Annual report pursuant to Section 13 and 15(d)

Subsequent Events

v3.19.1
Subsequent Events
12 Months Ended
Dec. 31, 2018
Subsequent Events [Abstract]  
Subsequent Events

14. Subsequent Events

 

Subsequent to December 31, 2018 the company entered into a 8% convertible promissory note with GS Capital Partners. The Company received proceeds of $210,000. This Note was issued with a $3,000 original issue discount (OID) and as such the issuance price was $207,000. Holder of this Note is entitled, at its option, at any time after the 6 month anniversary of this Note, to convert all or any amount of the principal face amount of this Note then outstanding into shares of the Company's common stock (the "Common Stock") at a price ("Conversion Price") for each share of Common Stock equal to 65% of the average of the two lowest closing bid prices of the Common Stock as reported on the National Quotations Bureau OTC Marketplace exchange upon which the Company's shares are traded or any exchange upon which the Common Stock may be traded in the future ("Exchange") for the fifteen prior trading days including the day upon which a Notice of Conversion is received by the Company or its transfer agent.

 

Subsequent to December 31, 2018 an investor exercised his warrants to receive 292,890,071 shares. The Company did not receive any cash for this issuance. These shares have not been issued and is still under review by the Company.