Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

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Subsequent Events
9 Months Ended
Sep. 30, 2015
Subsequent Events [Abstract]  
Subsequent Events

NOTE 21 – SUBSEQUENT EVENTS

 

October 2015 Installment Loan Agreement

 

On October 1, 2015, the Company obtained cash under an installment loan agreement (the “Agreement”) with PowerUp Lending Limited, (“PowerUp”) in the principal amount of $195,000 for $150,000.

 

Under the terms of the Agreement, the Company will pay, via ACH Debit, a daily charge of $1,326.53 per day until the note for $195,000 is repaid. The Agreement states that there is no interest payable under the terms of the Agreement but the difference between the amount received, $150,000, and the principal amount of $195,000, will be recognized as interest expense over the life of the Agreement. The Agreement is unsecured and is based on future sales and collections on those sales.

 

The Company reimbursed Power Up for all costs and expenses incurred by it in connection with the transaction and paid $2,995 as an origination fee and paid $11,600 to Carter Terry & Company for due diligence fees.

 

Typenex Co-Investment, LLC Note

 

Subsequent to September 30, 2015, the convertible debt holder exercised a portion of their warrant for 54,769 exercise shares as defined in the warrant at a price determined by a formula defined in the warrant, which resulted in the Company issuing 224,561,651 shares of the Company’s common stock to the Lender.

 

JSJ Investments Financing – Note 1

 

Subsequent to September 30, 2015, the Lender converted a portion of their outstanding convertible debt, approximately $36,765, into shares of the Company’s common stock at prices ranging from $0.000055 to $0.00055. Using the formula provided for in the related convertible debt agreement, this Lender received 220,177,408, shares of the Company’s common stock.

 

EMA Financial Financing

 

Subsequent to September 30, 2015, the Lender converted a portion of their outstanding convertible debt, approximately $18,095, into shares of the Company’s common stock at prices ranging from $0.000090 to $0.000495. Using the formula provided for in the related convertible debt agreement, this Lender received 134,529,956, shares of the Company’s common stock.

 

JMJ Financial Financing

 

Subsequent to September 30, 2015, the Lender converted a portion of their outstanding convertible debt, approximately $25,488, into shares of the Company’s common stock at prices ranging from $0.00006 to $0.00060. Using the formula provided for in the related convertible debt agreement, this Lender received 141,800,000, shares of the Company’s common stock.

 

Union Capital Note

 

Subsequent to September 30, 2015, the Lender converted a portion of their outstanding convertible debt, approximately $58,927, into shares of the Company’s common stock at prices ranging from $0.00060 to $0.00006. Using the formula provided for in the related convertible debt agreement, this Lender received 583,354,617, shares of the Company’s common stock.

 

LG Capital Note

 

Subsequent to September 30, 2015, the Lender converted a portion of their outstanding convertible debt, approximately $7,873, into shares of the Company’s common stock at prices ranging from $0.0001 to $0.0002. Using the formula provided for in the related convertible debt agreement, this Lender received 72,926,888, shares of the Company’s common stock.

 

Redwood Investors Convertible Note

 

Subsequent to September 30, 2015, the Lender converted a portion of their outstanding convertible debt, approximately $49,434, into shares of the Company’s common stock at prices ranging from $0.0000520 to $0.000572. Using the formula provided for in the related convertible debt agreement, this Lender received 273,900,000 shares of the Company’s common stock.