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Subsequent Events
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12 Months Ended |
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Dec. 31, 2014
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| Subsequent Events [Abstract] | |
| Subsequent Events |
NOTE 18 SUBSEQUENT EVENTS
On February 26, 2015, the Company entered into and closed under a securities purchase agreement to acquire 100% of all outstanding shares of Skipjack Dive and Dancewear, Inc., in exchange for a 2% subordinate secured term note in the aggregate principal amount of $100,000. The note has a maturity date of September 30, 2015, and is convertible at the rate of $0.10 per share into 1,000,000 shares of common stock of the Company.
On March 3, 2015, the Company entered into and closed under a securities purchase agreement to acquire 100% of all outstanding shares of Punkz Gear, Inc., in exchange for a 2% subordinate secured term note in the aggregate principal amount of $200,000. The note has a maturity date of September 30, 2015, and is convertible at the rate of $0.10 per share into 2,000,000 shares of common stock of the Company.
On March 5, 2015, the Company entered into a securities purchase agreement to acquire 100% of all outstanding shares of Koka Creative Corporation. The Company agreed to pay 800,000 shares of Series F preferred stock for this acquisition. The terms of the agreement with Koka provide for (a) the completion of two equity financings by the Company, an initial $3,000,000 financing and a subsequent $6,000,000 financing; (b) the spin-out of the Companys existing operations to the Companys shareholders; (c) the restructuring of the Companys outstanding debt and equity to eliminate the substantial majority of the Companys debt and to prepare the Company to petition for up-listing; and (d) the appointment of Kokas designees to the Companys management and board of directors. The agreement provides for the closing of the Koka acquisition simultaneously with the completion of the first financing.
On April 9, 2015 the Company filed with the Nevada Secretary of State a Certificate of Amendment to Articles of Incorporation. The Certificate of Amendment increased the number of authorized shares of common stock from 4.2 billion to 10 billion. |