v3.6.0.2
SUBSEQUENT EVENTS
9 Months Ended
Oct. 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 performance of some of the consultants retained by the Company has been disappointing and the Company is continuing to seek reimbursement or return of shares issued in some cases. The Company is committed to providing good investor awareness programs for its stakeholders and investors.

 

On October 29, 2016, the Company wished to engage Consultants to help further develop investor awareness in the Company by contacting known sophisticated investors through media outlets, newsletters, emails and direct telephone calls. The debt purchaser deposited the shares in December.  The Directors agreed to a total maximum conversion of 10,000,000 common shares.

 

On November 2, 2016, the Company entered into an agreement for a loan of $52,500, in the form of a convertible note that accrues at a rate of 10%, from an Accredited Investor as filed in our 8K with the SEC in November. The Company further reduced loans by sale of $5,000 of debt.

 

An additional 49,294,248 shares have been issued since October 31, 2016 as part of debt retirement plans by the Company.

 

On November 15, 2016, the Company was able to advance funds in the amount of $25,000 from escrow to an Investor to completely retire its obligations for an outstanding $46,000 promissory note and extinguish a $55,000 promissory note for fees.

 

The Directors have further agreed to investigate restructuring the shares of the Company including additional classes dedicated to acquisitions and super voting shares as well as having issued additional 15,000,000 shares to the CEO for reduction in accrued loans in the amount of $15,000.

 

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.