Nevada
|
20-4754291
|
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
Large accelerated filer o
|
Accelerated filer o
|
Non-accelerated filer o
|
Smaller reporting company x
|
BIOSOLAR, INC. (A Development Stage Company) BALANCE SHEETS |
||||||||
June 30, 2013
|
December 31, 2012
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
CURRENT ASSETS
|
||||||||
Cash
|
$ | 123,612 | $ | 42,942 | ||||
Prepaid expenses
|
23,701 | 11,523 | ||||||
TOTAL CURRENT ASSETS
|
147,313 | 54,465 | ||||||
PROPERTY AND EQUIPMENT
|
||||||||
Machinery and equipment
|
78,863 | 78,863 | ||||||
Computer
|
2,928 | 2,928 | ||||||
81,791 | 81,791 | |||||||
Less accumulated depreciation
|
(38,894 | ) | (34,793 | ) | ||||
NET PROPERTY AND EQUIPMENT
|
42,897 | 46,998 | ||||||
OTHER ASSETS
|
||||||||
Patents
|
41,745 | 41,290 | ||||||
Deposit
|
770 | 770 | ||||||
TOTAL OTHER ASSETS
|
42,515 | 42,060 | ||||||
TOTAL ASSETS
|
$ | 232,725 | $ | 143,523 | ||||
LIABILITIES AND SHAREHOLDERS' DEFICIT
|
||||||||
CURRENT LIABILITIES
|
||||||||
Accounts payable
|
$ | 9,996 | $ | 9,253 | ||||
Accrued expenses
|
17,638 | 180,594 | ||||||
Derivative liability
|
514,160 | - | ||||||
Convertible promissory notes less debt discount of $263,406
|
131,094 | 54,631 | ||||||
TOTAL CURRENT LIABILITIES
|
672,888 | 244,478 | ||||||
SHAREHOLDERS' DEFICIT
|
||||||||
Preferred stock, $0.0001 par value;
|
||||||||
10,000,000 authorized common shares
|
- | - | ||||||
Common stock, $0.0001 par value;
|
||||||||
500,000,000 authorized common shares
|
||||||||
7,331,974 and 6,434,413 shares issued and outstanding, respectively
|
734 | 644 | ||||||
Additional paid in capital
|
6,010,061 | 5,676,680 | ||||||
Deficit accumulated during the development stage
|
(6,450,958 | ) | (5,778,279 | ) | ||||
TOTAL SHAREHOLDERS' DECIFIT
|
(440,163 | ) | (100,955 | ) | ||||
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT
|
$ | 232,725 | $ | 143,523 |
BIOSOLAR, INC.
(A Development Stage Company) STATEMENTS OF OPERATIONS (Unaudited)
|
||||||||||||||||||||
From Inception
|
||||||||||||||||||||
April 24, 2006
|
||||||||||||||||||||
Three Months Ended
|
Six Months Ended
|
through
|
||||||||||||||||||
June 30, 2013
|
June 30, 2012
|
June 30, 2013
|
June 30, 2012
|
June 30, 2013
|
||||||||||||||||
REVENUE
|
$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
OPERATING EXPENSES
|
||||||||||||||||||||
General and administrative expenses
|
137,808 | 176,716 | 320,774 | 452,728 | 5,222,037 | |||||||||||||||
Research and development
|
714 | 3,741 | 2,029 | 37,735 | 816,386 | |||||||||||||||
Depreciation and amortization
|
2,050 | 2,008 | 4,101 | 3,994 | 38,894 | |||||||||||||||
TOTAL OPERATING EXPENSES
|
140,572 | 182,465 | 326,904 | 494,457 | 6,077,317 | |||||||||||||||
LOSS FROM OPERATIONS BEFORE OTHER INCOME
|
(140,572 | ) | (182,465 | ) | (326,904 | ) | (494,457 | ) | (6,077,317 | ) | ||||||||||
TOTAL OTHER INCOME/(EXPENSES)
|
||||||||||||||||||||
Interest income
|
18 | 5 | 19 | 14 | 87,281 | |||||||||||||||
Penalties
|
- | - | - | - | (180 | ) | ||||||||||||||
Loss on patent impairment
|
- | - | - | - | (107,704 | ) | ||||||||||||||
Gain on settlement of debt
|
4,676 | - | 4,676 | - | 4,676 | |||||||||||||||
Loss on change in derivative liability
|
(36,375 | ) | - | (244,117 | ) | - | (244,117 | ) | ||||||||||||
Interest expense
|
(71,202 | ) | - | (106,353 | ) | (190 | ) | (113,597 | ) | |||||||||||
TOTAL OTHER INCOME/(EXPENSES)
|
(102,883 | ) | 5 | (345,775 | ) | (176 | ) | (373,641 | ) | |||||||||||
NET LOSS
|
$ | (243,455 | ) | $ | (182,460 | ) | $ | (672,679 | ) | $ | (494,633 | ) | $ | (6,450,958 | ) | |||||
BASIC AND DILUTED LOSS PER SHARE
|
$ | (0.03 | ) | $ | (0.03 | ) | $ | (0.10 | ) | $ | (0.08 | ) | ||||||||
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING
|
||||||||||||||||||||
BASIC AND DILUTED
|
7,147,263 | 6,110,971 | 6,592,300 | 5,978,707 |
BIOSOLAR, INC.
(A Development Stage Company) STATEMENTS OF SHAREHOLDERS' DEFICIT (Unaudited)
|
||||||||||||||||||||||||||||
Deficit | ||||||||||||||||||||||||||||
Accumulated | ||||||||||||||||||||||||||||
Additional
|
during the | |||||||||||||||||||||||||||
Preferred Stock
|
Common Stock
|
Paid-in
|
Development | |||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Stage
|
Total
|
||||||||||||||||||||||
Balance at December 31, 2012 (Audited)
|
- | $ | - | 6,434,413 | $ | 644 | $ | 5,676,680 | $ | (5,778,279 | ) | $ | (100,955 | ) | ||||||||||||||
Issuance of common shares for cash at a price of $0.22 per share
|
- | - | 504,773 | 51 | 110,999 | - | 111,050 | |||||||||||||||||||||
Issuance of common shares for converted promissory notes
|
- | - | 392,788 | 39 | 167,123 | - | 167,162 | |||||||||||||||||||||
Adjustment of beneficial conversion feature
|
- | - | - | - | (20,369 | ) | - | (20,369 | ) | |||||||||||||||||||
Stock compensation cost
|
- | - | - | - | 75,628 | - | 75,628 | |||||||||||||||||||||
Net loss for the six months ended June 30,2013
|
- | - | - | - | - | (672,679 | ) | (672,679 | ) | |||||||||||||||||||
Balance at June 30, 2013
|
- | $ | - | 7,331,974 | $ | 734 | $ | 6,010,061 | $ | (6,450,958 | ) | $ | (440,163 | ) |
BIOSOLAR, INC. (A Development Stage Company) STATEMENTS OF CASH FLOWS (Unaudited) |
||||||||||||
From Inception
|
||||||||||||
April 24, 2006
|
||||||||||||
Six Months Ended
|
through
|
|||||||||||
June 30, 2013
|
June 30, 2012
|
June 30, 2013
|
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||
Net loss
|
$ | (672,679 | ) | $ | (494,633 | ) | $ | (6,450,958 | ) | |||
Adjustment to reconcile net loss to net cash
|
||||||||||||
used in operating activities
|
||||||||||||
Depreciation expense
|
4,101 | 3,994 | 38,894 | |||||||||
Issuance of stock for services
|
- | - | 325,260 | |||||||||
Stock compensation cost
|
75,628 | 180,004 | 783,705 | |||||||||
Beneficial conversion feature
|
(4,584 | ) | - | - | ||||||||
Loss on patent impairment
|
- | - | 107,704 | |||||||||
Loss on change in derivative liability
|
244,117 | - | 244,117 | |||||||||
Gain on settlement of debt
|
(4,676 | ) | - | (4,676 | ) | |||||||
Debt discount recognized as interest expense
|
105,059 | - | 105,059 | |||||||||
Common stock issued for interest payable
|
3,000 | - | 3,000 | |||||||||
Changes in Assets and Liabilities
|
||||||||||||
(Increase) Decrease in:
|
||||||||||||
Prepaid expenses
|
(12,178 | ) | 10,514 | (23,701 | ) | |||||||
Deposits
|
- | - | (770 | ) | ||||||||
Increase (Decrease) in:
|
||||||||||||
Accounts payable
|
743 | 3,538 | 9,996 | |||||||||
Accrued expenses
|
79,044 | 91,372 | 259,638 | |||||||||
NET CASH USED IN OPERATING ACTIVITIES
|
(182,425 | ) | (205,211 | ) | (4,602,732 | ) | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||
Purchase of equipment
|
- | (2,583 | ) | (81,791 | ) | |||||||
Patent expenditures
|
(455 | ) | (1,081 | ) | (149,449 | ) | ||||||
NET CASH USED IN INVESTING ACTIVITIES
|
(455 | ) | (3,664 | ) | (231,240 | ) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||
Proceeds from convertible promissory notes
|
152,500 | - | 227,500 | |||||||||
Proceeds from common stock subcription payable
|
- | - | 203,000 | |||||||||
Proceeds from issuance of common stock, net of issuance cost
|
111,050 | 230,615 | 4,527,084 | |||||||||
NET CASH PROVIDED IN FINANCING ACTIVITIES
|
263,550 | 230,615 | 4,957,584 | |||||||||
NET INCREASE/(DECREASE) IN CASH
|
80,670 | 21,740 | 123,612 | |||||||||
CASH, BEGINNING OF PERIOD
|
42,942 | 52,422 | - | |||||||||
CASH, END OF PERIOD
|
$ | 123,612 | $ | 74,162 | $ | 123,612 | ||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
|
||||||||||||
Interest paid
|
$ | - | $ | 190 | $ | 190 | ||||||
Taxes paid
|
$ | - | $ | - | $ | - | ||||||
SUPPLEMENTAL SCHEDULE OF NON-CASH TRANSACTIONS
|
||||||||||||
Common stock issued for prepaid services
|
$ | - | $ | - | $ | 5,867 | ||||||
During the six months ended June 30, 2013, the Company entered into securities purchase agreements in the amount of $242,000 to purchase common stock in exchange
|
||||||||||||
for accrued salaries. The accrued salaries were reclassified as convertible promissory notes during the period. Also, the Company converted an aggregate of $75,000 convertible
|
||||||||||||
promissory notes, including accured interest in the amount of $3,000. During the six months ended June 30, 2012, the Company issued 332,602 shares of common stock for
|
||||||||||||
warrants through a cashless exercise. Also, the Company issued 18,812 shares of common stock for a subscription receivable, of which 17,577 was unsubscribed.
|
|
·
|
Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets;
|
|
·
|
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and
|
|
·
|
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
|
Total
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
Assets
|
$ | - | $ | - | $ | - | $ | - | ||||||||
Total assets measured at fair value
|
$ | - | $ | - | $ | - | $ | - | ||||||||
Liabilities
|
||||||||||||||||
Derivative Liability
|
$ | 514,160 | $ | - | $ | - | $ | 514,160 | ||||||||
Convertible Promissory Notes, net of discount
|
131,094 | - | - | 131,094 | ||||||||||||
Total liabilities measured at fair value
|
$ | 645,254 | $ | - | $ | - | $ | 645,254 |
|
Management reviewed accounting pronouncements issued during the period ended June 30, 2013, and no pronouncements were adopted during the period.
|
3.
|
CAPITAL STOCK
|
Risk free interest rate
|
0.75% | ||
Stock volatility factor
|
82% | ||
Weighted average expected option life
|
5 years
|
||
Expected dividend yield
|
None
|
June 30, 2013
|
||||||||
Weighted
|
||||||||
Number
|
average
|
|||||||
of
|
exercise
|
|||||||
Options
|
price
|
|||||||
Outstanding, beginning of period
|
236,667 | $ | 4.05 | |||||
Granted
|
600,000 | 0.40 | ||||||
Exercised
|
- | - | ||||||
Expired
|
- | - | ||||||
Outstanding, end of period
|
836,667 | $ | 1.43 | |||||
Exercisable at the end of period
|
386,667 | $ | 2.63 | |||||
Weighted average fair value of
|
||||||||
options granted during the period
|
$ | 0.40 |
Weighted
|
||||||||||||||
Average
|
||||||||||||||
Stock
|
Stock
|
Remaining
|
||||||||||||
Exercisable
|
Options
|
Options
|
Contractual
|
|||||||||||
Prices
|
Outstanding
|
Exercisable
|
Life (years)
|
|||||||||||
$ | 4.05 | 236,667 | 236,667 | 2.73 | ||||||||||
$ | 0.40 | 600,000 | 150,000 | 4.67 | ||||||||||
836,667 | 386,667 |
|
On June 5, 2013, the Company executed two convertible promissory notes in exchange for services rendered in the aggregate amount of $242,000. The Company entered into securities purchase agreements for the sale of 5% convertible promissory notes in the principal amount of $242,000, which are convertible into shares of common stock of the Company at a conversion price equal to the lesser of $0.24 per share or the closing price per share of common stock recorded on the trading day immediately preceding the date of conversion. The notes mature two (2) years from their effective dates. The fair value of the notes has been determined by using the Black-Scholes pricing model with the following weighted average assumptions: no dividend yield, expected volatility ranging from 95.58% to 109.12%, risk-free interest rate ranging from .22% to .34%, and an expected life of two (2) years. The Company recorded a debt discount of $160,479 related to the conversion feature of the note, along with a derivative liability at inception. During the six months ended June 30, 2013, the debt discount was amortized, and recorded as interest expense in the amount of $5,496, resulting in a net debt discount of $154,984 at June 30, 2013.
|
|
Management has evaluated subsequent events according to the requirements of ASC TOPIC 855, and has reported the following subsequent events:
|
|
On July 10, 2013, the Company entered into a stock purchase agreement and received funds in the amount of $100,000 to purchase 357,143 shares of common stock at a price of $0.028 per share.
|
|
On July 18, 2013, the Company entered into a stock purchase agreement and received funds in the amount of $42,000 to purchase 150,000 shares of common stock at a price of $0.028 per share.
|
Description
|
||
31.1
|
Certification by Chief Executive Officer and Acting Chief Financial Officer pursuant to Sarbanes-Oxley Section 302 (filed herewith).
|
|
32.2
|
Certification by Chief Executive Officer and Acting Chief Financial Officer pursuant to 18 U.S.C. Section 1350 (filed herewith).
|
|
EX-101.INS
|
XBRL Instance Document
|
|
EX-101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
EX-101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase
|
|
EX-101.DEF
|
XBRL Taxonomy Extension Definition Linkbase
|
|
EX-101.LAB
|
XBRL Taxonomy Extension Labels Linkbase
|
|
EX-101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase
|
BIOSOLAR
|
|||
By:
|
/s/ David Lee
|
||
Chief Executive Officer (Principal Executive
Officer ) and Acting Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer)
|
|||
July 26, 2013
|
/s/ David Lee
|
David Lee
|
Chief Executive Officer and
|
Acting Chief Financial Officer
|
July 26, 2013
|
/s/ David Lee
|
David Lee
|
|
Chief Executive Officer
|
|
Acting Chief Financial Officer
|
2. Summary of Significant Accounting Policies: Investment, Policy (Policies)
|
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Policies | |
Investment, Policy | Investments Certificate of Deposits with banking institutions are short-term investments with initial maturities of more than 90 days. The carrying amount of these investments is a reasonable estimate of fair value due to their short-term nature. |
STATEMENTS OF OPERATIONS (USD $)
|
3 Months Ended | 6 Months Ended | 86 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
|
Income Statement | |||||
REVENUE | |||||
OPERATING EXPENSES | |||||
General and administrative expenses | 137,808 | 176,716 | 320,774 | 452,728 | 5,222,037 |
Research and development | 714 | 3,741 | 2,029 | 37,735 | 816,386 |
Depreciation and amortization | 2,050 | 2,008 | 4,101 | 3,994 | 38,894 |
TOTAL OPERATING EXPENSES | 140,572 | 182,465 | 326,904 | 494,457 | 6,077,317 |
LOSS FROM OPERATIONS BEFORE OTHER INCOME | (140,572) | (182,465) | (326,904) | (494,457) | (6,077,317) |
TOTAL OTHER INCOME/(EXPENSES) | |||||
Interest income | 18 | 5 | 19 | 14 | 87,281 |
Penalties | (180) | ||||
Loss on patent impairment | (107,704) | ||||
Gain on settlement of debt | 4,676 | 4,676 | 4,676 | ||
Loss on change in derivative liability | (36,375) | (244,117) | (244,117) | ||
Interest expense | (71,202) | (106,353) | (190) | (113,597) | |
TOTAL OTHER INCOME/(EXPENSES) | (102,883) | 5 | (345,775) | (176) | (373,641) |
NET LOSS | $ (243,455) | $ (182,460) | $ (672,679) | $ (494,633) | $ (6,450,958) |
BASIC AND DILUTED LOSS PER SHARE | $ (0.03) | $ (0.03) | $ (0.10) | $ (0.08) | |
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING BASIC AND DILUTED | 7,147,263 | 6,110,971 | 6,592,300 | 5,978,707 |
3. Capital Stock
|
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Notes | |
3. Capital Stock | 3. CAPITAL STOCK
During the period the Company increased its common and preferred stock. As of June 30, 2013, the Companys authorized stock consisted of 500,000,000 shares of common stock, with a par value of $0.0001, and 10,000,000 preferred stock, with a par value of $0.0001.
During the six months ended June 30, 2013, the Company issued 504,773 shares of common stock at a price of $0.22 per share for cash of $111,050. Also, the Company issued 392,788 shares of common stock at prices ranging from $0.13 to $0.39, for conversion of $75,000 in convertible promissory notes, including $3,000 for accrued interest payable. |
4. Stock Options and Warrants: Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range (Tables)
|
6 Months Ended | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
|||||||||||||||||
Tables/Schedules | |||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range |
|
2. Summary of Significant Accounting Policies: Loss Per Share Calculations (Policies)
|
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Policies | |
Loss Per Share Calculations | Loss per Share Calculations Loss per Share calculates basic earnings per share and diluted earnings per share. Basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares available. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. The Companys diluted loss per share is the same as the basic loss per share for the three months ended June 30, 2013 as the inclusion of any potential shares would have had an anti-dilutive effect due to the Company generating a loss. |
4. Stock Options and Warrants (Details) (USD $)
|
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Details | |
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 600,000 |
Share-Based Compensation Arrangements By Share-Based Payment Award, Options, Grants In Period, Weighted Average Exercise Price | $ 0.40 |
Allocated Share-Based Compensation Expense | $ 75,628 |
Class Of Warrant Or Right, Outstanding | 245,000 |
3. Capital Stock (Details) (USD $)
|
6 Months Ended | |
---|---|---|
Jun. 30, 2013
|
Dec. 31, 2012
|
|
Common Stock, shares authorized | 500,000,000 | 500,000,000 |
Common Stock, par or stated value | $ 0.0001 | $ 0.0001 |
Preferred Stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred Stock, par or stated value | $ 0.0001 | $ 0.0001 |
Issuance of common shares for cash, shares | 504,773 | |
Issuance of common shares for cash, value | $ 111,050 | |
Issuance of common shares for converted promissory notes, shares | 392,788 | |
Promissory notes in exchange for accrued salaries including accrued interest | 75,000 | |
Promissory notes in exchange for accrued salaries, accrued interest portion | $ 3,000 | |
Issuance for Cash
|
||
Share Price | $ 0.22 | |
Conversion of Promissory Notes | Minimum
|
||
Share Price | $ 0.13 | |
Conversion of Promissory Notes | Maximum
|
||
Share Price | $ 0.39 |
5. Convertible Promissory Notes (Details) (USD $)
|
6 Months Ended | 86 Months Ended | 0 Months Ended | 6 Months Ended | 12 Months Ended | 12 Months Ended | 6 Months Ended | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Apr. 05, 2013
|
Jun. 30, 2013
Securities Purchase Agreements Unsecured Convertible Notes 1
|
Jun. 30, 2013
Securities Purchase Agreements Unsecured Convertible Notes 1
|
Dec. 31, 2012
Securities Purchase Agreements Unsecured Convertible Notes 1
|
Jun. 30, 2013
Securities Purchase Agreements Unsecured Convertible Notes 1
Minimum
|
Jun. 30, 2013
Securities Purchase Agreements Unsecured Convertible Notes 1
Maximum
|
Dec. 31, 2012
Securities Purchase Agreements Unsecured Convertible Note 1A
|
Dec. 31, 2012
Securities Purchase Agreements Unsecured Convertible Note 1B
|
Jun. 30, 2013
Securities Purchase Agreements Unsecured Convertible Notes 2
|
Jun. 30, 2013
Securities Purchase Agreements Unsecured Convertible Notes 2
Minimum
|
Jun. 30, 2013
Securities Purchase Agreements Unsecured Convertible Notes 2
Maximum
|
Jun. 30, 2013
Securities Purchase Agreements Unsecured Convertible Notes 3
|
Jun. 30, 2013
Securities Purchase Agreements Unsecured Convertible Notes 3
Minimum
|
Jun. 30, 2013
Securities Purchase Agreements Unsecured Convertible Notes 3
Maximum
|
Jun. 30, 2013
Securities Purchase Agreements Unsecured Convertible Notes 4
|
Jun. 30, 2013
Securities Purchase Agreements Unsecured Convertible Notes 4
Minimum
|
Jun. 30, 2013
Securities Purchase Agreements Unsecured Convertible Notes 4
Maximum
|
Jun. 30, 2013
Securities Purchase Agreements Unsecured Convertible Notes 5
|
Jun. 30, 2013
Securities Purchase Agreements Unsecured Convertible Notes 5
Minimum
|
Jun. 30, 2013
Securities Purchase Agreements Unsecured Convertible Notes 5
Maximum
|
Jun. 30, 2013
Securities Purchase Agreements Unsecured Convertible Notes 6
|
Jun. 30, 2013
Securities Purchase Agreements Unsecured Convertible Notes 6
Minimum
|
Jun. 30, 2013
Securities Purchase Agreements Unsecured Convertible Notes 6
Maximum
|
Jun. 30, 2013
Securities Purchase Agreements Unsecured Convertible Notes 7
|
Jun. 30, 2013
Securities Purchase Agreements Unsecured Convertible Notes 7
Minimum
|
Jun. 30, 2013
Securities Purchase Agreements Unsecured Convertible Notes 7
Maximum
|
|
Debt Conversion, Converted Instrument, Rate | 8.00% | ||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 80,000 | $ 75,000 | $ 42,500 | $ 32,500 | $ 35,000 | $ 35,000 | $ 32,500 | $ 80,000 | $ 242,000 | $ 100,000 | |||||||||||||||||||
Debt Instrument, Maturity Date | Jul. 05, 2013 | Aug. 14, 2013 | |||||||||||||||||||||||||||
Promissory notes in exchange for accrued salaries including accrued interest | 75,000 | 75,000 | |||||||||||||||||||||||||||
Promissory notes in exchange for accrued salaries, accrued interest portion | 3,000 | 3,000 | |||||||||||||||||||||||||||
Issuance of common shares for converted promissory notes, shares | 392,788 | 392,788 | |||||||||||||||||||||||||||
Share Price | $ 0.13 | $ 0.39 | |||||||||||||||||||||||||||
Gain on conversion of debt to equity | 4,676 | ||||||||||||||||||||||||||||
Debt Instrument, Unamortized Discount | 55,493 | 55,493 | 35,000 | 35,000 | 32,492 | 25,000 | 160,479 | 25,000 | |||||||||||||||||||||
Debt discount recognized as interest expense | 105,059 | 105,059 | 55,493 | 10,301 | 19,472 | 7,013 | 6,667 | 5,496 | 614 | ||||||||||||||||||||
Debt Instrument Discount, Net | 0 | 0 | 24,699 | 15,528 | 25,479 | 18,333 | 154,984 | 24,386 | |||||||||||||||||||||
Maximum Principal Amount On Sole Discretion Of Lender | 100,000 | ||||||||||||||||||||||||||||
Debt Instrument, Description | The notes mature one (1) year from the effective date of each advance. The notes are convertible into shares of common stock of the Company at a price equal to a variable conversion price of the lesser of $0.20 per share or fifty percent (50%) of the lowest trading price recorded on any trade day after the effective date. | The notes mature six (6) months from the effective date of each advance. The notes are convertible into shares of common stock of the Company at a price equal to a variable conversion price of the lesser of a) $0.40 per share b) fifty percent (50%) of the lowest trading price of common stock recorded on any trade day after the effective date or c) the lowest effective price per share granted after the effective date. | The notes mature on February 3, 2014. After one hundred and eighty days (180) the holder may convert into shares of common stock at a variable conversion price of 58% multiplied by the market price of the average lowest three (3) trading prices for the common stock during the ten (10) trading days prior to the conversion date. | The note matured six (6) months from the effective date of each advance. The note is convertible into shares of common stock of the Company at a price equal to a variable conversion price of the lesser of $0.40 per share or fifty percent (50%) of the lowest trading price recorded on any trade day after the effective date. | convertible into shares of common stock of the Company at a conversion price equal to the lesser of $0.24 per share or the closing price per share of common stock recorded on the trading day immediately preceding the date of conversion. The notes mature two (2) years from their effective dates. | The note matures one (1) year from the effective date of each advance. The note is convertible into shares of common stock of the Company at a price equal to a variable conversion price of the lesser of $0.40 per share or fifty percent (50%) of the lowest trading price recorded on any trade day after the effective date. | |||||||||||||||||||||||
Fair Value Assumptions, Expected Volatility Rate | 65.07% | 158.92% | 71.48% | 274.85% | 112.61% | 182.26% | 135.81% | 184.00% | 95.58% | 109.12% | 137.04% | 138.03% | |||||||||||||||||
Fair Value Assumptions, Risk Free Interest Rate | 0.15% | 0.16% | 0.01% | 0.10% | 0.11% | 0.15% | 0.08% | 0.09% | 0.22% | 0.34% | 0.13% | 0.15% | |||||||||||||||||
Fair Value Assumptions, Expected Term, Simplified Method | expected life of less than a year | expected life of less than a year | expected life of less than a year | expected life of less than a year | expected life of two (2) years | expected life of one (1) year | |||||||||||||||||||||||
Proceeds from convertible promissory notes | 152,500 | 227,500 | 25,000 | 25,000 | 25,000 | ||||||||||||||||||||||||
Increase (Decrease) in Derivative Liabilities | $ 244,117 |
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