going concern.
Note 12. SUBSEQUENT EVENTS
On April 15, 2016 the Company entered into a Business Consulting Agreement with a Michigan limited liability company ("Consultant"
. The agreement provides for the Company retaining the Consultant for 125 days for general business and product development services. The Consultant shall be paid $750 per month in cash and 500,000 shares of common stock of the Company valued at $5,000 as of the effective date and another 500,000 common shares upon determination of the Company in its sole and absolute discretion. On April 5, 2016 a noteholder elected to partially convert $3,000 of an outstanding convertible note (originally $59,000) payable into 783,062 shares of common stock. The principal balance due remaining under the note payable after the conversion is $49,000. On May 5, 2016 a noteholder elected to partially convert $2,800 of an outstanding convertible note payable into 768,026 shares of common stock. The principal balance due under the note payable after the conversion is $46,200.
On April 18, 2016 the company issued 1,100,000 shares of common stock in conversion of 2,200 shares of Preferred Series B stock.
On May 2, 2016, the Company issued to an Investor a convertible redeemable note in the principal amount of $57,750 ("the Note"
. The Note, which matures on May 2, 2017, pays interest at the rate of 8% per annum. The note contains a 10% original issue discount. The holder of the note is entitled, at its option beginning on the 6-month anniversary, to convert all or any of the principal face amount of the Note then outstanding into shares of the Company's common stock at the price equal to 55% of the lowest trading price for the twenty prior trading days including the date of conversion. On May 2, 2016, the Company issued to an Investor a replacement redeemable convertible note in the principal amount of $60,000 ("the Replacement Note"
. The Note, which matures on May 2, 2017, pays interest at the rate of 8% per annum. This Replacement Note partially replaces a note originally issued on June 12, 2015 in the principal amount of $100,000 The holder of the note is entitled, at its option beginning on the 6-month anniversary, to convert all or any of the principal face amount of the Note then outstanding into shares of the Company's common stock at the price equal to 55% of the lowest trading price for the twenty prior trading days including the date of conversion. On May 10, 2016 a noteholder elected to partially convert $7,241 of an outstanding convertible note payable into 2,194,200 shares of common stock. The principal balance due under the note payable after the conversion is $52,759.
On May 4, 2016 a noteholder elected to partially convert $8,800 of an outstanding convertible note payable into 2,000,000 shares of common stock. The principal balance due remaining under the note payable after the conversion is $26,200.
On May 11, 2016 the Company amended a Convertible Debenture originally issued June 12, 2015 in remaining unassigned principal amount of $45,000. The Company issued 300,000 shares to the debenture holder for the main purpose of extending the maturity date to one year from the date of the amendment.
