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Subsequent Events
6 Months Ended
Jun. 30, 2017
Subsequent Events [Abstract]  
Subsequent Events

7. Subsequent Events

 

Variable Rate Convertible Debentures

 

In July and August 2017, holders of Variable Rate Convertible Debentures with principal of $37,774 and accrued interest of $528 converted a portion of their debentures into 723,045,000 shares of common stock.

 

In July 2017, the Company issued a $35,000 Variable Rate Convertible Debenture (the “Debenture”) to an accredited investor for cash consideration of $20,000. The Debenture matures on December 2, 2017, has a variable conversion rate of 50% discount to the lowest trade 20 days previous to conversion, and an annual interest rate of 8%.

 

In August 2017, the Company issued a $43,000 Variable Rate Convertible Debenture (the “Second Debenture”) to one accredited investor for cash consideration of $0, payment of fees of $39,000 and an original issue discount of $4,000. The Second Debenture matures on May 9, 2018, has a variable conversion rate of 45% discount to the lowest trade 25 days previous to conversion, and an annual interest rate of 12%.

 

Increase in Authorized Shares

 

On July 27, 2017, the Company’s shareholders approved an increase in authorized capital stock from 3 billion shares to 5 billion shares. The increase in authorized shares will become effective 20 days after the mailing of a Definitive 14C to shareholders.

 

Subsequent events have been evaluated through the date financial statements are filed with the Securities and Exchange Commission.