Subsequent Events |
12 Months Ended |
|---|---|
Dec. 31, 2014 | |
| Subsequent Events | |
| Subsequent Events | NOTE 13 - SUBSEQUENT EVENTS
Management has evaluated subsequent events pursuant to the requirements of ASC Topic 855 and has determined that no material subsequent events exist other than noted below.
On January 2, 2015 the Board of Directors authorized a stock-buy program under which up to 300,000,000 shares may be purchased only with new revenue from operations.
On January 2, 2015 the Board of Directors authorized the issuance of 1,000,000 fully vested shares to a former officer of the Company per the terms of their employment contract.
On January 5, 2015, KBM Worldwide, Inc. converted $2,070 of principal into 34,500,000 shares of common stock pursuant to the terms of their note dated March 20, 2014.
On January 7, 2015, LG Capital, LLC converted $2,113 of principal into 42,267,000 shares of common stock pursuant to the terms of their note.
On January 8, 2015, Beaufort Capital, LLC converted $1,670 of principal into 33,400,000 shares of common stock pursuant to the terms of their note.
On January 8, 2015, KBM Worldwide, Inc. converted $2,570 of principal into 42,833,333 shares of common stock pursuant to the terms of their note dated March 20, 2014.
On January 8, 2015, LG Capital, LLC converted $2,100 of principal and $14 of accrued interest into 42,267,200 shares of common stock pursuant to the terms of their note.
On January 9, 2015, KBM Worldwide, Inc. converted $2,570 of principal into 42,833,333 shares of common stock pursuant to the terms of their note dated March 20, 2014.
On January 10, 2015, the Company executed a Convertible Promissory Note for services rendered by a consultant for principal of $20,000 accruing no interest for one year.
On January 12, 2015, KBM Worldwide, Inc. converted $2,570 of principal into 42,833,333 shares of common stock pursuant to the terms of their note dated March 20, 2014 and the same day, KBM Worldwide, Inc. converted another $2,570 of principal into 42,833,333 shares of common stock pursuant to the terms of their note dated March 20, 2014.
On January 14, 2015, LG Capital, LLC converted $2,600 of principal and $21 of accrued interest into 52,410,400 shares of common stock pursuant to the terms of their note.
On January 15, 2015, KBM Worldwide, Inc. converted $745 of principal and $1,700 of accrued interest into 40,750,000 shares of common stock pursuant to the terms of their note dated March 20, 2014.
On January 20, 2015, LG Capital, LLC converted $3,073.03 of principal into 61,460,600 shares of common stock pursuant to the terms of their note.
On January 23 2015, Beaufort Capital, LLC converted $3,045 of principal and $28 of accrued interest into 61,969,551 shares of common stock pursuant to the terms of their note.
On January 28, 2015, KBM Worldwide, Inc. converted $3,080 of principal into 51,333,333 shares of common stock pursuant to the terms of their note dated June 5, 2014.
On January 29, 2015, Beaufort Capital, LLC converted $3,405 of principal into 68,100,000 shares of common stock pursuant to the terms of their note.
On February 2, 2015, KBM Worldwide, Inc. converted $3,080 of principal into 51,333,333 shares of common stock pursuant to the terms of their note dated June 5, 2014.
On February 9 2015, Beaufort Capital, LLC could not convert $3,853 of principal into 68,100,000 shares of common stock pursuant to the terms of their note and the Company effectively defaulted on the Note.
On February 17, 2015, KBM Worldwide, Inc. converted $4,595 of principal into 76,583,333 shares of common stock pursuant to the terms of their note dated June 5, 2014.
On February 23, 2015, KBM Worldwide, Inc. converted $9,205 of principal into 153,416,667 shares of common stock pursuant to the terms of their note dated June 5, 2014.
On February 25, 2015, KBM Worldwide, Inc. converted $4,445 of principal into 74,083,333 shares of common stock pursuant to the terms of their note dated June 5, 2014.
On March 6, 2015, KBM Worldwide, Inc. converted $9,665 of principal into 161,083,333 shares of common stock pursuant to the terms of their note dated June 5, 2014.
On March 19, 2015, KBM Worldwide, Inc. converted $9,665 of principal into 161,083,333 shares of common stock pursuant to the terms of their note dated June 5, 2014.
On March 24, 2015, KBM Worldwide, Inc. converted a total $9,665 of principal into a total of 161,083,333 shares of common stock pursuant to the terms of their note dated June 5, 2014 ($6,315 principal and 105,250,000 shares of common stock) and the note dated June 25, 2014 ($3,350 principal and 55,833,333 shares of common stock).
On March 26, 2015, Smith Family Trust of 2005 converted $45,575 of principal into 100,000,000 shares of common stock pursuant to the terms of their Notes dated November 1, 2013, June 19, 2014, September 5, 2014, and October 3, 2014.
On March 26, 2015, KBM Worldwide, Inc. converted $7,840 of principal into 130,666,667 shares of common stock pursuant to the terms of their note dated June 25, 2014.
On March 30, 2015 the Company issued 50,000,000 shares of common stock to Charles J. Kalina, III in conversion of $30,000 of principal and accrued interest. The loan was converted at $0.0006 per the terms of the agreement.
On April 2, 2015, the Company and its Board of Directors authorized a reserve of 25,000,000 shares of common stock for Argent Offset, LLC for its Note dated August 28, 2014.
On April 9, 2015, the Company executed a Promissory Note for $50,000 with Charles J. Kalina, III. The note includes principal of $25,000, a $10,000 loan origination fee, and a Default Penalty fee of $15,000 that cumulatively accrues interest at 10% and matures on November 18, 2016.
On April 15, 2015, the Companys Board of Directors authorized a reserve of 24,500,000 shares of common stock for Black Mountain Equities pursuant to the terms of its Note.
On April 24, 2015, the Companys Board of Directors authorized the Company to divest Co-Signer.com, Inc. to its shareholders and announced it in a press release on April 28, 2015.
Subsequent to December 31, 2014, the Company received a series of unsecured loans totaling $195,600 from Avalanche International, Corp. accruing interest at 12% for one year.
On June 5, 2015, the Company executed a Promissory Note for $12,500 with a related party that supersedes and retires the Convertible Promissory Note between the Company and Black Mountain Equities, Inc. dated March 5, 2014. The note includes principal of $12,500 that accrues interest at 10% and matures on December 31, 2015.
On June 19, 2015, the Company executed a Promissory Note for $7,600 with Charles J. Kalina, III. The note includes principal of $7,600 that accrues interest at 10% and matures one year later.
On September 15, 2015, the Company executed a renewable Management Services Agreement with MCKEA Holdings, LLC for one year effective January 1, 2015 to coordinate financial and capital restructuring, business development and other consulting services. The minimum monthly services fee is $20,000 payable in stock or cash at the discretion of the Company. MCKEA Holdings, LLC is a related party as the controlling shareholder of the Company and with one officer a member of MCKEA Holdings, LLC. |