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Subsequent Event
3 Months Ended
Sep. 30, 2016
Subsequent Event  
Subsequent Event

18. Subsequent events 

 

On November 15, 2016, the Company issued a convertible note with warrants to an investor for $75,000. The convertible promissory note must be repaid by our Company within 6 months from the date of issuance; accrues interest at the rate of 10%; The conversion price will be the lower of 50% of the lowest sale price for the Common Stock on the Principal Market during the twenty (20) consecutive trading days immediately preceding the conversion date.

 

On November 3, 2016, the Company issued a convertible note with warrants to an investor for $75,000. The convertible promissory note must be repaid by our Company within 6 months from the date of issuance; accrues interest at the rate of 10%; The conversion price will be the lower of 50% of the lowest sale price for the Common Stock on the Principal Market during the twenty (20) consecutive trading days immediately preceding the conversion date.

 

On October 11, 2016, the Company entered into a financing agreement with the Autumn Group LLC (“Autumn”). Under the terms of the agreement Autumn provided a total of $200,000 in financing. $100,000 of this amount was for the purchase of 2,000,000 restricted common shares pursuant to an exemption from registration relying on Section 4(a)(2) and Rule 506b of Regulation D, under the Securities Act of 1933, as amended. An additional $100,000 was provided to the Company as promissory notes to be paid back in 12 monthly payments of $16,666.67 beginning December 1, 2016.

 

As of September 30, 2016, two convertible promissory in the amount of $29,167 with accrued interest $13,596.28, was converted to 1,503,928 restricted common shares. These shares were issued on Oct 3, 2016.

 

On November 9, 2016, the company issued 982,620 shares to reduce $50,000 of convertible debt with accrued interest of $24,955.