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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2012
SUBSEQUENT EVENTS [Abstract]  
SUBSEQUENT EVENTS

NOTE 11 - SUBSEQUENT EVENTS

 

On January 10, 2013 the Company entered into an agreement to issue an unsecured convertible promissory note in the principal amount of $40,000 (the "Note") to a related party. The Note bears interest at an annual rate of 7% and is payable on or before 12 months from the date of issuance. In addition, the Note may be converted at any time, at the option of the holder, into shares of the Company's common stock at a conversion price of $0.005 per share, subject to adjustment.


On January 29, 2013 the Company entered into an agreement to issue an unsecured convertible promissory note in the principal amount of $30,000 (the "Note") to a related party. The Note bears interest at an annual rate of 7% and is payable on or before 12 months from the date of issuance. In addition, the Note may be converted at any time, at the option of the holder, into shares of the Company's common stock at a conversion price of $0.005 per share, subject to adjustment.


On January 30, 2013 the Company entered into an agreement to issue an unsecured convertible promissory note in the principal amount of $20,000 (the "Note") to a related party. The Note bears interest at an annual rate of 7% and is payable on or before 12 months from the date of issuance. In addition, the Note may be converted at any time, at the option of the holder, into shares of the Company's common stock at a conversion price of $0.005 per share, subject to adjustment.


On February 1, 2013 the Company entered into an agreement to issue an unsecured convertible promissory note in the principal amount of $10,000 (the "Note") to a related party. The Note bears interest at an annual rate of 7% and is payable on or before 12 months from the date of issuance. In addition, the Note may be converted at any time, at the option of the holder, into shares of the Company's common stock at a conversion price of $0.005 per share, subject to adjustment.


On February 12, 2013 the Company Amended its Articles of Incorporation to:


·

increase the number of authorized but unissued shares of our common stock to from 195,000,000 shares to 1,000,000,000 shares; and

·

eliminate the current class of 5,000,000 shares of Callable and Convertible Preferred Stock; and creates a class of 5,000,000 shares of preferred stock which are issuable in such series, and with such designations, rights and preferences, as our board of directors may determine from time to time in their sole discretion.


On February 12, 2013, the Company entered into an asset purchase agreement with WCIS Media, LLC, a Florida limited liability company ("WCIS"). Under the asset purchase agreement the Company has agreed to acquire a proprietary web based technology platform (the "Asset") developed and owned by WCIS. The Asset is designed for: (1) lead generation tracking and reporting; (2) merchant categorization and sub categorization; (3) consumer tracking and qualification; (4) merchant bidding capabilities; and (5) offline tracking and service, including live transfer capabilities for consumers. The Company intends to incorporate the Asset into its current PayMeOn business. Subject to conditions to closing, the Company will acquire the Asset in consideration of 300,000,000 shares of restricted common stock of the Company. WCIS is an entity controlled by Vincent Celentano, a principal of WCIS Media, LLC and an affiliated shareholder of the Company. As such, the Company anticipates that for accounting purposes the Asset will be recorded at its historical cost. Furthermore, this transaction did not meet the criteria of a business combination within the guidelines of ASC 805- Business Combinations, and therefore will be accounted for as an asset purchase.


On February 20, 2013 the Company entered into an agreement to issue an unsecured convertible promissory note in the principal amount of $40,000 (the "Note") to a related party. The Note bears interest at an annual rate of 7% and is payable on or before 12 months from the date of issuance. In addition, the Note may be converted at any time, at the option of the holder, into shares of the Company's common stock at a conversion price of $0.005 per share, subject to adjustment.