Quarterly report pursuant to Section 13 or 15(d)

SUBSEQUENT EVENTS

v3.19.1
SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2019
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
16 SUBSEQUENT EVENTS

 

Conversion of convertible notes into equity

 

On April 18, 2019, the Company received a notice of conversion from JSJ investments, converting $35,000 into 5,028,735 shares of common stock at a conversion price of $0.00696 per share. The company made a loss on conversion of $61,853.

 

On April 29, 2019, the Company received a notice of conversion from Labrys fund, converting $11,967 of interest into 1,869,979 shares of common stock at a conversion price of $0.0063996 per share. The company made a loss on conversion of $24,684.

 

On April 30, 2019, the Company received a notice of conversion from JSJ investments, converting $35,000 into 5,511,984 shares of common stock at a conversion price of $0.00635 per share. The company made a loss on conversion of $73,309.

 

On May 6, 2019, the Company received a notice of conversion from GS Capital Partners, converting $26,000 of principal and $2,051 of interest into 4,208,778 shares of common stock at a conversion price of $0.006665 per share. The company made a loss on conversion of $22,454.

 

On May 13, 2019, the Company received a notice of conversion from Crown Bridge Partners converting $9,760 of principal into 2,700,000 shares of common stock at a conversion price of $0.0038 per share. The company made a loss on conversion of $19,440.

 

Convertible notes

 

On April 2, 2019, the company received the proceeds of a convertible promissory note issued to JSJ Investments, Inc. on March 29, 2019, with the aggregate principal amount of $75,000. The note has a maturity date of March 29, 2020 and a coupon of 8% per annum. The Company may prepay the note at a premium ranging from 120% to 140% of the principal plus accrued interest. The outstanding principal amount of the note is convertible after 180 days, at the election of the holder into shares of the Company’s common stock at a conversion price equal to 60% of the lowest three trading prices during the previous ten (10) trading days.

 

Promissory notes

 

On April 12, 2019, the Company issued a Promissory Note in the aggregate principal amount of $20,000 to Boba Management Corporation. The note has a maturity date of April 12, 2020 and a coupon of ten percent per annum. The Company has the right to prepay the note without penalty prior to maturity date.

 

On May 7, 2019, the Company issued a Promissory Note in the aggregate principal amount of $10,000 to Boba Management Corporation. The note has a maturity date of May 7, 2020 and a coupon of ten percent per annum. The Company has the right to prepay the note without penalty prior to maturity date.

 

On May 13, 2019, the Company issued a Promissory Note in the aggregate principal amount of $15,000 to Boba Management Corporation. The note has a maturity date of May 13, 2020 and a coupon of ten percent per annum. The Company has the right to prepay the note without penalty prior to maturity date.

 

Other than disclosed above, The Company has evaluated subsequent events through the date of the unaudited condensed consolidated financial statements were available to be issued and has concluded that no such events or transactions took place that would require disclosure herein.