SUBSEQUENT EVENTS |
12 Months Ended |
|---|---|
Jan. 31, 2017 | |
| SUBSEQUENT EVENTS | |
| SUBSEQUENT EVENTS | 12. SUBSEQUENT EVENTS
The Company filed 14C on March 20, 2017 as part of share restricting program to fulfill future business needs of the Company.
On February 2, 2017, the directors signed a resolution to restructure the common and preferred shares. The Company restructured common shares by increasing authorized shares from 300,000,000 to 750,000,000 common shares with a par value of $.0001. The preferred shares were changed to Preferred Series A super voting shares with a par value of $.001 and the Company added Series B preferred shares that are valued at 1.00 with interest of 6% payable annually on April 28, 2017.
The Company raised $70,000 in a private placement with accredited investors where a combination of restricted common shares (20,588,263) and Preferred Series B shares (35,000) were issued May 8, 2017.
The Company opted to pay consultants invoice by issuing 8,832,500 common shares on May 8, 2017.
The Company converted $1,180 of notes payable with the issuance of 11,800,000 common shares on March 22, 2017 and April 17, 2017 that were issued in November 2016.
The Company reached an agreement on May 2, 2017with the lender of a note for $52,500 where by half of the note has been repaid in cash and the balance of the loan has been extended for an additional six months up to November 4, 2017 with no conversions during this time.
The Company entered into discussions and signed agreements with an accredited investor for a loan of $53,000 on May 8, 2017 and no funds from the investor have been received to date. The agreement calls for the company to be current in its filings to avoid any default. This note matures on February 20, 2018 and bears an interest rate of 8% and allows for prepayment between 112% and 137% depending on the date; and would be convertible on or about November 15 when funded. Once the conversion terms are effective the note is convertible into shares at the greater of $0.00008 or 61% of the market value as calculated per the agreement.
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 audited financial statements. The Company determined that other than as disclosed above, there were no material reportable subsequent events to be disclosed. |