SUBSEQUENT EVENTS |
6 Months Ended |
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Jul. 31, 2016 | |
| SUBSEQUENT EVENTS | |
| SUBSEQUENT EVENTS | 10. SUBSEQUENT EVENTS
The Company had retained TESO Communications as its Investor Relations and Public Relations manager and under the agreement the Company may pay the invoice with cash or by issuing shares against the invoices submitted. The Directors opted to issue shares before the end of the initial agreement period of January 16, 2015 but the same were not yet issued. The agreement represented a cash payment of $25,000 or the issuance of 50,000 restricted common shares at the completion of the agreement which has been extended to May 15, 2016 has now ended and the company still awaits their final invoice to complete matters.
The Company renegotiated its loan received on November 19, 2014 and consolidated accounts payable due to Pacific Stock Transfer Agents on August 11th, 2016. The new loan in the amount of $7,407 is for a period of two years with interest forgiveness clause upon making all payments due within the term. This removes previously reported loan default status.
On October 2, 2015, the Company received $12,500 by way of an unsecured short-term loan from a non-related party for a term of one year. The parties mutually agreed to extend the due of this loan until Oct 1, 2017 at the same terms.
The convertible loan that was due on August 13, 2016 had been designated to be repaid in two stages as there was concern for the entire loan to be converted at current share prices. The outstanding portion of the loans converted to date representing part of the 23,232,785 restricted and non-restricted common shares issued in the third quarter. The second convertible loan is due on September 14, 2016 and it is anticipated that at least part of this loan will be repaid if possible as well. The Company borrowed $20,000 that is not convertible in nature and has allowed a partial conversion of the loans to reduce its liabilities and to provide further liquidity with free trading shares. We borrowed an additional $25,900 non-convertible note as a short term bridge to facilitate longer term financial plans under discussion. Due to timing on the release of funds on this non-convertible note, we obtained a short term convertible loan from a non-related party, to assist with cash flow in the amount of $15,750; this is scheduled to be repaid within 60 days and no interest is due if repaid on time. We have the funds set aside to meet this requirement.
At the end of July, the Directors provided instruction to the transfer agent to issue 900,000 restricted common shares to Azur Universal to complete acquisition of the Global Trader software. These shares were formally issued and sent out in early August and appear on the registry accordingly.
The President and CEO opened a trading account and has purchased shares at market value. Her decision to slowly acquire up to 3M shares in the open market demonstrates the high level of confidence and commitment to the business plan.
The Company has also opened a corporate trading account and will be funding this account from cash flow and or loans as stated in the 8-K filed with SEC.
The performance of some of the consultants retained by the Company has been disappointing and the Company is seeking reimbursement or return of shares issued in some cases. The Company is committed to providing good investor awareness programs for its stakeholders and will be seeking replacements.
In accordance with ASC 855, Subsequent Events, the Company has evaluated events that occurred subsequent to the balance sheet date through the date of available issuance of these unaudited condensed financial statements. The Company determined that other than as disclosed above, there were no material reportable subsequent events to be disclosed.
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