Quarterly report pursuant to Section 13 or 15(d)

SUBSEQUENT EVENTS

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SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2015
Notes to Financial Statements  
Note 19 - SUBSEQUENT EVENTS

On October 1, 2015, the Company, entered into and closed a securities purchase agreement with St. George Investments LLC, pursuant to which the Company sold to St. George a convertible promissory note in the principal amount of $85,000, for a purchase price of $75,000.

 

The Company, at its discretion, has the option to issue two (2) subsequent promissory notes, each in the principal amount of $82,500, each for a purchase price of $75,000, convertible into shares of common stock, $0.001 par value per share.

 

The Notes are convertible into Common Stock at a conversion price equal to 60% of the lowest closing intra-day trade price of the common stock for the twenty five trading days prior to conversion. Repayment of each Note is due one year from the date of issuance. The Notes accrue interest at the rate of 12% per year, due at maturity. The Company may prepay the Notes at any time on or before the date that is one hundred twenty (120) days from the applicable issuance date of the Notes.

 

In November 2015, the Company issued 25,000 shares of its common stock for consulting services agreement commencing in February 27, 2015.