Delaware
|
65-0109088
|
|
(State or other jurisdiction of
|
(I.R.S. Employer
|
|
incorporation or organization)
|
Identification No.)
|
712 U.S. Highway 1, Suite 200, North Palm Beach, Florida 33408 USA
|
(Address of principal executive offices) (Zip Code)
|
Securities registered under Section 12(b) of the Exchange Act: None |
Securities registered under Section 12(g) of the Exchange Act Common Stock, $.00001par value (Title of class) |
Large accelerated filer
|
o
|
Accelerated filer
|
o
|
Non-accelerated filer
|
o
|
Smaller reporting company
|
x
|
Page
|
||
PART I
|
||
ITEM 1
|
3
|
|
ITEM 2
|
7
|
|
ITEM 3
|
7
|
|
ITEM 4
|
7
|
|
PART II | ||
ITEM 5
|
8
|
|
ITEM 6
|
11
|
|
ITEM 7
|
11
|
|
ITEM 8
|
33
|
|
ITEM 9
|
33
|
|
ITEM 9A
|
33
|
|
ITEM 9B
|
35
|
|
PART III | ||
ITEM 10
|
35
|
|
ITEM 11
|
36
|
|
ITEM 12
|
38
|
|
ITEM 13
|
39
|
|
ITEM 14
|
40
|
|
PART IV | ||
ITEM 15
|
41
|
QUARTER
|
HIGH STOCK PRICE
|
LOW STOCK PRICE
|
||||||
Fiscal year – 2011/2012
|
||||||||
First Quarter
|
$ | 0.022/$11.00 | $ | 0.008/$4.00 | ||||
Second Quarter
|
$ | 0.015/$7.50 | $ | 0.001/$0.50 | ||||
Third Quarter
|
$ | 0.0046/$2.30 | $ | 0.0008/$0.40 | ||||
Fourth Quarter
|
$ | 0.0093/$4.65 | $ | 0.001/$0.50 | ||||
Fiscal year – 2012/2013
|
||||||||
First Quarter
|
$ | 0.0034/$1.70 | $ | 0.001/$0.50 | ||||
Second Quarter
|
$ | 0.001/$0.50 | $ | 0.0005/$0.25 | ||||
Third Quarter
|
$ | 0.001/$0.50 | $ | 0.0001/$0.05 | ||||
Fourth Quarter
|
$ | 0.0004/$0.20 | $ | 0.0001/$0.05 |
Number of securities
|
||||||||||||
remaining available for future
|
||||||||||||
Number of securities to be
|
issuance under equity
|
|||||||||||
issued upon exercise of
|
Weighted average exercise
|
compensation plans, excluding
|
||||||||||
Plan Category
|
outstanding options, warrants
|
price of outstanding options,
|
securities reflected in column
|
|||||||||
and rights
|
warrants and rights
|
(a)
|
||||||||||
(a)
|
(b)
|
(c)
|
||||||||||
Equity compensation plans
|
Options have not been granted
|
|||||||||||
approved by stockholders (1)
|
No options granted yet
|
thus no exercise price
|
No options granted yet
|
|||||||||
Equity compensation plans
|
||||||||||||
not approved by stockholders (2)(3)
|
1,838,765/3,678 | $0.06/$30.00 | 1,961,235/3,922 | |||||||||
Total
|
1,838,765/3,678 | $0.06/$30.00 | 1,961,235/3,922 |
Available to issue in future
|
(1) 2013 Equity Incentive Plan for a total of 500,000,000/1,000,000 options to be issued but none granted
|
||||||||
(Filed on January 28, 2013 as a Definitive 14C Information Statement)
|
||||||||
(2) 2007 Stock Compensation and Incentive Plan for a total of
|
50,000/100 | 124/0 | ||||||
(Filed on April 11, 2008 as an exhibit to Form S-1/A) and
|
||||||||
filed on May 16, 2008 as an exhibit to Form S-8)
|
||||||||
(3) 2010 Stock Compensation and Incentive Plan for a total of
|
3,750,000/7,500 | 1,961,111/3,922 | ||||||
(Filed on May 25, 2010 as an exhibit to Form S-8)
|
||||||||
|
3,800,000/7,600 | 1,961,235/3,922 | ||||||
|
(a)
|
(c)
|
The above figures are shown before and after the 1 for 500 reverse stock split, respectively.
|
For The Years Ended March 31, | ||||||||||||||||
2013
|
2012
|
$ Change
|
% Change
|
|||||||||||||
Revenues
|
$ | 445,488 | $ | 406,315 | $ | 39,173 | 9.6 | % | ||||||||
Less slotting expense
|
(2,625 | ) | - | (2,625 | ) | N/A | ||||||||||
Less sales returns and allowances
|
(37,961 | ) | - | (37,961 | ) | N/A | ||||||||||
Less discounts
|
(15,085 | ) | (29,878 | ) | 14,793 | 49.5 | % | |||||||||
Net Revenues
|
$ | 389,817 | $ | 376,437 | $ | 13,380 | 3.6 | % |
For The Years Ended March 31,
|
||||||||||||||||
2013
|
2012
|
$ Change
|
% Change
|
|||||||||||||
Product costs
|
$ | 307,907 | $ | 278,300 | $ | 29,607 | 10.6 | % | ||||||||
Shipping costs
|
38,164 | 38,300 | (136 | ) | -0.4 | % | ||||||||||
Inventory obsolescence
|
8,874 | 2,137 | 6,737 | 315.3 | % | |||||||||||
Repackaging costs
|
887 | - | 887 | N/A | ||||||||||||
Total costs
|
$ | 355,832 | $ | 318,737 | $ | 37,095 | 11.6 | % |
For The Years Ended March 31,
|
||||||||||||||||
2013
|
2012
|
$ Change
|
% Change
|
|||||||||||||
Salaries, taxes and employee benefit costs
|
$ | 1,220,287 | $ | 535,690 | $ | 684,597 | 127.8 | % | ||||||||
Marketing and promotion
|
205,036 | 461,272 | (256,236 | ) | -55.5 | % | ||||||||||
Consulting fees
|
202,111 | 82,645 | 119,466 | 144.6 | % | |||||||||||
Professional and legal fees
|
247,082 | 228,799 | 18,283 | 8.0 | % | |||||||||||
Travel and entertainment
|
58,198 | 47,308 | 10,890 | 23.0 | % | |||||||||||
Product development costs
|
2,425 | 2,074 | 351 | 16.9 | % | |||||||||||
Stock compensation expense
|
99,504 | 165,068 | (65,564 | ) | -39.7 | % | ||||||||||
Other overhead expenses
|
362,861 | 374,902 | (12,041 | ) | -3.2 | % | ||||||||||
Total operating expenses
|
$ | 2,397,504 | $ | 1,897,758 | $ | 499,746 | 26.3 | % |
Inception through March 31, 2013 |
|||||||
Our financing arrangements giving rise to derivative instruments and the income effects:
|
|||||||
Day-one derivative losses:
|
|||||||
$ | 600,000 |
Original Face Value Convertible Note Financing
|
$ | (2,534,178 | ) | ||
$ | 500,000 |
Original Face Value Convertible Note Financing
|
(899,305 | ) | |||
$ | 100,000 |
Original Face Value Convertible Note Financing
|
(1,285,570 | ) | |||
$ | 55,000 |
Original Face Value Short Term Bridge Loan Financing
|
(12,700 | ) | |||
$ | 120,000 |
Original Face Value Convertible Note Financing
|
(72,251 | ) | |||
$ | 60,000 |
Original Face Value Convertible Note Financing
|
(38,542 | ) | |||
$ | 200,000 |
Original Face Value Convertible Note Financing
|
(119,136 | ) | |||
$ | 27,778 |
Original Face Value Convertible Note Financing
|
(6,378 | ) | |||
$ | 161,111 |
Original Face Value Convertible Note Financing
|
(45,846 | ) | |||
$ | 111,112 |
Original Face Value Convertible Note Financing
|
(185,657 | ) | |||
$ | 50,000 |
Original Face Value Convertible Note Financing
|
(182,843 | ) | |||
$ | 55,000 |
Original Face Value Convertible Note Financing
|
(80,135 | ) | |||
$ | 137,500 |
Original Face Value Convertible Note Financing
|
(1,023,463 | ) | |||
$ | 55,000 |
Original Face Value Convertible Note Financing
|
(55,641 | ) | |||
$ | 400,000 |
Original Face Value Convertible Note Financing
|
(730,079 | ) | |||
$ | 600,000 |
Original Face Value Convertible Note Financing
|
(1,420,653 | ) | |||
$ | 221,937 |
Original Face Value Convertible Note Financing
|
(295,144 | ) | |||
$ | 500,000 |
Original Face Value Convertible Note Financing
|
(288,718 | ) | |||
$ | 1,000,000 |
Original Face Value Convertible Note Financing
|
(1,215,164 | ) | |||
$ | 200,000 |
Original Face Value Convertible Note Financing
|
(79,082 | ) | |||
$ | 137,783 |
Original Face Value Convertible Note Financing
|
(5,357 | ) | |||
$ | 25,000 |
Original Face Value Convertible Note Financing
|
(12,879 | ) | |||
$ | 100,000 |
Original Face Value Convertible Note Financing
|
(70,387 | ) | |||
Total day-one derivative losses
|
$ | (10,659,108 | ) |
Inception through March 31, 2013 |
|||||||
Derivative income (expense):
|
|||||||
$ | 600,000 |
Original Face Value Convertible Note Financing
|
$ | 3,315,487 | |||
$ | 500,000 |
Original Face Value Convertible Note Financing
|
1,661,412 | ||||
$ | 100,000 |
Original Face Value Convertible Note Financing
|
1,164,080 | ||||
$ | 120,000 |
Original Face Value Short Term Bridge Loan Financing
|
213,769 | ||||
$ | 120,000 |
Original Face Value Short Term Bridge Loan Financing
|
213,769 | ||||
$ | 60,000 |
Original Face Value Short Term Bridge Loan Financing
|
106,916 | ||||
$ | 33,000 |
Original Face Value Short Term Bridge Loan Financing
|
58,786 | ||||
$ | 55,000 |
Original Face Value Short Term Bridge Loan Financing
|
63,162 | ||||
$ | 243,333 |
Original Face Value Convertible Note Financing
|
134,424 | ||||
$ | 60,833 |
Original Face Value Convertible Note Financing
|
6,602 | ||||
$ | 120,000 |
Original Face Value Convertible Note Financing
|
41,280 | ||||
$ | 60,000 |
Original Face Value Convertible Note Financing
|
27,479 | ||||
$ | 200,000 |
Original Face Value Convertible Note Financing
|
112,499 | ||||
$ | 161,111 |
Original Face Value Convertible Note Financing
|
148,494 | ||||
$ | 50,000 |
Original Face Value Convertible Note Financing
|
45,417 | ||||
$ | 55,000 |
Original Face Value Convertible Note Financing
|
48,958 | ||||
$ | 137,500 |
Original Face Value Convertible Note Financing
|
304,219 | ||||
$ | 55,000 |
Original Face Value Convertible Note Financing
|
2,532 | ||||
$ | 900,000 |
Original Face Value Convertible Note Financing
|
65,200 | ||||
$ | 400,000 |
Original Face Value Convertible Note Financing
|
317,515 | ||||
$ | 600,000 |
Original Face Value Convertible Note Financing
|
791,332 | ||||
$ | 221,937 |
Original Face Value Convertible Note Financing
|
122,268 | ||||
$ | 500,000 |
Original Face Value Convertible Note Financing
|
122,251 | ||||
$ | 1,000,000 |
Original Face Value Convertible Note Financing
|
112,272 | ||||
Total income arising from fair value adjustments | $ | 9,200,123 | |||||
Total derivative expense from inception
|
$ |
(1,458,985
|
) |
Inception through March 31, 2013 |
|||||||
Interest income (expense) from instruments recorded at fair value:
|
|||||||
$ | 600,000 |
Original Face Value Convertible Note Financing
|
$ | (832,752 | ) | ||
$ | 500,000 |
Original Face Value Convertible Note Financing
|
(919,278 | ) | |||
$ | 100,000 |
Original Face Value Convertible Note Financing
|
(145,046 | ) | |||
$ | 312,000 |
Original Face Value Convertible Note Financing
|
(1,041,033 | ) | |||
$ | 120,000 |
Original Face Value Convertible Note Financing
|
(204,254 | ) | |||
$ | 5,000 |
Original Face Value Convertible Note Financing
|
(8,336 | ) | |||
$ | 5,000 |
Original Face Value Convertible Note Financing
|
(3,190 | ) | |||
$ | 60,000 |
Original Face Value Convertible Note Financing
|
(49,316 | ) | |||
$ | 70,834 |
Original Face Value Convertible Note Financing
|
(94,121 | ) | |||
$ | 200,000 |
Original Face Value Convertible Note Financing
|
(127,309 | ) | |||
$ | 27,778 |
Original Face Value Convertible Note Financing
|
(11,079 | ) | |||
$ | 161,111 |
Original Face Value Convertible Note Financing
|
(127,196 | ) | |||
$ | 111,112 |
Original Face Value Convertible Note Financing
|
(78,567 | ) | |||
$ | 507,500 |
Original Face Value Convertible Note Financing
|
(513,943 | ) | |||
$ | 50,000 |
Original Face Value Convertible Note Financing
|
50,625 | ||||
$ | 55,000 |
Original Face Value Convertible Note Financing
|
(164,875 | ) | |||
$ | 137,500 |
Original Face Value Convertible Note Financing
|
260,085 | ||||
$ | 100,000 |
Original Face Value Convertible Note Financing
|
(20,867 | ) | |||
$ | 900,000 |
Original Face Value Convertible Note Financing
|
(133,642 | ) | |||
$ | 55,000 |
Original Face Value Convertible Note Financing
|
(142,943 | ) | |||
$ | 400,000 |
Original Face Value Convertible Note Financing
|
(682,964 | ) | |||
$ | 600,000 |
Original Face Value Convertible Note Financing
|
(1,242,755 | ) | |||
$ | 221,937 |
Original Face Value Convertible Note Financing
|
(1,304,258 | ) | |||
$ | 500,000 |
Original Face Value Convertible Note Financing
|
(894,217 | ) | |||
$ | 1,000,000 |
Original Face Value Convertible Note Financing
|
(3,765,838 | ) | |||
$ | 172,211 |
Original Face Value Convertible Note Financing
|
(529,028 | ) | |||
$ | 200,000 |
Original Face Value Convertible Note Financing
|
(153,061 | ) | |||
$ | 137,783 |
Original Face Value Convertible Note Financing
|
(300,764 | ) | |||
$ | 25,000 |
Original Face Value Convertible Note Financing
|
(24,621 | ) | |||
$ | 5,492,217 |
Restructrued Previous Covertible Note Financing
|
5,093,452 | ||||
$ | 100,000 |
Original Face Value Convertible Note Financing
|
(79,613 | ) | |||
Total expense arising from fair value adjustments
|
$ | (8,190,704 | ) |
Twelve Months
Ended March 31, 2013
|
Twelve Months
Ended March 31, 2012
|
||||||||||
Our financing arrangements giving rise to derivative financial instruments and the income effects:
|
|||||||||||
Derivative income (expense):
|
|||||||||||
$ | 600,000 |
Original Face Value Convertible Note Financing
|
$ | 3,913 | $ | 18,337 | |||||
$ | 500,000 |
Original Face Value Convertible Note Financing
|
2,964 | 13,891 | |||||||
$ | 100,000 |
Original Face Value Convertible Note Financing
|
593 | 2,779 | |||||||
$ | 120,000 |
Original Face Value Short Term Bridge Loan Financing
|
- | 101 | |||||||
$ | 120,000 |
Original Face Value Short Term Bridge Loan Financing
|
- | 101 | |||||||
$ | 60,000 |
Original Face Value Short Term Bridge Loan Financing
|
31 | 50 | |||||||
$ | 33,000 |
Original Face Value Short Term Bridge Loan Financing
|
- | 28 | |||||||
$ | 55,000 |
Original Face Value Short Term Bridge Loan Financing
|
- | 6 | |||||||
$ | 120,000 |
Original Face Value Convertible Note Financing
|
241 | 1,186 | |||||||
$ | 60,000 |
Original Face Value Convertible Note Financing
|
121 | 593 | |||||||
$ | 200,000 |
Original Face Value Convertible Note Financing
|
837 | 4,119 | |||||||
$ | 161,111 |
Original Face Value Convertible Note Financing
|
674 | 3,318 | |||||||
$ | 50,000 |
Original Face Value Convertible Note Financing
|
209 | 1,030 | |||||||
$ | 55,000 |
Original Face Value Convertible Note Financing
|
209 | 1,030 | |||||||
$ | 137,500 |
Original Face Value Convertible Note Financing
|
575 | 2,832 | |||||||
$ | 55,000 |
Original Face Value Convertible Note Financing
|
230 | 1,133 | |||||||
$ | 900,000 |
Original Face Value Convertible Note Financing
|
113,810 | 560,148 | |||||||
$ | 400,000 |
Original Face Value Convertible Note Financing
|
31,102 | 157,071 | |||||||
$ | 600,000 |
Original Face Value Convertible Note Financing
|
78,278 | 456,044 | |||||||
$ | 221,937 |
Original Face Value Convertible Note Financing
|
44,502 | 77,766 | |||||||
$ | 500,000 |
Original Face Value Convertible Note Financing
|
57,528 | 64,723 | |||||||
$ | 1,000,000 |
Original Face Value Convertible Note Financing
|
76,042 | 36,229 | |||||||
Total derivative income (expense) arising from fair value adjustments | 411,859 | 1,402,515 | |||||||||
Day-one derivative losses | (167,704 | ) | (1,799,027 | ) | |||||||
Total derivative income (expense) | $ | 244,155 | $ | (396,512 | ) |
Twelve Months
Ended March 31, 2013
|
Twelve Months
Ended March 31, 2012
|
||||||||||
Interest income (expense) from instruments recorded at fair value:
|
|||||||||||
$ | 600,000 |
Original Face Value Convertible Note Financing
|
$ | - | $ | (334,764 | ) | ||||
$ | 500,000 |
Original Face Value Convertible Note Financing
|
(302,111 | ) | 22,502 | ||||||
$ | 312,000 |
Original Face Value Convertible Note Financing
|
(7,247 | ) | (75,181 | ) | |||||
$ | 120,000 |
Original Face Value Short Term Bridge Loan Financing
|
(143,963 | ) | (90,383 | ) | |||||
$ | 5,000 |
Original Face Value Short Term Bridge Loan Financing
|
(2,669 | ) | 700 | ||||||
$ | 5,000 |
Original Face Value Short Term Bridge Loan Financing
|
- | 955 | |||||||
$ | 60,000 |
Original Face Value Convertible Note Financing
|
(32,024 | ) | 32,393 | ||||||
$ | 70,834 |
Original Face Value Convertible Note Financing
|
(73,642 | ) | 38,242 | ||||||
$ | 27,778 |
Original Face Value Convertible Note Financing
|
(21,341 | ) | 22,357 | ||||||
$ | 200,000 |
Original Face Value Convertible Note Financing
|
(76,829 | ) | 116,037 | ||||||
$ | 111,112 |
Original Face Value Convertible Note Financing
|
(24,656 | ) | (24,656 | ) | |||||
$ | 161,111 |
Original Face Value Convertible Note Financing
|
(61,891 | ) | 284,241 | ||||||
$ | 507,500 |
Original Face Value Convertible Note Financing
|
76,135 | (391,426 | ) | ||||||
$ | 50,000 |
Original Face Value Convertible Note Financing
|
(16,518 | ) | 100,922 | ||||||
$ | 55,000 |
Original Face Value Convertible Note Financing
|
71,356 | (84,077 | ) | ||||||
$ | 137,500 |
Original Face Value Convertible Note Financing
|
92,787 | (80,516 | ) | ||||||
$ | 100,000 |
Original Face Value Convertible Note Financing
|
(12,655 | ) | (11,041 | ) | |||||
$ | 55,000 |
Original Face Value Convertible Note Financing
|
71,356 | (84,076 | ) | ||||||
$ | 400,000 |
Original Face Value Convertible Note Financing
|
(290,889 | ) | (476,520 | ) | |||||
$ | 600,000 |
Original Face Value Convertible Note Financing
|
(456,547 | ) | (1,056,806 | ) | |||||
$ | 221,937 |
Original Face Value Convertible Note Financing
|
(306,346 | ) | (997,913 | ) | |||||
$ | 500,000 |
Original Face Value Convertible Note Financing
|
(739,736 | ) | (154,481 | ) | |||||
$ | 1,000,000 |
Original Face Value Convertible Note Financing
|
(4,140,946 | ) | 375,103 | ||||||
$ | 172,211 |
Original Face Value Convertible Note Financing
|
(228,066 | ) | (300,962 | ) | |||||
$ | 200,000 |
Original Face Value Convertible Note Financing
|
(153,061 | ) | - | ||||||
$ | 137,783 |
Original Face Value Convertible Note Financing
|
(300,764 | ) | - | ||||||
$ | 25,000 |
Original Face Value Convertible Note Financing
|
(24,621 | ) | - | ||||||
$ | 5,492,217 |
Restructured Previous Covertible Note Financing
|
5,093,452 | - | |||||||
$ | 100,000 |
Original Face Value Convertible Note Financing
|
(79,613 | ) | - | ||||||
Total interest income (expense) arising from fair value adjustments
|
(2,091,049 | ) | (3,169,350 | ) | |||||||
Other interest expense
|
(580,872 | ) | (729,078 | ) | |||||||
Interest income (expense) and other financing costs
|
$ | (2,671,921 | ) | $ | (3,898,428 | ) |
Three Months
Ended
March 31, 2013
|
Three Months
Ended
March 31, 2012
|
||||||||||
Our financing arrangements giving rise to derivative financial instruments and the income effects:
|
|||||||||||
Derivative income (expense):
|
|||||||||||
$ | 600,000 |
Face Value Convertible Note Financing
|
$ | 136 | $ | (2,654 | ) | ||||
$ | 500,000 |
Face Value Convertible Note Financing
|
113 | (2,010 | ) | ||||||
$ | 100,000 |
Face Value Convertible Note Financing
|
23 | (402 | ) | ||||||
$ | 120,000 |
Face Value Short Term Bridge Loan Financing
|
(16 | ) | (8 | ) | |||||
$ | 120,000 |
Face Value Short Term Bridge Loan Financing
|
(16 | ) | (8 | ) | |||||
$ | 60,000 |
Face Value Short Term Bridge Loan Financing
|
31 | (4 | ) | ||||||
$ | 33,000 |
Face Value Short Term Bridge Loan Financing
|
- | (3 | ) | ||||||
$ | 120,000 |
Face Value Convertible Note Financing
|
11 | (159 | ) | ||||||
$ | 60,000 |
Face Value Convertible Note Financing
|
5 | (80 | ) | ||||||
$ | 200,000 |
Face Value Convertible Note Financing
|
37 | (554 | ) | ||||||
$ | 161,111 |
Face Value Convertible Note Financing
|
29 | (446 | ) | ||||||
$ | 50,000 |
Face Value Convertible Note Financing
|
9 | (138 | ) | ||||||
$ | 55,000 |
Face Value Convertible Note Financing
|
9 | (138 | ) | ||||||
$ | 137,500 |
Face Value Convertible Note Financing
|
25 | (380 | ) | ||||||
$ | 55,000 |
Face Value Convertible Note Financing
|
10 | (152 | ) | ||||||
$ | 900,000 |
Face Value Convertible Note Financing
|
4,978 | (75,283 | ) | ||||||
$ | 400,000 |
Face Value Convertible Note Financing
|
1,955 | (20,340 | ) | ||||||
$ | 600,000 |
Face Value Convertible Note Financing
|
5,517 | (58,471 | ) | ||||||
$ | 221,937 |
Face Value Convertible Note Financing
|
2,108 | (28,859 | ) | ||||||
$ | 500,000 |
Face Value Convertible Note Financing
|
3,892 | (37,896 | ) | ||||||
$ | 1,000,000 |
Face Value Convertible Note Financing
|
4,345 | 36,230 | |||||||
Day-one derivative expense | (70,387 | ) | (1,215,165 | ) | |||||||
Total derivative income (expense) arising from fair value adjustments | $ | (47,186 | ) | $ | (1,406,920 | ) |
Three Months Ended March 31, 2013 |
Three Months Ended March 31, 2012 |
||||||||||
Interest income (expense) from instruments recorded at fair value:
|
|||||||||||
$ | 600,000 |
Face Value Convertible Note Financing
|
$ | - | $ | (363,579 | ) | ||||
$ | 500,000 |
Face Value Convertible Note Financing
|
62 | (66,882 | ) | ||||||
$ | 312,000 |
Face Value Convertible Note Financing
|
(403 | ) | (79,070 | ) | |||||
$ | 120,000 |
Face Value Convertible Note Financing
|
(140,748 | ) | (155,902 | ) | |||||
$ | 5,000 |
Face Value Convertible Note Financing
|
272 | (2,030 | ) | ||||||
$ | 5,000 |
Face Value Convertible Note Financing
|
- | (1,775 | ) | ||||||
$ | 60,000 |
Face Value Convertible Note Financing
|
3,267 | (368 | ) | ||||||
$ | 70,834 |
Face Value Convertible Note Financing
|
(31,979 | ) | (433 | ) | |||||
$ | 27,778 |
Face Value Convertible Note Financing
|
403 | 13,529 | |||||||
$ | 200,000 |
Face Value Convertible Note Financing
|
1,450 | 48,704 | |||||||
$ | 111,112 |
Face Value Convertible Note Financing
|
(12,293 | ) | (49,778 | ) | |||||
$ | 161,111 |
Face Value Convertible Note Financing
|
1,167 | 39,235 | |||||||
$ | 507,500 |
Face Value Convertible Note Financing
|
(37,458 | ) | (474,593 | ) | |||||
$ | 50,000 |
Face Value Convertible Note Financing
|
791 | 6,924 | |||||||
$ | 55,000 |
Face Value Convertible Note Financing
|
20,153 | (212,084 | ) | ||||||
$ | 137,500 |
Face Value Convertible Note Financing
|
26,205 | (275,786 | ) | ||||||
$ | 100,000 |
Face Value Convertible Note Financing
|
(24 | ) | (35,230 | ) | |||||
$ | 55,000 |
Face Value Convertible Note Financing
|
20,153 | (212,084 | ) | ||||||
$ | 900,000 |
Face Value Convertible Note Financing
|
88,217 | - | |||||||
$ | 400,000 |
Face Value Convertible Note Financing
|
(270,133 | ) | (177,665 | ) | |||||
$ | 600,000 |
Face Value Convertible Note Financing
|
(419,590 | ) | (835,101 | ) | |||||
$ | 221,937 |
Face Value Convertible Note Financing
|
378 | (899,307 | ) | ||||||
$ | 500,000 |
Face Value Convertible Note Financing
|
(629,476 | ) | 30,038 | ||||||
$ | 1,000,000 |
Face Value Convertible Note Financing
|
(3,134,879 | ) | 375,103 | ||||||
$ | 172,211 |
Face Value Convertible Note Financing
|
(225,456 | ) | (300,962 | ) | |||||
$ | 200,000 |
Face Value Convertible Note Financing
|
(165,178 | ) | - | ||||||
$ | 137,783 |
Face Value Convertible Note Financing
|
(103,864 | ) | - | ||||||
$ | 128,750 |
Face Value Convertible Note Financing
|
(6,629 | ) | - | ||||||
$ | 25,000 |
Face Value Convertible Note Financing
|
(24,621 | ) | - | ||||||
$ | 5,492,217 |
Face Value Convertible Note Financing (a)
|
5,093,452 | - | |||||||
$ | 100,000 |
Face Value Convertible Note Financing
|
(79,613 | ) | - | ||||||
Total interest income (expense) arising from fair value adjustments
|
(26,374 | ) | (3,629,096 | ) | |||||||
Other interest expense
|
20,353 | (540,464 | ) | ||||||||
Interest income (expense) and other financing costs
|
$ | (6,021 | ) | $ | (4,169,560 | ) |
For The Year Ended
|
||||||||
March 31,
|
March 31,
|
|||||||
2013
|
2012
|
|||||||
Cash provided by (used in):
|
||||||||
Operating activities
|
$ | (1,223,677 | ) | $ | (1,585,215 | ) | ||
Investing activities
|
$ | (11,028 | ) | $ | (16,002 | ) | ||
Financing activities
|
$ | 1,110,000 | $ | 1,500,000 |
Original Note Amount |
Original Issue
Date |
|||
CONVERTIBLE NOTES (a) |
All previous convertible notes payable were surrendered and consolidated into one new note per debt holder on 2/21/13
|
|||
$ | 600,000 |
October, 2007
|
||
$ | 312,000 |
January, 2008
|
||
$ | 500,000 |
February, 2008
|
||
$ | 100,000 |
June, 2008
|
||
$ | 263,333 |
September, 2008
|
||
$ | 60,833 |
December, 2008
|
||
$ | 200,834 |
January, 2009
|
||
$ | 60,000 |
February, 2009
|
||
$ | 361,112 |
March, 2009
|
||
$ | 27,778 |
October, 2009
|
||
$ | 618,612 |
November, 2009
|
||
$ | 150,000 |
January, 2010
|
||
$ | 192,500 |
March, 2010
|
||
$ | 55,000 |
May, 2010
|
||
$ | 900,000 |
July, 2011
|
||
$ | 400,000 |
January, 2011
|
||
$ | 600,000 |
March, 2011
|
||
$ | 221,937 |
June, 2011
|
||
$ | 500,000 |
July, 2011
|
||
$ | 1,000,000 |
February, 2012
|
||
$ | 172,211 |
March, 2012
|
||
$ | 125,000 |
August, 2012
|
||
$ | 75,000 |
September, 2012
|
||
$ | 137,783 |
September, 2012
|
||
$ | 25,000 |
November, 2012
|
||
$ |
7,658,933
|
Total Surrendered Outstanding Convertible Notes | $ | 5,020,944 | ||||||||||||||||
Warrants Purchase Notes | 350,000 | |||||||||||||||||
$ | 5,370,944 |
(c)
|
Original
|
|
Default
|
Accrued
|
|||||||||||||||||||
New Note
|
Issue
|
Default
|
$ Amount
|
Interest
|
Interest
|
Default
|
||||||||||||||||
Amounts
|
Date
|
Due Date
|
Yes/No
|
Past Due
|
Rate
|
Rate
|
Interest
|
|||||||||||||||
$ |
25,000
|
December, 2013
|
5/31/2013 (b)
|
No
|
- |
None
|
None
|
- | ||||||||||||||
$ |
25,000
|
January, 2013
|
6/30/2013 (b)
|
No
|
- |
None
|
None
|
- | ||||||||||||||
$ |
5,370,944
|
February, 2013
|
2/21/2015 (c)
|
No
|
- | 4 | % | 20 | % | - | ||||||||||||
$ |
121,327
|
February, 2013
|
2/21/2015 (c)
|
No
|
- | 4 | % | 20 | % | - | ||||||||||||
$ |
25,000
|
February, 2013
|
7/31/2015 (b)
|
No
|
- |
None
|
None
|
- | ||||||||||||||
$ |
25,000
|
March, 2013
|
8/31/2013 (b)
|
No
|
- |
None
|
None
|
- | ||||||||||||||
$ |
5,592,271
|
SHORT-TERM BRIDGE LOANS (d) | ||||||||||||||||||||||
$ |
60,000
|
April 14, 2008
|
Past due
|
Yes (d)
|
$ | 60,000 | 15 | % | $ | 34,882 | ||||||||||||
$ |
55,000
|
August 5, 2008
|
Past due
|
Yes (d)
|
$ | 55,000 | 15 | % | $ | 48,598 | ||||||||||||
$ |
115,000
|
Total amount past due
|
$ | 115,000 | $ | 83,480 |
(a) |
All of the above various convertible notes held by each debt holder were surrendered and consolidated into one new note per debt holder on February 21, 2013 with equal terms and maturity dates.
|
(b) |
Both parties will agree to extend these monthly $25,000 notes as needed.
|
(c) |
A total of $5,020,944 face value in outstanding convertible notes at 2/21/13 and newly issued notes for a total of $350,000 to purchase 212,501,323 Class A warrants (before reverse stock split) were combined in new consolidated notes per debt holder that total $5,370,944. The $121,327 convertible note for services rendered by a debt holder has the same terms and features as the $5,370,944 convertible notes.
|
(d) |
Notes indicated in default are in default because they are past due. One of the debt holders is a Board Director and will extend the maturity date as soon as we can locate the other debt holder.
|
●
|
sales of new products could adversely impact sales of existing products;
|
●
|
we may incur higher cost of goods sold and selling, general and administrative expenses in the periods when we introduce new products due to increased costs associated with the introduction and marketing of new products, most of which are expensed as incurred; and
|
●
|
when we introduce new platforms and bottle sizes, we may experience increased freight and logistics costs as our co-packers adjust their facilities for the new products.
|
●
|
if any of those co-packers were to terminate our co-packing arrangement or have difficulties in producing beverages for us, our ability to produce our beverages would be adversely affected until we were able to make alternative arrangements; and
|
●
|
our business reputation would be adversely affected if any of the co-packers were to produce inferior quality products.
|
●
|
price and volume fluctuations in the stock markets;
|
●
|
changes in our revenues and earnings or other variations in operating results;
|
●
|
any shortfall in revenue or increase in losses from levels expected by us or securities analysts;
|
●
|
changes in regulatory policies or law;
|
●
|
operating performance of companies comparable to us; and
|
●
|
general economic trends and other external factors.
|
|
* We have noted that there may be an insufficient quantity of dedicated resources and experienced personnel involved in reviewing and designing internal controls. As a result, a material misstatement of the interim and annual financial statements could occur and not be prevented or detected on a timely basis.
|
|
* We do not have an audit committee or an independent audit committee financial expert. While not being legally obligated to have an audit committee or independent audit committee financial expert, it is the management’s view that to have an audit committee, comprised of independent board members and an independent audit committee financial expert, is an important entity-level control over the Company's financial statements. Currently, the Board does not have sufficient independent directors to form such an audit committee. Also, the Board of Directors does not have an independent director with sufficient financial expertise to serve as an independent financial expert.
|
|
* Due to the complex nature of recording derivatives and similar financial instruments, we noted a need for increased coordination and review of techniques and assumptions used in recording derivatives to ensure accounting in conformity with generally accepted accounting principles.
|
|
* Interviewing and potentially hiring outside consultants that are experts in designing internal controls over financial reporting based on criteria established in Internal Control-Integrated Framework issued by COSO.
|
|
* The Company has hired an outside consultant to assist with controls over the review and application of derivatives to ensure accounting in conformity with generally accepted accounting principles.
|
|
* Board to review and make recommendations to shareholders concerning the composition of the Board of Directors, with particular focus on issues of independence. The Board of Directors to consider nominating an audit committee and audit committee financial expert, which may or may not consist of independent members as funds allow.
|
Name of Officer and Age
|
Position with the Company
|
Year Appointed
|
|||
Roy Warren
|
57 |
Chairman, Chief Executive Officer and President
|
2007
|
||
Michael Edwards
|
53 |
Director
|
2007
|
||
H. John Buckman
|
67 |
Director
|
2007
|
||
Tommy Kee
|
64 |
Chief Financial Officer
|
2007 2010*
|
Change in
|
||||||||||||||||||||||||||||||||||||
Pension
|
||||||||||||||||||||||||||||||||||||
Value &
|
||||||||||||||||||||||||||||||||||||
Nonqualified
|
||||||||||||||||||||||||||||||||||||
Earned
|
(f)
|
Non-equity
|
Deferred
|
(h)
|
||||||||||||||||||||||||||||||||
Salary /
|
Stock
|
Option
|
Incentive
|
Comp.
|
All Other
|
|||||||||||||||||||||||||||||||
Principal
|
Consulting | Bonus |
Awards
|
Awards |
Plan Comp.
|
Earnings | Comp. | Total | ||||||||||||||||||||||||||||
Name
|
Position
|
Year
|
$
|
$
|
$
|
$
|
$ |
$
|
$
|
$
|
||||||||||||||||||||||||||
Roy Warren (g)
|
CEO
|
2013 (a)
|
$ | 215,662 | $ | - |
(b)
|
$ | - | $ | - | $ | - | $ | 15,668 | $ | 231,330 | |||||||||||||||||||
Roy Warren (g)
|
CEO
|
2012 (c)
|
$ | 162,000 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 19,308 | $ | 181,308 | ||||||||||||||||||
Tommy Kee (g)
|
CFO
|
2013 (d)
|
$ | 99,851 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 11,745 | $ | 111,596 | ||||||||||||||||||
Tommy Kee (g)
|
CFO
|
2012 (e)
|
$ | 84,000 | $ | - | $ | - | $ | 2,642 | $ | - | $ | - | $ | 12,042 | $ | 98,684 |
Option Awards
|
Stock Awards
|
||||||||||||||||||||||||||||||||
Equity
|
|||||||||||||||||||||||||||||||||
Equity
|
Incentive
|
||||||||||||||||||||||||||||||||
Incentive
|
Plan Awards:
|
||||||||||||||||||||||||||||||||
Equity
|
Plan Awards:
|
Market or
|
|||||||||||||||||||||||||||||||
Incentive Plan
|
Market
|
Number
|
Payout Value
|
||||||||||||||||||||||||||||||
Plan Awards:
|
Number of
|
Value of
|
of Unearned
|
of Unearned
|
|||||||||||||||||||||||||||||
Number of
|
Number of
|
Number of
|
Shares or
|
Shares of
|
Shares, Units
|
Shares
|
|||||||||||||||||||||||||||
Securities
|
Securities
|
Securities
|
Units of
|
Units of
|
or Other
|
Units or
|
|||||||||||||||||||||||||||
Underlying
|
Underlying
|
Underlying
|
|
Stock That
|
Stock That
|
Rights That
|
Other Rights
|
||||||||||||||||||||||||||
Unexercised
|
Unexercised
|
Unexercised
|
Option
|
Option
|
Have Not
|
Have Not
|
Have Not
|
That Have
|
|||||||||||||||||||||||||
Options #
|
Options #
|
Unearned
|
Exercise
|
Expiration
|
Vested
|
Vested
|
Vested
|
Not Vested
|
|||||||||||||||||||||||||
Name
|
Exercisable
|
Unexercisable
|
Options #
|
Price $
|
Date
|
# | $ | # | $ | ||||||||||||||||||||||||
Roy Warren, CEO (a) (c)
|
895 | 895 | - | $ | 500.00 |
3/31/2014
|
- | $ | - | - | $ | - | |||||||||||||||||||||
Tommy Kee, CFO (b)
|
11,451 | 11,451 | - | $ | 10.00 |
12/30/2016
|
- | $ | - | - | $ | - | |||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||
Total
|
12,346 | 12,346 | - | - | $ | - | - |
(a) All 447,483/895 stock options (before and after reverse stock split) were granted during March , 2009.
|
|||||||||||||||||||||||||||||||||
(b) Stock optioms were granted as follows: 68,876/138 options during March, 2009, and 5,656,566/11,313 stock options (before and after reverse stock split) were granted in December, 2011.
|
|||||||||||||||||||||||||||||||||
(c) Roy Warren was issued 51 shares of Series A-1 Preferred Stock during the year ended March 31, 2013.
|
(a)
|
|
|||||||||||||||||||||||||||||
Fees
|
Nonqualified
|
|
||||||||||||||||||||||||||||
Earned or
|
|
|
Non-equity
|
Deferred
|
|
|||||||||||||||||||||||||
Paid In
|
Stock
|
Option
|
Incentive
|
Comp.
|
All Other
|
|||||||||||||||||||||||||
Name
|
Year
|
Cash
$
|
Awards
$
|
Awards
$
|
Plan Comp.
$
|
Earnings
$
|
Comp.
$
|
Total
$
|
||||||||||||||||||||||
H.John Buckman (b)
|
2013
|
$ | 12,000 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 12,000 | |||||||||||||||
2012
|
$ | 12,000 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 12,000 | ||||||||||||||||
Mike Edwards
|
2013
|
$ | 12,000 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 12,000 | |||||||||||||||
2012
|
$ | 12,000 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 12,000 |
Title of Class
|
Name and Address of Beneficial Owner (1)
|
Amount and
Nature of Beneficial Ownership
|
Percent of
Class (2)
|
|||||||
Common
|
Southridge Partners II LP (3)
90 Grove Street, Suite 206
Ridgefield, Connecticut 06877
|
610,888,826 | 6.22 | % |
Title of Class
|
Name and Address of Management Owner
|
Amount and
Nature of
Ownership (1)
|
Percent of
Class (2)
|
||||
Common
|
Roy Warren
712 U.S. Highway 1, Suite 200
North Palm Beach, Fl.
|
69,572,601 | (3) |
Less than 1%
|
|||
Common
|
Tommy Kee
712 U.S. Highway 1, Suite 200
North Palm Beach, Fl.
|
5,726,192 | (4) |
Less than 1%
|
|||
Common
|
H. John Buckman
712 U.S. Highway 1, Suite 200
North Palm Beach, Fl.
|
167,700 | (5) |
Less than 1%
|
|||
Common
|
Mike Edwards
712 U.S. Highway 1, Suite 200
North Palm Beach, Fl.
|
1,200 | (6) |
Less than 1%
|
|||
Common
|
Executive officers and directors as a group
|
75,467,693 |
Less than 1%
|
(1)
|
Beneficial Ownership is determined in accordance with the rules of the Securities and Exchange Commission and generally includes voting or investment power with respect to securities. Shares of common stock subject to options or warrants currently exercisable or convertible, or exercisable or convertible within 60 days of March 31, 2013 are deemed outstanding for computing the percentage of the person holding such option or warrant but are not deemed outstanding for computing the percentage of any other person.
|
(2)
|
Percentage calculated from base of 9,207,273,234 shares of common stock outstanding at March 31, 2013 plus shares subject to options, warrants or preferred stock currently exercisable or convertible within 60 days of March 31, 2013 that are deemed outstanding for computing the percentage of the person holding such option or warrant but are not deemed outstanding for computing the percentage of any other person.
|
(3)
|
Includes 3,996 shares of our common stock owned by household family members. Remaining amount relates to 15,120,816 shares of common stock, 447,483 non-qualified stock options and 54,000,306 shares of common stock from the potential conversion of 9,000,000 Series A Preferred Stock and 51 shares of Series A-1 Preferred Stock (conversion of 6 common shares to 1 preferred share)
|
(4)
|
Represents 5,725,442 non-qualified stock options and 750 shares of common stock
|
(5)
|
Includes 162,200 shares of common stock and 5,500 warrants
|
(6)
|
Represents 1,200 shares of common stock
|
Incorporated by
|
Filed
|
|||||
Exhibit No.
|
Document Description
|
Reference
|
Herewith
|
|||
(2)(1)
|
Agreement and Plan of Merger dated September 14, 2007
|
(1)
|
||||
(3)(1)(i)
|
Restated Certificate of Incorporation
|
(1)
|
||||
(3)(1)(ii)
|
Certificate of Amendment to Certificate of Incorporation
|
(8)
|
||||
(3)(1)(iii)
|
Certificate of Amendment to Certificate of Incorporation
|
(9)
|
||||
(3)(1)(iv)
|
Certificate of Amendment to the Certificate of Incorporation
|
(23)
|
||||
(3)(1)(iv-2)
|
Certificate of Amendment to the Certificate of Incorporation
|
(27)
|
||||
(3)(1)(v)
|
Certificate of Amendment to the Certificate of Incorporation
|
(30)
|
||||
(3)(2)
|
Amended and Restated Bylaws
|
(1)
|
||||
(4)(1)
|
Certificate of Designation of the Series A Convertible Preferred
|
(1)
|
||||
(4)(1)(i)
|
Certificate of Designation of the Relative Rights and Preferences of the
|
|||||
Series A Convertible Preferred
|
(26)
|
|||||
(4)(2)
|
Form of Common Stock Certificate
|
(1)
|
||||
(4)(3)
|
Form of Class A and B Common Stock Purchase Warrant with Schedule
|
|||||
of other documents omitted- Exhibit B in Exhibit (10)(1) - (a)
|
(1)
|
|||||
(4)(4)
|
Form of 10% Convertible Note with Schedule of other documents omitted
|
|||||
Exhibit A in Exhibit (10)(1) – (a)
|
(1)
|
|||||
(4)(5)
|
Form of Secured Convertible Note with Schedule of other documents omitted
|
(1)
|
||||
(4)(6)
|
Certificate of Amendment to the certificate of Designation of the Series A
|
|||||
Convertible Preferred Stock
|
(5)
|
|||||
(4)(7)
|
Form of Note dated January 8, 2008 –Exhibit A in Exhibit (10)(8) – (b)
|
(11)
|
||||
(10)(1)
|
Subscription Agreement for Securities dated October 23, 2007
|
(11)
|
||||
(10)(2)
|
2007 Stock Compensation and Incentive Plan
|
(1)
|
||||
(10)(3)
|
Escrow Agreement dated October 23, 2007 – Exhibit C in Exhibit (10)(1) – (a)
|
(1)
|
||||
(10)(4)
|
Security Agreement dated October 23, 2007 – Exhibit D in Exhibit (10)(1) – (a)
|
(1)
|
||||
(10)(5)
|
Subsidiary Guaranty dated October 23, 2007 – Exhibit E in Exhibit (10)(1) – (a)
|
(1)
|
||||
(10)(6)
|
Collateral Agent Agreement dated October 23, 2007-Exhibit F in
|
|||||
Exhibit (10)(1) – (a)
|
(1)
|
|||||
(10)(7)
|
Office Lease Agreement dated December 15, 2007
|
(2)
|
||||
(10)(8)
|
Subscription Agreement for Securities dated January 8, 2008
|
(11)
|
||||
(10)(9)
|
Funds Escrow Agreement dated January 8, 2008 – Exhibit B in
|
|||||
Exhibit (10)(8) –(b)
|
(1)
|
(10)(10)
|
Waiver and Consent dated January 8, 2008
|
(1)
|
|
|||
(10)(11)
|
Notice of Waiver of Certain Conditions effective February 15, 2008
|
(1)
|
||||
(10)(12)
|
Notice of Waiver effective February 15, 2008
|
(1)
|
||||
(10)(13)
|
Notice of Waiver of Conditions effective April 8, 2008
|
(1)
|
||||
(10)(14)
|
Modification and Waiver Agreement, dated June 30, 2008
|
(11)
|
||||
(10)(15)
|
Asset Purchase Agreement and Secured Convertible
|
|||||
|
Promissory Note, August 2008
|
(11)
|
||||
(10)(16)
|
Sublicense Agreement, Termination Agreement, Promissory Note
|
|||||
With Nutraceutical Discoveries, Inc. – August, 2008 and February 2010
|
(11)
|
|||||
(10)(17)
|
Form of Modification, Waiver and Consent Agreement, September 2008
|
(3)
|
||||
(10)(18)
|
Subscription Agreement Securities September 2008
|
(11)
|
||||
(10)(19)
|
Funds Escrow Agreement September 2008 –Exhibit C in Exhibit (10)(19) –(c)
|
(11)
|
||||
(10)(20)
|
Form of Note, September 2008- Exhibit A in Exhibit (10)(19) –(c)
|
(3)
|
||||
(10)(21)
|
Form of Class A and Class B Warrant, September 2008 – Exhibit B in
|
|||||
Exhibit (10)(19) – (c)
|
(3)
|
|||||
(10)(22)
|
Manufacturing Agreement dated December 16, 2008 with O-AT-KA
|
|||||
Milk Products Cooperative, Inc.
|
(4)
|
|||||
(10)(23)
|
Form of Note and Warrant and Modification, Waiver and Consent
|
|||||
Agreement, December 2008
|
(11)
|
|||||
(10)(24)
|
Subscription Agreement, Form of Note and Warrant, Funds Escrow
|
|||||
Agreement, Form of Legal Opinion, and Second Modification, Waiver
|
||||||
And Consent Agreement, January 2009 (d)
|
(11)
|
|||||
(10)(25)
|
Amendment, Waiver and Consent Agreement, Form of Allonge No.1 to January
|
|||||
09 Notes, Form of Warrant, February 2009
|
(11)
|
|||||
(10)(26)
|
Subscription Agreement, Funds Escrow Agreement, Form of Note and
|
|||||
Warrant and Legal Opinion, March 2009
|
(11)
|
|||||
(10)(27)
|
Third Modification, Waiver and Consent Agreement, Form of Allonge No. 1 to
|
|||||
March 09 Notes, Form of Warrant, July 2009
|
(11)
|
|||||
(10)(28)
|
Form of Note, November 2009
|
(11)
|
||||
(10)(29)
|
Modification and Amendment Letters, Form of Warrant, January 2010
|
(11)
|
||||
(10)(30)
|
2010 Stock Compensation and Incentive Plan
|
(7)
|
||||
(10)(31)
|
Warrant and Allonge to March 2009 Note, dated May 13, 2010
|
(15)
|
||||
(10)(32)
|
Promissory Note, dated June 17, 2010
|
(15)
|
||||
(10)(33)
|
Warrants to extend short-term bridge loan June 30, 2010
|
(15)
|
||||
(10)(34)
|
Subscription Agreement dated July 15, 2010
|
|
||||
(Exhibits A-B (Form of Note and Warrant) filed with Form 8-K dated
|
||||||
July 21, 2010, Exhibit C (Escrow Agreement) filed as Exhibit 10.38 to Form
|
||||||
10-Q as amended for quarter ended September 30, 2010 filed June 1 2011))
|
(14)
|
|||||
(10)(35)
|
Form of Convertible Promissory Note dated July 15, 2010
|
(10)
|
||||
(10)(36)
|
Form of Class A Warrant dated July 15, 2010
|
(10)
|
||||
(10)(37)
|
First Amendment and Consent Agreement dated July 15, 2010
|
(10)
|
||||
(10)(38)
|
Escrow Agreement dated July 15, 2010
|
(14)
|
||||
(10)(39)
|
Placement Agent Agreement for July 2010 financing
|
(14)
|
||||
(10)(40)
|
Promissory Note dated December 21, 2010
|
(15)
|
||||
(10)(41)
|
Placement Agent Agreement dated December 21, 2010 for January
|
|||||
2011 Financing
|
(15)
|
|||||
(10)(42)
|
Form of Bridge Loan Extension Letter and Form of Warrant dated
|
|||||
January 11, 2011
|
(12)
|
|||||
(10)(43)
|
Subscription Agreement dated January 21, 2011 to include cap table, all
|
|
||||
exhibits (forms of note and warrant, escrow agreement, forms of legal
|
||||||
opinion and lockup agreements) and other schedules
|
(16)
|
|||||
(10)(44)
|
Second Amendment and Consent Agreement dated January 21, 2011
|
(16)
|
||||
(10)(45)
|
Form of Note with previous Landlord dated January 26, 2011
|
(12)
|
||||
(10)(46)
|
Subscription Agreement dated February 1, 2011 to include cap table, all
|
|||||
exhibits (forms of note and warrant, escrow agreement, forms of legal
|
||||||
opinion and lockup agreements) and other schedules
|
(16)
|
(10)(47)
|
Placement Agent Agreement dated March 8, 2011
|
(13)
|
||||
(10)(48)
|
Subscription Agreement dated March 17, 2011to include cap table, all
|
|||||
exhibits (forms of note and warrant, escrow agreement, forms of legal
|
||||||
opinion and lockup agreements) and other schedules
|
(16)
|
|||||
(10)(49)
|
Third Amendment and Consent Agreement dated March 17, 2011
|
|||||
(10)(50)
|
Form of Promissory Note dated June 3, 2011
|
(16)
|
||||
(10)(51)
|
Form of Promissory Note dated June 30, 2011
|
(18)
|
||||
(10)(52)
|
Placement Agent Agreement dated June 22, 2011
|
(17)
|
||||
(10)(53)
|
Form of Debt Exchange Agreement dated June 30, 2011
|
(18)
|
||||
(10)(54)
|
Subscription Agreement dated July 15, 2011 to include cap table, all
|
|||||
Exhibits (forms of note and warrant, escrow agreement, form of legal
|
||||||
opinion) and other schedules
|
(17)
|
|||||
(10)(55)
|
Form of Promissory Note dated October 7, 2011 (Alpha)
|
(19)
|
||||
(10)(56)
|
Form of Promissory Note dated October 7, 2011 (Centaurian)
|
(19)
|
||||
(10)(57)
|
Form of Promissory Note with conversion rights November 3, 2011
|
(19)
|
||||
(10)(58)
|
Form of Promissory Note dated December 1, 2011 (Centaurian)
|
(20)
|
||||
(10)(59)
|
Form of Promissory Note dated December 1, 2011 (Alpha)
|
(20)
|
||||
(10)(60)
|
Form of Note dated December 28, 2011 (Alpha)
|
(20)
|
||||
(10)(61)
|
Cause Marketing Endorsement Partnership Agreement dated October 13, 2011
|
(20)
|
||||
(10)(62)
|
Commission Agreement dated June 29, 2011
|
(20)
|
||||
(10)(63)
|
Form of Approval of Grant of Stock Options at December 21, 2011
|
(20)
|
||||
(10)(64)
|
Subscription Agreement dated February 22, 2012 to include cap table, all
|
|||||
Exhibits (forms of note and warrant, escrow agreement, form of legal
|
||||||
Option) and other schedules
|
(21)
|
|||||
(10)(65)
|
Fifth Amendment and Consent Agreement dated February 22, 2012
|
(21)
|
||||
(10)(66)
|
Placement Agent Agreement dated February 6, 2012
|
(21)
|
||||
(10)(67)
|
Extension Agreement and Form of Note dated March 31, 2012
|
(22)
|
||||
(10)(68)
|
Certificate of Amendment to the Certificate of Incorporation May 1, 2012
|
(23)
|
||||
(10)(69)
|
Promissory Notes June, 2012
|
(23)
|
||||
(10)(70)
|
First Amendment to Lease Agreement May 31, 2012
|
(24)
|
||||
(10)(71)
|
Equity Financing and Debt Retirement Agreement dated July 19, 2012
|
(24)
|
||||
(10)(72)
|
Form of Assignment and Escrow Agreement dated August 15, 2012
|
(24)
|
||||
(10)(73)
|
Allonge No. 1 to Secured Note Issued February 22, 2012
|
(24)
|
||||
(10)(74)
|
Copy of Form of Note Referenced as Exhibit A in the above Form of Assignment
|
|||||
and Escrow Agreement dated August 15, 2012 ((see exhibit (10)(72))
|
(25)
|
|||||
(10)(75)
|
Form of Convertible Promissory Note for $125,000 dated August 31, 2012
|
(25)
|
||||
(10)(76)
|
Form of Registration Rights Agreement dated August 31, 2012
|
(29)
|
||||
(10)(77)
|
Form of Convertible Promissory Note for $75,000 dated September 26, 2012
|
(25)
|
||||
(10)(78)
|
Extension Agreement Dated September 30, 2012
|
(25)
|
||||
(10)(79)
|
Securities Transfer Agreement dated October 12, 2012
|
(25)
|
||||
(10)(80)
|
Allonge No. 2 dated October 18, 2012 to Secured Note Issued February 22, 2012
|
(25)
|
||||
(10)(81)
|
Assignment and Escrow Agreement dated October 26, 2012
|
(25)
|
||||
(10)(82)
|
Promissory Note November 1, 2012
|
(25)
|
||||
(10)(83)
|
Allonge No. 3 dated November 9, 2012 to Secured Note Issued February 22, 2012
|
(25)
|
||||
(10)(84)
|
Assignment and Escrow Agreement dated November 28, 2012
|
(29)
|
||||
(10)(85)
|
Promissory Note December 1, 2012
|
X
|
||||
(10)(86)
|
Assignment and Escrow Agreement dated December 13, 2012
|
(29)
|
||||
(10)(87)
|
Promissory Note January 1, 2013
|
X
|
||||
(10)(88)
|
Assignment and Escrow Agreement date January 8, 2013
|
X
|
||||
(10)(89)
|
Amendment to the Certificate of Designation of the Relative Rights and
|
|||||
|
Preferences of the Series A Convertible Preferred Stock January 9, 2013
|
(29)
|
||||
(10)(90)
|
Submission of Matters to a Vote of Security Holders to Approve Increase in
|
|||||
Authorized Shares for Common Stock to Twenty Billion Shares and to
|
||||||
Decrease Par Value of Common Stock and Preferred Stock from $.001
|
||||||
to $.00001 plus Ratification of the 2013 Equity Incentive Plan- January 29, 2013
|
(28)
|
(10)(91)
|
Certificate of Amendment of Certificate of Incorporation January 30, 2013
|
(29)
|
||||
(10)(92)
|
Promissory Note February 1, 2013
|
X
|
||||
(10)(93)
|
Form of New Office Lease Agreement, Commencing February 1, 2013
|
(28)
|
||||
(10)(94)
|
Allonge No.4 dated December 6, 2012 to Secured Note Issued February 22, 2012
|
(29)
|
||||
(10)(95)
|
Allonge No.5 dated December 13, 2012 to Secured Note Issued February 22, 2012
|
(29)
|
||||
(10)(96)
|
Allonge No. 6 dated January 14, 2013 to Secured Note Issued February 22, 2012
|
(29)
|
||||
(10)(97)
|
Allonge No. 7 dated February 15, 2013 to Secured Note Issued February 22, 2012
|
(29)
|
||||
(10)(98)
|
Allonge No. 8 dated April 11, 2013 to Secured Note Issued February 22, 2012
|
X
|
||||
(10)(99)
|
Form of Exchange Agreement (Surrendered Notes) February 21, 2013
|
X
|
||||
(10)(100)
|
Form of Exchange Agreement (Surrendered Warrants) February 21, 2013
|
X
|
||||
(10)(101)
|
Form of Consolidated Note at February 21, 2013
|
X
|
||||
(10)(102)
|
Convertible Note for Services Provided at February 21, 2013
|
X
|
||||
(10)(103)
|
Promissory Note March 1, 2013
|
X
|
||||
(10)(104)
|
Promissory Note April 1, 2013
|
X
|
||||
(10)(105)
|
Assignment and Escrow Agreement April 9, 2013
|
X
|
||||
(10)(106)
|
Reserved for possible future use (no document filed) | |||||
(10)(107)
|
Submission of Matters to a Vote of Security Holders on April 30, 2013 that
|
|||||
Approved the Amendment of the Company’s Certificate of Incorporation to
|
||||||
Effect a Reverse Stock Split of a ratio of One-For-500 Subject to Regulatory
|
||||||
Approval. (to be effective July 1, 2013)
|
(31)
|
|||||
(10)(108)
|
Promissory Note May 1, 2013
|
X
|
||||
(10)(109)
|
Promissory Note June 1, 2013
|
X
|
||||
(10)(110)
|
Allonge No. 9 dated June 5, 2013 to Secured Note Issued February 22, 2012
|
X
|
||||
(10)(111)
|
Assignment and Escrow Agreement June 5, 2013
|
X
|
||||
(10)(112)
|
Promissory Note June 7, 2013
|
X
|
||||
(10)(113)
|
Allonge No. 10 dated June 21, 2013 to Secured Note Issued February 22, 2012
|
X
|
||||
(10)(114)
|
Promissory Note July 1, 2013
|
X
|
||||
(10)(115) | Debt amendments for extension of maturity dates to December 31, 2014 | X | ||||
(14)
|
Code of Ethics
|
(6)
|
||||
(21)
|
Subsidiaries of Registrant
|
(1)
|
||||
(31)(i)
|
Certification of Chief Executive Officer pursuant to Rule
|
|||||
13a-14 (a)/ 15d-14 (a), as adopted pursuant to Section 302 of the
|
||||||
Sarbanes-Oxley Act of 2002
|
X
|
|||||
(31)(ii)
|
Certification of Chief Financial Officer pursuant to Rule
|
|||||
13a-14 (a)/ 15d-14 (a), as adopted pursuant to Section 302 of the
|
||||||
Sarbanes-Oxley Act of 2002
|
X
|
|||||
(32)(1)
|
Certification of Chief Executive Officer and Chief Financial Officer
|
|
||||
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
|
||||||
Section 906 of the Sarbanes-Oxley Act of 2002
|
X
|
(a) | This exhibit is referenced in the October 23, 2007 Subscription Agreement |
(b) | This exhibit is referenced in the January 8, 2008 Subscription Agreement |
(c) | This exhibit is referenced in the September 29, 2008 Subscription Agreement |
(d) | Schedule 9(s) for Lockup Agreement Providers, referenced in the exhibit index to the Subscription Agreement, was not included in this Subscription Agreement because this schedule was not assembled or produced although Exhibit E, Form of Lock Up Agreement, was included in the Subscription Agreement |
ATTITUDE DRINKS INCORPORATED
|
|||
Date: July 15, 2012
|
By:
|
/s/ Roy G. Warren | |
Roy G. Warren | |||
President and Chief Executive Officer |
Signature
|
Title
|
||
/s/ Roy G. Warren
|
President and Chief Executive Officer
|
||
Roy G. Warren
|
|||
Name
|
|||
/s/ Tommy E. Kee
|
Chief Financial Officer and Principal Accounting Officer
|
||
Tommy E. Kee
Name |
/s/ H. John Buckman
|
Director
|
||
H. John Buckman
|
|||
Name
|
|||
/s/ Mike Edwards
|
Director
|
||
Mike Edwards
Name |
F-2 | ||||
F-3 | ||||
F-4 | ||||
F-5 | ||||
F-6 | ||||
F-7 | ||||
F-9 to F-56
|
March 31, 2013
|
March 31, 2012
|
|||||||
|
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$ | 7,415 | $ | 132,120 | ||||
Accounts receivable less allowance for doubtful accounts of $16,007 and $817
|
||||||||
at March 31, 2013 and March 31, 2012, respectively
|
27,092 | 43,895 | ||||||
Inventories
|
101,721 | 258,496 | ||||||
Prepaid expenses
|
25,110 | 53,385 | ||||||
TOTAL CURRENT ASSETS
|
161,338 | 487,896 | ||||||
FIXED ASSETS, NET
|
28,858 | 24,653 | ||||||
OTHER ASSETS:
|
||||||||
Trademarks, net
|
4,786 | 25,280 | ||||||
Deposits and other
|
5,896 | 20,996 | ||||||
TOTAL OTHER ASSETS
|
10,682 | 46,276 | ||||||
TOTAL ASSETS
|
$ | 200,878 | $ | 558,825 | ||||
LIABILITIES AND STOCKHOLDERS' (DEFICIT)
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Accounts payable
|
$ | 1,632,378 | $ | 1,685,120 | ||||
Accrued liabilities
|
5,008,571 | 4,165,800 | ||||||
Derivative liabilities
|
2 | 423,262 | ||||||
Short-term bridge loans payable
|
115,000 | 115,000 | ||||||
Convertible notes payable
|
250,000 | 2,726,657 | ||||||
Non-convertible notes payable
|
316,012 | 86,012 | ||||||
Deferred revenue
|
- | 7,661 | ||||||
Loans payable to related parties
|
21,463 | 21,463 | ||||||
TOTAL CURRENT LIABILITIES
|
7,343,426 | 9,230,975 | ||||||
CONVERTIBLE NOTES PAYABLE - NET OF CURRENT PORTION
|
9,451,652 | 5,346,744 | ||||||
STOCKHOLDERS' (DEFICIT):
|
||||||||
Series A and A-1 convertible preferred stock par value $0.00001 per share,
|
||||||||
20,000,000 shares authorized, 9,000,051 and 9,000,000 shares issued and
|
||||||||
outstanding at March 31, 2013 and March 31, 2012, respectively
|
90 | 9,000 | ||||||
Common stock, par value $0.00001, 20,000,000,000 and 1,000,000 shares
|
||||||||
authorized, 18,414,546 and 1,708,096 shares issued and outstanding
|
||||||||
at March 31, 2013 and March 31, 2012, respectively (Note 14)
|
184 | 17 | ||||||
Additional paid-in capital
|
18,736,010 | 14,488,639 | ||||||
Deficit accumulated
|
(35,330,484 | ) | (28,516,550 | ) | ||||
TOTAL STOCKHOLDERS' (DEFICIT)
|
(16,594,200 | ) | (14,018,894 | ) | ||||
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT)
|
$ | 200,878 | $ | 558,825 |
2013
|
2012
|
|||||||
REVENUES:
|
||||||||
Net revenues
|
$ | 389,817 | $ | 376,437 | ||||
Product and shipping costs
|
(355,832 | ) | (318,737 | ) | ||||
GROSS PROFIT
|
33,985 | 57,700 | ||||||
OPERATING EXPENSES:
|
||||||||
Salaries, taxes and employee benefits
|
1,220,287 | 535,690 | ||||||
Marketing and promotion
|
205,036 | 461,272 | ||||||
Consulting fees
|
202,111 | 82,645 | ||||||
Professional and legal fees
|
247,082 | 228,799 | ||||||
Travel and entertainment
|
58,198 | 47,308 | ||||||
Product development costs
|
2,425 | 2,074 | ||||||
Stock compensation expense
|
99,504 | 165,068 | ||||||
Other operating expenses
|
362,861 | 374,902 | ||||||
Total Operating Expenses
|
2,397,504 | 1,897,758 | ||||||
LOSS FROM OPERATIONS
|
(2,363,519 | ) | (1,840,058 | ) | ||||
OTHER INCOME (EXPENSE):
|
||||||||
Derivative income (expense)
|
244,155 | (396,512 | ) | |||||
Loss on extinguishment of debt
|
(2,022,451 | ) | - | |||||
Loss on asset abandonment
|
(198 | ) | (14,345 | ) | ||||
Interest and other financing costs
|
(2,671,921 | ) | (3,898,428 | ) | ||||
Total Other Income (Expense)
|
(4,450,415 | ) | (4,309,285 | ) | ||||
LOSS BEFORE PROVISION
|
||||||||
FOR INCOME TAXES
|
(6,813,934 | ) | (6,149,343 | ) | ||||
Provision for income taxes
|
- | - | ||||||
NET LOSS
|
$ | (6,813,934 | ) | $ | (6,149,343 | ) | ||
Basic loss per common share
|
$ | - | $ | (13.65 | ) | |||
Diluted loss per common share
|
$ | - | $ | (13.65 | ) | |||
Weighted average common shares
|
||||||||
outstanding - basic
|
5,374,096 | 450,501 | ||||||
Weighted average common shares
|
||||||||
outstanding - diluted
|
5,374,096 | 450,501 |
Preferred
|
Common
|
Additional
|
||||||||||||||||||||||||||
Stock
|
Stock
|
Paid In
|
Accumulated
|
|||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Total
|
||||||||||||||||||||||
Balance, March 31, 2011
|
9,000,000 | $ | 9,000 | 65,956,004 | $ | 65,956 | $ | 8,076,992 | $ | (22,367,207 | ) | $ | (14,215,259 | ) | ||||||||||||||
Conversions of debt to
|
||||||||||||||||||||||||||||
common stock
|
- | - | 783,777,763 | 783,778 | 5,568,698 | - | $ | 6,352,476 | ||||||||||||||||||||
Issuance of common
|
||||||||||||||||||||||||||||
stock for services
|
- | - | (685,815 | ) | (686 | ) | (31,915 | ) | - | $ | (32,601 | ) | ||||||||||||||||
Issuance of stock options
|
- | - | - | - | 12,656 | $ | 12,656 | |||||||||||||||||||||
Finders' fees for financing
|
- | - | 5,000,000 | 5,000 | 8,177 | - | $ | 13,177 | ||||||||||||||||||||
Net loss
|
- | - | - | - | - | (6,149,343 | ) | $ | (6,149,343 | ) | ||||||||||||||||||
Balance, March 31, 2012
|
9,000,000 | $ | 9,000 | 854,047,952 | $ | 854,048 | $ | 13,634,608 | $ | (28,516,550 | ) | $ | (14,018,894 | ) | ||||||||||||||
Conversions of debt to
|
||||||||||||||||||||||||||||
common stock
|
- | - | 8,348,275,282 | 8,348,275 | (4,208,647 | ) | - | $ | 4,139,628 | |||||||||||||||||||
Issuance of common
|
||||||||||||||||||||||||||||
stock for services
|
- | - | 4,950,000 | 4,950 | 94,050 | - | $ | 99,000 | ||||||||||||||||||||
Issuance of Series A-1
|
||||||||||||||||||||||||||||
Preferred Stock
|
51 | - | - | - | - | - | $ | - | ||||||||||||||||||||
Reclass for reverse stock split
|
- | - | (9,188,858,688 | ) | (91,889 | ) | 91,889 | - | $ | - | ||||||||||||||||||
Reduction of par value to $.00001
|
- | (8,910 | ) | - | (9,115,200 | ) | 9,124,110 | - | $ | - | ||||||||||||||||||
Net loss
|
- | - | - | - | - | (6,813,934 | ) | $ | (6,813,934 | ) | ||||||||||||||||||
Balance, March 31, 2013
|
9,000,051 | $ | 90 | 18,414,546 | $ | 184 | $ | 18,736,010 | $ | (35,330,484 | ) | $ | (16,594,200 | ) |
Year
|
Year
|
|||||||
Ended
|
Ended
|
|||||||
March 31,
|
March 31,
|
|||||||
2013
|
2012
|
|||||||
CASH FLOWS (USED) BY OPERATING ACTIVITIES:
|
||||||||
Net/loss
|
$ | (6,813,934 | ) | $ | (6,149,343 | ) | ||
Adjustment to reconcile net income (loss) to net cash used in
|
||||||||
operating activities:
|
||||||||
Depreciation and amortization
|
27,118 | 6,831 | ||||||
Compensatory stock and warrants
|
99,504 | 165,068 | ||||||
Bad debt expense
|
15,190 | 817 | ||||||
Derivative expense/(income)
|
(244,155 | ) | 396,512 | |||||
Fair value adjustment of convertible note
|
2,091,049 | 3,169,350 | ||||||
Loss on debt extinguishment
|
2,022,451 | - | ||||||
Amortization of debt discount
|
303,613 | 365,127 | ||||||
Loss on disposal of fixed assets
|
198 | 14,345 | ||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
1,613 | (7,454 | ) | |||||
Prepaid expenses and other assets
|
43,375 | 271 | ||||||
Inventories
|
156,775 | (178,301 | ) | |||||
Deferred revenue
|
(7,661 | ) | (11,274 | ) | ||||
Accounts payable and accrued liabilities
|
1,081,187 | 642,836 | ||||||
Net cash (used) in operating activities
|
(1,223,677 | ) | (1,585,215 | ) | ||||
CASH FLOWS (USED) BY INVESTING ACTIVITIES:
|
||||||||
Purchase of equipment
|
(10,902 | ) | (16,002 | ) | ||||
Trademarks
|
(126 | ) | - | |||||
Net cash used in investing activities
|
(11,028 | ) | (16,002 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Proceeds from convertible notes payable
|
950,000 | 1,325,000 | ||||||
Proceeds from short-term bridge loans payable
|
250,000 | 400,000 | ||||||
Repayment of notes
|
(90,000 | ) | (225,000 | ) | ||||
Net cash provided by financing activities
|
1,110,000 | 1,500,000 | ||||||
NET (DECREASE) IN CASH AND CASH EQUIVALENTS
|
(124,705 | ) | (101,217 | ) | ||||
|
||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
132,120 | 233,337 | ||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
$ | 7,415 | $ | 132,120 |
SUPPLEMENTAL CASH FLOW INFORMATION:
|
||||||||
Cash paid during the period for interest
|
$ | - | $ | 3,451 | ||||
Cash paid for taxes
|
$ | - | $ | - | ||||
Non-cash investing and financing activities:
|
||||||||
Payment of financing fees with issuance of new notes payable
|
$ | 325,000 | $ | 15,000 | ||||
Payment of financing fees with common stock and warrants
|
$ | - | $ | 146,559 |
|
March 31,
2013
|
March 31,
2012
|
||||||
Finished goods
|
$ | 101,721 | $ | 252,413 | ||||
Finished goods on consignment
|
- | 6,083 | ||||||
Total inventories
|
$ | 101,721 | $ | 258,496 |
March 31,
2013
|
March 31,
2012
|
|||||||
Trademark costs
|
$ | 31,696 | $ | 31,570 | ||||
Less accumulated amortization
|
(26,910 | ) | (6,290 | ) | ||||
Total Trademarks - Net
|
$ | 4,786 | $ | 25,280 |
2013
|
2012
|
|||||||
Equipment | $ | 19,669 | $ | 19,669 | ||||
Furniture and fixtures
|
12,837 | 12,837 | ||||||
Leasehold improvements
|
- | 3,954 | ||||||
Vehicle
|
24,382 | 13,481 | ||||||
Purchased software
|
827 | 827 | ||||||
57,715 | 50,768 | |||||||
Less: accumulated depreciation | (28,857 | ) | (26,115 | ) | ||||
Total Fixed Assets | $ | 28,858 | $ | 24,653 |
2013
|
2012
|
|||||||
Accrued payroll and related taxes
|
$ | 2,770,580 | $ | 2,111,853 | ||||
Accrued marketing program costs
|
580,000 | 580,000 | ||||||
Accrued professional fees
|
74,950 | 70,000 | ||||||
Accrued interest
|
1,221,671 | 1,037,044 | ||||||
Accrued board of directors' fees
|
170,792 | 134,792 | ||||||
Other expenses
|
190,578 | 232,111 | ||||||
Total Accrued Liabilities
|
$ | 5,008,571 | $ | 4,165,800 |
Fair Value Amounts
|
|||||||||||
March 31,
2013
|
March 31,
2012
|
||||||||||
$ | 312,000 |
Convertible Note Financing (a)
|
$ | - | $ | 31,201 | |||||
$ | 1,200,000 |
Convertible Note Financing (b)
|
$ | - | 569,774 | ||||||
$ | 243,333 |
Convertible Note Financing (c)
|
$ | - | 292,000 | ||||||
$ | 60,833 |
Convertible Note Financing (d)
|
$ | - | 60,833 | ||||||
$ | 20,000 |
Convertible Note Financing (c)
|
$ | - | 20,000 | ||||||
$ | 120,000 |
Convertible Note Financing (e)
|
$ | - | 74,932 | ||||||
$ | 5,000 |
Convertible Note Financing (e)
|
$ | - | 11,964 | ||||||
$ | 60,000 |
Convertible Note Financing (e)
|
$ | - | 92,394 | ||||||
$ | 70,835 |
Convertible Note Financing (e)
|
$ | - | 109,689 | ||||||
$ | 507,500 |
Convertible Note Financing (f)
|
$ | - | 529,393 | ||||||
$ | 200,000 |
Convertible Note Financing (e)
|
$ | - | 79,372 | ||||||
$ | 161,111 |
Convertible Note Financing (e)
|
$ | - | 72,736 | ||||||
$ | 27,778 |
Convertible Note Financing (e)
|
$ | - | 23,894 | ||||||
$ | 111,112 |
Convertible Note Financing (g)
|
$ | - | 229,636 | ||||||
$ | 50,000 |
Convertible Note Financing (e)
|
$ | - | 26,122 | ||||||
$ | 55,000 |
Convertible Note Financing (e)
|
$ | - | 322,408 | ||||||
$ | 137,500 |
Convertible Note Financing (e)
|
$ | - | 404,494 | ||||||
$ | 55,000 |
Convertible Note Financing (e)
|
$ | - | 322,408 | ||||||
$ | 100,000 |
Convertible Note Financing (h)
|
$ | - | 38,829 | ||||||
$ | 900,000 |
Convertible Note Financing (i)
|
$ | - | 568,135 | ||||||
$ | 400,000 |
Convertible Note Financing (j)
|
$ | - | 415,335 | ||||||
$ | 600,000 |
Convertible Note Financing (k)
|
$ | - | 722,663 | ||||||
$ | 221,937 |
Convertible Note Financing (l)
|
$ | - | 132,508 | ||||||
$ | 500,000 |
Convertible Note Financing (m)
|
$ | - | 828,664 | ||||||
$ | 59,359 |
Convertible Note Financing (n)
|
$ | - | 59,359 | ||||||
$ | 1,000,000 |
Convertible Note Financing (o)
|
$ | - | 1,733,696 | ||||||
$ | 172,211 |
Convertible Note Financing (p)
|
$ | - | 300,962 | ||||||
$ | 75,000 |
Convertible Note Financing (q)
|
$ | - | - | ||||||
$ | 125,000 |
Convertible Note Financing (r)
|
$ | - | - | ||||||
$ | 75,000 |
Convertible Note Financing (s)
|
$ | - | - | ||||||
$ | 137,783 |
Convertible Note Financing (t)
|
$ | - | - | ||||||
$ | 25,000 |
Convertible Note Financing (u)
|
$ | - | - | ||||||
$ | 5,492,271 |
Convertible Note Financing due February 21, 2015 (v), (1) (2)
|
$ | 9,451,652 | - | ||||||
$ | 25,000 |
Convertible Note Financing due May 31, 2013 (u)-(v), (3)
|
$ | 62,500 | - | ||||||
$ | 25,000 |
Convertible Note Financing due June 30, 2013 (u)-(v), (3)
|
$ | 62,500 | - | ||||||
$ | 25,000 |
Convertible Note Financing due July 31, 2013 (u)-(v), (3)
|
$ | 62,500 | - | ||||||
$ | 25,000 |
Convertible Note Financing due August 31, 2013 (u)-(v), (3)
|
$ | 62,500 | - | ||||||
Total convertible notes payable
|
$ | 9,701,652 | $ | 8,073,401 |
(1) |
All of the above previous convertible notes were surrendered to the Company through a February 21, 2013 exchange agreement whereas the Company issued new consolidated notes per debt holder for a total outstanding amount on the above date for $5,020,944, $350,000 in new notes for the surrender of 212,501,323/425,003 (before and after reverse stock split) Class A warrants plus $121,327 in a new note for work rendered for this consolidated financing in the grand total of $5,492,271.
|
(2) |
New convertible note issued to existing note holder for consideration of work in assisting the Company for modifications and surrender of old convertible notes payable. Fee based on 5% of note holder's outstanding amount of $2,426,531 for $121,327 as of Febraury 21, 2013.
|
(3) |
Monthly retainer fee for $25,000 issued as a convertible note
|
Years ending March 31,
|
Face value
$ Amount
|
Fair Value
$ Amount
|
||||||
2013
|
$ | - | $ | - | ||||
2014
|
100,000 | 250,000 | ||||||
2015
|
5,310,290 | 9,451,652 | ||||||
2016
|
- | - | ||||||
2017
|
- | - | ||||||
thereafter
|
- | - | ||||||
Total long-term convertible debt, including current maturities | 5,410,290 | 9,701,652 |
(a)
|
$312,000 convertible notes payable
|
Date
|
Terms
|
Consideration
|
||
June 2008
|
Extend maturity to July 15, 2008
|
9,750 shares of common stock
|
||
September 2008
|
Extend maturity to sooner of January 1, 2009 or closing of another funding
|
Increase principal by $52,000
|
||
January 2009
|
Extend maturity date to July 1, 2009 and add a conversion option of $0.05
|
140,000 shares of restricted stock
|
||
January 2010
|
Extend maturity date to June 30, 2010
|
Convertible notes (See Note 6(h)
|
||
July 2010 | Extend maturity date to March 31, 2011 | Change in conversion price to $.035 | ||
March 2011 | Extend maturity date to March 31, 2012 | Change in conversion price to $.02 | ||
March 2012 | Extend maturity date to March 31, 2014 | New convertible notes (See Note 6 (p) |
(a)
|
$312,000 convertible notes payable (continued)
|
(b)
|
$1,200,000 convertible notes payable
|
(b)
|
$1,200,000 convertible notes payable (continued)
|
(c)
|
$243,333 convertible notes payable
|
(c)
|
$243,333 convertible notes payable (continued)
|
(d)
|
$60,833 convertible notes payable
|
(e)
|
$942,224 convertible notes payable
|
(f)
|
$507,500 convertible note payable:
|
(f)
|
$507,500 convertible note payable (continued):
|
(g)
|
$111,112 convertible note payable
|
(h)
|
$100,000 convertible notes payable
|
(i)
|
$900,000 convertible notes payable
|
(i)
|
$900,000 convertible notes payable (continued)
|
(j)
|
$400,000 convertible notes payable
|
(k)
|
$600,000 convertible notes payable
|
(l)
|
$221,937 convertible notes payable
|
(m)
|
$500,000 convertible notes payable
|
(n)
|
$59,359 convertible notes payable
|
(o)
|
$1,000,000 convertible notes payable
|
Date of
Allonge
|
$
Amount
|
Finder's
Fees
|
||||||||
Allonge #1
|
8/22/2012
|
$ | 75,000 | $ | - | |||||
Allonge #2
|
10/18/2012
|
150,000 | 15,000 | |||||||
Allonge #3
|
11/9/2012
|
135,000 | 10,000 | |||||||
Allonge #4
|
12/6/2012
|
165,000 | 15,000 | |||||||
Allonge #5
|
12/14/2012
|
165,000 | 15,000 | |||||||
Allonge #6
|
1/14/2013
|
220,000 | 20,000 | |||||||
Allonge #7
|
2/15/2013
|
40,000 | 5,000 | |||||||
Total
|
|
$ | 950,000 | $ | 80,000 |
(p)
|
$172,211 convertible notes payable
|
(q)
|
$75,000 convertible note payable
|
(r)
|
$125,000 convertible note payable
|
(s)
|
$75,000 convertible note payable
|
(t)
|
$137,783 convertible note payable
|
(u)
|
Other Convertible Notes
|
(u)
|
Other Convertible Notes - (continued)
|
(v)
|
February 21, 2013 Consolidated Convertible Notes
|
March 31,
2013
|
March 31,
2012
|
|||||||
April 14, 2008 (a)
|
$ | 60,000 | $ | 60,000 | ||||
August 5, 2008 (b)
|
55,000 | 55,000 | ||||||
Total
|
$ | 115,000 | $ | 115,000 |
Date
|
Terms
|
Consideration
|
||
June 2008
|
Extend maturity to July 19, 2008
|
Warrants indexed to 2,500/5 (before and after reverse stock split) shares of common stock
|
||
September 2008
|
Extend maturity to December 15, 2008
|
6,000/12 (before and after reverse stock split) shares of restricted stock
|
||
January 2009
|
Extend maturity date to April 30, 2009
|
1) Warrants indexed to 6,000/12 (before and after reverse stock split) shares of common stock
2) 6,000/12 (before and after reverse stock split) shares of restricted stock
|
Financing arrangement giving rise to derivative financial instruments
|
March 31,
|
March 31,
|
||||||||
2013 | 2012 | |||||||||
$ 600,000
|
Face Value Convertible Note Financing
|
$ | - | $ | 3,913 | |||||
$ 500,000
|
Face Value Convertible Note Financing
|
- | 2,964 | |||||||
$ 100,000
|
Face Value Convertible Note Financing
|
- | 593 | |||||||
$ 120,000
|
Face Value Short Term Bridge Loan Financing
|
2 | 12 | |||||||
$ 120,000
|
Face Value Short Term Bridge Loan Financing
|
- | 12 | |||||||
$ 60,000
|
Face Value Short Term Bridge Loan Financing
|
- | 6 | |||||||
$ 33,000
|
Face Value Short Term Bridge Loan Financing
|
- | 3 | |||||||
$ 120,000
|
Face Value Convertible Note Financing
|
- | 241 | |||||||
$ 60,000
|
Face Value Convertible Note Financing
|
- | 121 | |||||||
$ 200,000
|
Face Value Convertible Note Financing
|
- | 837 | |||||||
$ 161,111
|
Face Value Convertible Note Financing
|
- | 674 | |||||||
$ 50,000
|
Face Value Convertible Note Financing
|
- | 209 | |||||||
$ 55,000
|
Face Value Convertible Note Financing
|
- | 209 | |||||||
$ 137,500
|
Face Value Convertible Note Financing
|
- | 575 | |||||||
$ 55,000
|
Face Value Convertible Note Financing
|
- | 230 | |||||||
$ 900,000
|
Face Value Convertible Note Financing
|
- | 113,810 | |||||||
$ 400,000
|
Face Value Convertible Note Financing
|
- | 31,102 | |||||||
$ 600,000
|
Face Value Convertible Note Financing
|
- | 89,678 | |||||||
$ 221,937
|
Face Value Convertible Note Financing
|
- | 44,502 | |||||||
$ 500,000
|
Face Value Convertible Note Financing
|
- | 57,528 | |||||||
$ 1,000,000
|
Face Value Convertible Note Financing
|
- | 76,043 | |||||||
Total derivative liabilities
|
$ | 2 | $ | 423,262 |
Reverse Stock Split
|
||||||||||||||||||||
Expiration
|
Warrants
|
Exericse
|
Restated
|
Restated
|
||||||||||||||||
Issued Class A Warrants
|
Grant Date
|
Date
|
Granted
|
Price
|
Warrants
|
Price
|
||||||||||||||
April, 2008 Supply Agreement
|
4/16/2008
|
4/15/2013
|
5,000 | $ | 15.00 | 10 | $ | 7,500.00 | ||||||||||||
Aprl, 2008 Finder's Fees
|
4/14/2008
|
4/13/2013
|
3,125 | $ | 10.00 | 6 | $ | 5,000.00 | ||||||||||||
May, 2008 Finder's Fees
|
5/19/2008
|
5/18/2013
|
1,875 | $ | 10.00 | 4 | $ | 5,000.00 | ||||||||||||
January, 2009 Debt Extensions
|
1/27/2009
|
1/26/2014
|
26,800 | $ | 1.00 | 54 | $ | 500.00 | ||||||||||||
September, 2010 Debt Extension
|
9/9/2010
|
9/9/2013
|
51,000 | $ | 0.05 | 102 | $ | 25.00 | ||||||||||||
January, 2011 Debt Extension
|
1/11/2011
|
1/10/2014
|
12,000 | $ | 0.05 | 24 | $ | 25.00 | ||||||||||||
Total issued Class A warrants
|
99,800 | 200 | ||||||||||||||||||
Unissued Class B warrants (a):
|
||||||||||||||||||||
April, 2008 Finder's Fees
|
3,125 | 6 | ||||||||||||||||||
May, 2008 Finder's Fees
|
1,875 | 4 | ||||||||||||||||||
Total unissued Class B Warrants
|
5,000 | 10 | ||||||||||||||||||
Total Warrants
|
104,800 | 210 |
Weighted
|
Reverse Stock Split
|
|||||||||||||||
Average
|
Restated
|
Restated
|
||||||||||||||
Shares
|
Price
|
Warrants
|
Price
|
|||||||||||||
Activity for our common stock warrants is presented below:
|
||||||||||||||||
Total warrants outstanding March 31, 2011
|
116,470,441 | $ | 1.60 | 232,941 | $ | 800.00 | ||||||||||
New warrants granted
|
97,500,000 | 0.02 | 195,000 | $ | 10.00 | |||||||||||
Warrants that expired
|
(70,000 | ) | (140 | ) | ||||||||||||
Total warrants outstanding March 31, 2012
|
213,900,441 | 0.04 | 427,801 | $ | 20.00 | |||||||||||
Cashless exercise of warrants
|
(1,000,000 | ) | (2,000 | ) | ||||||||||||
Warrants that expired
|
(112,500 | ) | (225 | ) | ||||||||||||
Warrants surrendered for exchange of new convertible notes
|
(212,501,323 | ) | (425,002 | ) | ||||||||||||
Warrants (Class B) cancelled for exchange of new convertible notes
|
(181,818 | ) | (364 | ) | ||||||||||||
Total warrants outstanding March 31, 2013
|
104,800 | $ | 2.19 | 210 | $ | 1,095.00 |
Before Reverse
|
After Reverse
|
Before Reverse
|
After Reverse
|
|||||||||||||
Stock Split
|
Stock Split
|
Stock Split
|
Stock Split
|
|||||||||||||
Year Ended 3/31/09
|
||||||||||||||||
17,500 options
|
35 options
|
884,569 options
|
1,769 options
|
|||||||||||||
Expected Term (in years)
|
3.33 | 3.33 | 5 | 5 | ||||||||||||
Risk-free rate
|
3.23 | % | 3.23 | % | 1.72 | % | 1.72 | % | ||||||||
Volatility (based on peer group)
|
107 | % | 107 | % | 78.02 | % | 78.02 | % | ||||||||
Dividends
|
- | - | - | - |
Year Ended 3/31/10
|
||||||||||||||||
50,000 options
|
100 options
|
75,000 options
|
150 options
|
|||||||||||||
Expected Term (in years)
|
5 | 5 | 5 | 5 | ||||||||||||
Risk-free rate
|
2.42 | % | 2.42 | % | 2.42 | % | 2.42 | % | ||||||||
Volatility (based on peer group)
|
103 | % | 103 | % | 103 | % | 103 | % | ||||||||
Dividends
|
- | - | - | - |
Year Ended 3/31/12
|
||||||||||||||||
27,109,009 options
|
54,204 options
|
|||||||||||||||
Expected Term (in years)
|
5 | 5 | ||||||||||||||
Risk-free rate
|
0.83 | % | 0.83 | % | ||||||||||||
Volatility (based on peer group)
|
115 | % | 115 | % | ||||||||||||
Dividends
|
- | - |
Before Reverse
|
After Reverse
|
Weighed-
|
||||||||||||||||||||||
Stock Split
|
Stock Split
|
Average
|
||||||||||||||||||||||
Weighted-
|
Weighted-
|
Remaining
|
||||||||||||||||||||||
Before Reverse
|
After Reverse
|
Average
|
Average
|
Contractual
|
Aggregate
|
|||||||||||||||||||
Stock Split
|
Stock Split
|
Exercise
|
Exercise
|
Term
|
Intrinsic
|
|||||||||||||||||||
Options
|
Shares
|
Shares
|
Price
|
Price
|
(in years)
|
Value
|
||||||||||||||||||
Outstanding at 3/31/10
|
1,027,068 | 2,054 | $ | 1.20 | $ | 600.00 | 4.11 | - | ||||||||||||||||
Granted
|
- | - | - | - | ||||||||||||||||||||
Exercised
|
- | - | - | - | ||||||||||||||||||||
Forfeited
|
- | - | - | - | ||||||||||||||||||||
Expired
|
- | - | - | - | ||||||||||||||||||||
Outstanding at 3/31/11
|
1,027,068 | 2,054 | $ | 1.20 | $ | 600.00 | 3.11 | - | ||||||||||||||||
Granted
|
27,102,009 | 54,204 | $ | 0.02 | $ | 10.00 | ||||||||||||||||||
Exercised
|
- | - | - | - | ||||||||||||||||||||
Forfeited
|
- | - | - | - | ||||||||||||||||||||
Expired
|
- | - | - | - | ||||||||||||||||||||
Outstanding at 3/31/12
|
28,129,077 | 56,258 | $ | 0.06 | $ | 30.00 | 4.66 | - |
2013
|
2012
|
|||||||
Net operating loss carryforwards
|
$ | 5,744,435 | $ | 4,805,496 | ||||
Compensatory stock and warrants
|
33,831 | 56,123 | ||||||
Accrued expenses that are deductible in future periods
|
25,483 | 26,630 | ||||||
Depreciation method differences
|
1,442 | 1,623 | ||||||
5,805,191 | 4,889,872 | |||||||
Valuation allowances
|
(5,805,191 | ) | (4,889,872 | ) | ||||
Net deferred tax assets
|
$ | - | $ | - |
2013
|
2012
|
|||||||
Benefit at federal statutory rate
|
-34.00 | % | -34.00 | % | ||||
Benefit at state rate, net of federal deficit
|
2.37 | % | 2.31 | % | ||||
Fair value adjustment of convertible debt
|
30.69 | % | 51.54 | % | ||||
Non-deductible derivative loss
|
-3.58 | % | 6.45 | % | ||||
Loss on extinguishment of debt
|
29.68 | % | 0.00 | % | ||||
Non-deductible travel expenses
|
0.06 | % | 0.07 | % | ||||
Benefit at the Company's effective rate
|
-25.22 | % | -26.37 | % | ||||
Less valuation allowance effective tax rate
|
0.00 | % | 0.00 | % |
Years ending March 31, | Amount | |||
2014
|
$ | 51,360 | ||
2015
|
51,940 | |||
2016
|
52,540 | |||
2017
|
53,146 | |||
2018
|
44,730 | |||
$ | 253,716 |
TABLE REFLECTING THE EFFECTS OF THE 1-FOR-500 REVERSE STOCK SPLIT
|
||||||||
THAT WAS EFFECTIVE AS OF JULY 1, 2013 FOR THE PERIODS
|
||||||||
ENDED MARCH 31, 2013 AND MARCH 31, 2012
|
||||||||
Before Reverse
|
With Reverse
|
|||||||
Stock Split
|
Stock Split
|
|||||||
For the period ended March 31, 2013
|
||||||||
Shares issued and outstanding
|
9,207,273,234 | 18,414,546 | ||||||
Basic loss per common share
|
$ | - | $ | - | ||||
Diluted loss per common share
|
$ | - | $ | - | ||||
Weighted average common shares
|
||||||||
outstanding - basic
|
2,687,047,797 | 5,374,096 | ||||||
Weighted average common sares
|
||||||||
outstanding - diluted
|
2,687,047,797 | 5,374,096 | ||||||
For the period ended March 31, 2012
|
||||||||
Shares issued and outstanding
|
854,047,952 | 1,708,096 | ||||||
Basic loss per common share
|
$ | (0.03 | ) | $ | (13.65 | ) | ||
Diluted loss per common share
|
$ | (0.03 | ) | $ | (13.65 | ) | ||
Weighted average common shares
|
||||||||
outstanding - basic
|
225,250,685 | 450,501 | ||||||
Weighted average common sares
|
||||||||
outstanding - diluted
|
225,250,685 | 450,501 |
No.
|
US $25,000.00
|
No. Business Days Late |
Late Payment For Each $10,000
of Note Principal or Interest
Amount Being Converted |
|
1
|
$100
|
|
2
|
$200
|
|
3
|
$300
|
|
4
|
$400
|
|
5
|
$500
|
|
6 | $600 | |
7 | $700 | |
8 | $800 | |
9 | $900 | |
10 | $1,000 | |
>10 |
$1,000+$200 for each Business Day Late beyond 10 days
|
a.
|
The Company shall default in the payment of principal and interest on this Note and same shall continue for a period of five (5) days; or
|
b.
|
Any of the representations or warranties made by the Company herein, in any certificate or financial or other written statements heretofore or hereafter furnished by the Company in connection with the execution and delivery of this Note shall be false or misleading in any material respect at the time made; or
|
c.
|
The Company shall fail to perform or observe, in any material respect, any other covenant, term, provision, condition, agreement or obligation of any Note and such failure shall continue uncured for a period of thirty (30) days after written notice from the Holder of such failure; or
|
d.
|
The Company fails to authorize or to cause its Transfer Agent to issue shares of Common Stock upon exercise by the Holder of the conversion rights of the Holder in accordance with the terms of this Note, fails to transfer or to cause its Transfer Agent to transfer any certificate for shares of Common Stock issued to the Holder upon conversion of this Note and when required by this Note, and such transfer is otherwise lawful, or fails to remove any restrictive legend on any certificate or fails to cause its Transfer Agent to remove such restricted legend, in each case where such removal is lawful, as and when required by this Note, the Agreement, and any such failure shall continue uncured for ten (10) business days; or
|
e.
|
The Company shall (1) admit in writing its inability to pay its debts generally as they mature; (2) make an assignment for the benefit of creditors or commence proceedings for its dissolution; or (3) apply for or consent to the appointment of a trustee, liquidator or receiver for its or for a substantial part of its property or business; or
|
f.
|
A trustee, liquidator or receiver shall be appointed for the Company or for a substantial part of its property or business without its consent and shall not be discharged within sixty (60) days after such appointment; or
|
g.
|
Any governmental agency or any court of competent jurisdiction at the instance of any governmental agency shall assume custody or control of the whole or any substantial portion of the properties or assets of the Company and shall not be dismissed within sixty (60) days thereafter; or
|
h.
|
Any money judgment, writ or warrant of attachment, or similar process inexcess of Two Hundred Thousand ($200,000) Dollars in the aggregate shall be entered or filed against the Company or any of its properties or other assets and shall remain unpaid, unvacated, unbonded or unstayed for a period of sixty (60) days or in any event later than five (5) days prior to the date of any proposed sale thereunder; or
Bankruptcy, reorganization, insolvency or liquidation proceedings or other proceedings for relief under any bankruptcy law or any law for the relief of debtors shall be instituted by or against the Company and, if instituted against the Company, shall not be dismissed within sixty (60) days after such institution or the Company shall by any action or answer approve of; consent to, or acquiesce in any such proceedings or admit the material allegations of, or default in answering a petition filed in any such proceeding; or
The Company shall have its Common Stock suspended or delisted from an exchange or over-the-counter market from trading for in excess of five trading days.
|
ATTITUDE DRINKS INCORPORATED
|
||||
/s/ Roy G. Warren
|
||||
By: Roy G. Warren
|
||||
Title: President and CEO
|
||||
ATTESTOR | ||||
By: |
/s/ Debra L. Lieblong
|
|||
Name: |
Debra L. Lieblong
|
No.
|
US $25,000.00
|
No. Business Days Late |
Late Payment For Each $10,000
of Note Principal or Interest
Amount Being Converted |
|
1
|
$100
|
|
2
|
$200
|
|
3
|
$300
|
|
4
|
$400
|
|
5
|
$500
|
|
6 | $600 | |
7 | $700 | |
8 | $800 | |
9 | $900 | |
10 | $1,000 | |
>10 |
$1,000+$200 for each Business Day Late beyond 10 days
|
a.
|
The Company shall default in the payment of principal and interest on this Note and same shall continue for a period of five (5) days; or
|
b.
|
Any of the representations or warranties made by the Company herein, in any certificate or financial or other written statements heretofore or hereafter furnished by the Company in connection with the execution and delivery of this Note shall be false or misleading in any material respect at the time made; or
|
c.
|
The Company shall fail to perform or observe, in any material respect, any other covenant, term, provision, condition, agreement or obligation of any Note and such failure shall continue uncured for a period of thirty (30) days after written notice from the Holder of such failure; or
|
d.
|
The Company fails to authorize or to cause its Transfer Agent to issue shares of Common Stock upon exercise by the Holder of the conversion rights of the Holder in accordance with the terms of this Note, fails to transfer or to cause its Transfer Agent to transfer any certificate for shares of Common Stock issued to the Holder upon conversion of this Note and when required by this Note, and such transfer is otherwise lawful, or fails to remove any restrictive legend on any certificate or fails to cause its Transfer Agent to remove such restricted legend, in each case where such removal is lawful, as and when required by this Note, the Agreement, and any such failure shall continue uncured for ten (10) business days; or
|
e.
|
The Company shall (1) admit in writing its inability to pay its debts generally as they mature; (2) make an assignment for the benefit of creditors or commence proceedings for its dissolution; or (3) apply for or consent to the appointment of a trustee, liquidator or receiver for its or for a substantial part of its property or business; or
|
f.
|
A trustee, liquidator or receiver shall be appointed for the Company or for a substantial part of its property or business without its consent and shall not be discharged within sixty (60) days after such appointment; or
|
g.
|
Any governmental agency or any court of competent jurisdiction at the instance of any governmental agency shall assume custody or control of the whole or any substantial portion of the properties or assets of the Company and shall not be dismissed within sixty (60) days thereafter; or
|
h.
|
Any money judgment, writ or warrant of attachment, or similar process inexcess of Two Hundred Thousand ($200,000) Dollars in the aggregate shall be entered or filed against the Company or any of its properties or other assets and shall remain unpaid, unvacated, unbonded or unstayed for a period of sixty (60) days or in any event later than five (5) days prior to the date of any proposed sale thereunder; or
Bankruptcy, reorganization, insolvency or liquidation proceedings or other proceedings for relief under any bankruptcy law or any law for the relief of debtors shall be instituted by or against the Company and, if instituted against the Company, shall not be dismissed within sixty (60) days after such institution or the Company shall by any action or answer approve of; consent to, or acquiesce in any such proceedings or admit the material allegations of, or default in answering a petition filed in any such proceeding; or
The Company shall have its Common Stock suspended or delisted from an exchange or over-the-counter market from trading for in excess of five trading days.
|
ATTITUDE DRINKS INCORPORATED
|
||||
/s/ Roy G. Warren
|
||||
By: Roy G. Warren
|
||||
Title: President and CEO
|
||||
ATTESTOR | ||||
By: |
/s/ Debra L. Lieblong
|
|||
Name: |
Debra L. Lieblong
|
ALPHA CAPITAL ANSTALT
|
SOUTHRIDGE PARTNERS II LP
|
||
“Assignor”
|
“Assignee”
|
||
/s/ Konrad Ackerman
|
/s/ Steve Hicks
|
||
By: Konrad Ackerman
|
By: Southridge Advisors LLC
|
||
Its: Director
|
Its: GP
|
||
ATTITUDE DRINKS, INC.
|
ESCROW AGENT:
|
||
“Company”
|
|||
/s/ Roy Warren
|
/s/ Grushko & Mittman, P.C.
|
||
By: Roy Warren
|
GRUSHKO & MITTMAN, P.C.
|
||
Its: CEO
|
Original Principal Amount $60,833.33 | Original Issue Date: December 18, 2008 |
Reissued Principal Amount $24,166.66 | Reissue Date: January 8, 2013 |
Reissued Principal Amount $150,000.00 | Reissue Date: January 8, 2013 |
ATTITUDE DRINKS INC.
|
|||
|
By:
|
/s/ Roy G. Warren | |
Name: Roy G. Warren | |||
Title: President & CEO |
WITNESS:
|
||
/s/ Debra L. Lieblong
|
||
Debra L. Lieblong
|
No.
|
US $25,000.00
|
No. Business Days Late |
Late Payment For Each $10,000
of Note Principal or Interest
Amount Being Converted |
|
1
|
$100
|
|
2
|
$200
|
|
3
|
$300
|
|
4
|
$400
|
|
5
|
$500
|
|
6 | $600 | |
7 | $700 | |
8 | $800 | |
9 | $900 | |
10 | $1,000 | |
>10 |
$1,000+$200 for each Business Day Late beyond 10 days
|
a.
|
The Company shall default in the payment of principal and interest on this Note and same shall continue for a period of five (5) days; or
|
b.
|
Any of the representations or warranties made by the Company herein, in any certificate or financial or other written statements heretofore or hereafter furnished by the Company in connection with the execution and delivery of this Note shall be false or misleading in any material respect at the time made; or
|
c.
|
The Company shall fail to perform or observe, in any material respect, any other covenant, term, provision, condition, agreement or obligation of any Note and such failure shall continue uncured for a period of thirty (30) days after written notice from the Holder of such failure; or
|
d.
|
The Company fails to authorize or to cause its Transfer Agent to issue shares of Common Stock upon exercise by the Holder of the conversion rights of the Holder in accordance with the terms of this Note, fails to transfer or to cause its Transfer Agent to transfer any certificate for shares of Common Stock issued to the Holder upon conversion of this Note and when required by this Note, and such transfer is otherwise lawful, or fails to remove any restrictive legend on any certificate or fails to cause its Transfer Agent to remove such restricted legend, in each case where such removal is lawful, as and when required by this Note, the Agreement, and any such failure shall continue uncured for ten (10) business days; or
|
e.
|
The Company shall (1) admit in writing its inability to pay its debts generally as they mature; (2) make an assignment for the benefit of creditors or commence proceedings for its dissolution; or (3) apply for or consent to the appointment of a trustee, liquidator or receiver for its or for a substantial part of its property or business; or
|
f.
|
A trustee, liquidator or receiver shall be appointed for the Company or for a substantial part of its property or business without its consent and shall not be discharged within sixty (60) days after such appointment; or
|
g.
|
Any governmental agency or any court of competent jurisdiction at the instance of any governmental agency shall assume custody or control of the whole or any substantial portion of the properties or assets of the Company and shall not be dismissed within sixty (60) days thereafter; or
|
h.
|
Any money judgment, writ or warrant of attachment, or similar process inexcess of Two Hundred Thousand ($200,000) Dollars in the aggregate shall be entered or filed against the Company or any of its properties or other assets and shall remain unpaid, unvacated, unbonded or unstayed for a period of sixty (60) days or in any event later than five (5) days prior to the date of any proposed sale thereunder; or
Bankruptcy, reorganization, insolvency or liquidation proceedings or other proceedings for relief under any bankruptcy law or any law for the relief of debtors shall be instituted by or against the Company and, if instituted against the Company, shall not be dismissed within sixty (60) days after such institution or the Company shall by any action or answer approve of; consent to, or acquiesce in any such proceedings or admit the material allegations of, or default in answering a petition filed in any such proceeding; or
The Company shall have its Common Stock suspended or delisted from an exchange or over-the-counter market from trading for in excess of five trading days.
|
ATTITUDE DRINKS INCORPORATED
|
||||
/s/ Roy G. Warren
|
||||
By: Roy G. Warren
|
||||
Title: President and CEO
|
||||
ATTESTOR | ||||
By: |
/s/ Debra L. Lieblong
|
|||
Name: |
Debra L. Lieblong
|
ATTITUDE DRINKS INC. | ||
By:
|
/s/ Roy G. Warren
|
|
Name: Roy G. Warren | ||
Title: President & CEO
|
ATTITUDE DRINKS, INC.
a Delaware corporation
|
|||
|
By: | ||
Name: Roy Warren | |||
Title: Chief Executive Officer | |||
Dated: February 21, 2013
|
SUBSCRIBER
|
Surrendered Notes being
|
New Notes
|
Name of Subscriber:
_________________________________
Address: _______________________________
__________________________________
Fax No.: ________________________________
Taxpayer ID# (if applicable): ________________
______________________________________
(Signature)
By:
|
SUBSCRIBER
|
Surrendered Notes
|
New Notes
|
||||||
Alpha Capital Anstaldt:
|
||||||||
January 2009 note
|
$ | 32,000 | ||||||
January 2009 redemption note
|
6,834 | |||||||
February, 2009 Allonge to January 2009 note
|
32,166 | |||||||
March, 2009 note
|
100,000 | |||||||
July, 2009 Allonge to March, 2009 note
|
80,556 | |||||||
October, 2009 Allonge to March, 2009 note
|
27,778 | |||||||
November, 2009 note
|
111,112 | |||||||
January, 2010 Allonge to March, 2009 note
|
25,000 | |||||||
January, 2010 note
|
50,000 | |||||||
February, 2010 Allonge to March, 2009 note
|
55,000 | |||||||
March, 2010 Allonge to March, 2009 note
|
71,500 | |||||||
May, 2010 Allonge to March, 2009 note
|
55,000 | |||||||
July, 2010 note
|
200,000 | |||||||
January, 2011 note
|
100,000 | |||||||
March, 2011 note
|
125,000 | |||||||
July, 2011 note
|
25,000 | |||||||
February, 2012 note with allonges
|
1,125,000 | |||||||
March, 2012 note for extensions
|
162,085 | |||||||
September, 2012 note for extensions
|
42,500 | $ | 2, 426,531 | |||||
Whalehaven Capital Fund Limited:
|
||||||||
February, 2008 note
|
$ | 78,392 | ||||||
March, 2010 Allonge to March, 2009 note
|
20 | |||||||
July, 2010 note
|
349,525 | |||||||
January, 2011 note
|
75,000 | |||||||
March, 2011 note
|
125,000 | |||||||
July, 2011 note
|
100,000 | |||||||
February, 2012 note
|
50,000 | |||||||
March, 2012 note for extensions
|
7,841 | |||||||
September, 2012 note for extensions
|
65,100 | $ | 850,878 |
Smivel LLC:
|
||||||||
February, 2008 note
|
$ | 4,000 | ||||||
March, 2012 note for extensions
|
400 | $ | 4,400 | |||||
CMS Capital:
|
||||||||
January, 2008 note
|
$ | 18,852 | ||||||
March, 2012 note for extensions
|
1,885 | $ | 20,737 | |||||
Libra Finance:
|
||||||||
January, 2008 note
|
$ | 5,000 | $ | 5,000 | ||||
Centaurian Fund:
|
||||||||
July, 2010 note
|
$ | 50,000 |
January, 2011 note
|
10,000 | |||||||
September, 2012 note for extensions
|
6,000 | $ | 66,000 | |||||
Naomi Klissman:
|
||||||||
July, 2010 note
|
$ | 50,000 | ||||||
February, 2012 note
|
100,000 | |||||||
September, 2012 note for extensions
|
5,000 | $ | 155,000 | |||||
Sam Berkowitz:
|
||||||||
July, 2010 note
|
$ | 4,836 | ||||||
September, 2012 note for extensions
|
484 | $ | 5,320 | |||||
Schlomo & Rochel Rifkind:
|
||||||||
July, 2011 note
|
$ | 250,000 | ||||||
February, 2012 note
|
100,000 | $ | 350,000 | |||||
David M. Lamplough:
|
||||||||
February, 2012 note
|
$ | 44,426 | $ | 44,426 | ||||
PSM Holdings
|
||||||||
February 2012 note
|
$ | 25,000 | $ | 25,000 | ||||
J. Maya IRA:
|
||||||||
January, 2011 note
|
$ | 19,477 | ||||||
September, 2012 note for extensions
|
1,948 | $ | 21,425 | |||||
Emmy Cutler:
|
||||||||
February, 2012 note
|
$ | 25,000 | $ | 25,000 | ||||
J&N Invest LLC:
|
||||||||
March, 2011 note
|
$ | 29,668 | ||||||
February, 2012 note
|
200,000 | |||||||
September, 2012 note for extensions
|
5,404 | $ | 235,072 |
Joe & Sue Maya:
|
||||||||
March, 2011 note
|
$ | 28,954 | ||||||
February, 2012 note
|
50,000 | |||||||
September, 2012 note for extensions
|
2,895 | $ | 81,849 | |||||
Seth Farbman:
|
||||||||
February, 2012 note
|
$ | 50,000 | ||||||
September, 2012 note for extensions
|
897 | $ | 50,897 | |||||
Ramshead Holding Ltd:
|
||||||||
July, 2011 note
|
$ | 50,000 | ||||||
February, 2012 note
|
100,000 | |||||||
September, 2012 note for extensions
|
1,045 | $ | 151,045 | |||||
Jody Eisenman:
|
June, 2011 exchange note
|
$ | 30,854 | ||||||
July, 2011 private placement fee note
|
15,000 | |||||||
September, 2012 note for extensions
|
6,510 | $ | 52,364 | |||||
Louis Goldberg:
|
||||||||
February, 2012 note
|
$ | 50,000 | $ | 50,000 | ||||
Jan Veryke:
|
||||||||
February, 2012 note
|
$ | 25,000 | $ | 25,000 | ||||
Southridge Partners:
|
||||||||
August, 2012 note
|
$ | 125,000 | ||||||
September, 2012 note
|
75,000 | |||||||
November, 2012 note
|
25,000 | |||||||
January, 2013 note
|
150,000 | $ | 375,000 | |||||
TOTALS
|
$ | 5,020,944 | $ | 5,020,944 |
ATTITUDE DRINKS, INC.
a Delaware corporation
|
|||
|
By: | ||
Name: Roy Warren | |||
Title: Chief Executive Officer | |||
Dated: February 21, 2013
|
SUBSCRIBER
|
Warrants being exchanged
|
New Notes
|
Name of Subscriber:
______________________________________
Address: _______________________________
______________________________________
Fax No.: ________________________________
Taxpayer ID# (if applicable): ________________
______________________________________
(Signature)
By:
|
SUBSCRIBER
|
WARRANTS BEING EXCHANGED
|
SHARES OF NEW NOTES
|
||||||
Alpha Capital Anstaldt
|
42,301,528 | $ | 69,671 | |||||
Whalehaven Capital Fun Limited
|
60,694,749 | $ | 99,967 | |||||
Monarch Capital Fund Ltd.
|
303,003 | $ | 499 | |||||
Smivel LLC
|
151,052 | $ | 249 | |||||
Centaurian Fund
|
511,509 | $ | 842 | |||||
Naomi Klissman
|
8,333,333 | $ | 13,725 | |||||
PHD Capital
|
3,973,510 | $ | 6,545 | |||||
Schlomo & Rochel Rifkind
|
21,336,317 | $ | 35,142 | |||||
David M. Lamplough
|
2,500,000 | $ | 4,118 | |||||
PSM Holdings
|
2,528,772 | $ | 4,165 | |||||
Emmy Cutler
|
1,250,000 | $ | 2,059 | |||||
J & N Invest LLC
|
24,238,411 | $ | 39,922 | |||||
Joe & Sue Maya
|
2,500,000 | $ | 4,118 | |||||
Linda R. Iennaco
|
1,986,755 | $ | 3,272 | |||||
Seth Farbman
|
4,155,629 | $ | 6,845 | |||||
Ramshead Holding Ltd.
|
9,486,755 | $ | 15,625 | |||||
Jody Eisenman
|
22,500,000 | $ | 37,059 | |||||
Louis Goldberg
|
2,500,000 | $ | 4,118 | |||||
Jan Veryke
|
1,250,000 | $ | 2,059 | |||||
Totals
|
212,501,323 | $ | 350,000 |
Principal Amount: $XXXXX (exchange of notes) + $XXXXX (exchange of warrants) for a total amount of $XXXXX | Issue Date: February 21, 2013 |
ATTITUDE DRINKS, INC. | |||
|
By:
|
||
Name: Roy Warren | |||
Title: Chief Executive Officer |
WITNESS:
|
||
Principal Amount: $121,327 (exchange of notes fee)
|
Issue Date: February 21, 2013
|
ATTITUDE DRINKS, INC. | |||
By:
|
/s/ Roy Warren | ||
Name: Roy Warren | |||
Title: Chief Executive Officer |
WITNESS: | ||
/s/ Debra L. Lieblong
|
||
Debra L. Lieblong
|
No.
|
US $25,000.00
|
No. Business Days Late |
Late Payment For Each $10,000
of Note Principal or Interest
Amount Being Converted |
|
1
|
$100
|
|
2
|
$200
|
|
3
|
$300
|
|
4
|
$400
|
|
5
|
$500
|
|
6 | $600 | |
7 | $700 | |
8 | $800 | |
9 | $900 | |
10 | $1,000 | |
>10 |
$1,000+$200 for each Business Day Late beyond 10 days
|
a.
|
The Company shall default in the payment of principal and interest on this Note and same shall continue for a period of five (5) days; or
|
b.
|
Any of the representations or warranties made by the Company herein, in any certificate or financial or other written statements heretofore or hereafter furnished by the Company in connection with the execution and delivery of this Note shall be false or misleading in any material respect at the time made; or
|
c.
|
The Company shall fail to perform or observe, in any material respect, any other covenant, term, provision, condition, agreement or obligation of any Note and such failure shall continue uncured for a period of thirty (30) days after written notice from the Holder of such failure; or
|
d.
|
The Company fails to authorize or to cause its Transfer Agent to issue shares of Common Stock upon exercise by the Holder of the conversion rights of the Holder in accordance with the terms of this Note, fails to transfer or to cause its Transfer Agent to transfer any certificate for shares of Common Stock issued to the Holder upon conversion of this Note and when required by this Note, and such transfer is otherwise lawful, or fails to remove any restrictive legend on any certificate or fails to cause its Transfer Agent to remove such restricted legend, in each case where such removal is lawful, as and when required by this Note, the Agreement, and any such failure shall continue uncured for ten (10) business days; or
|
e.
|
The Company shall (1) admit in writing its inability to pay its debts generally as they mature; (2) make an assignment for the benefit of creditors or commence proceedings for its dissolution; or (3) apply for or consent to the appointment of a trustee, liquidator or receiver for its or for a substantial part of its property or business; or
|
f.
|
A trustee, liquidator or receiver shall be appointed for the Company or for a substantial part of its property or business without its consent and shall not be discharged within sixty (60) days after such appointment; or
|
g.
|
Any governmental agency or any court of competent jurisdiction at the instance of any governmental agency shall assume custody or control of the whole or any substantial portion of the properties or assets of the Company and shall not be dismissed within sixty (60) days thereafter; or
|
h.
|
Any money judgment, writ or warrant of attachment, or similar process inexcess of Two Hundred Thousand ($200,000) Dollars in the aggregate shall be entered or filed against the Company or any of its properties or other assets and shall remain unpaid, unvacated, unbonded or unstayed for a period of sixty (60) days or in any event later than five (5) days prior to the date of any proposed sale thereunder; or
Bankruptcy, reorganization, insolvency or liquidation proceedings or other proceedings for relief under any bankruptcy law or any law for the relief of debtors shall be instituted by or against the Company and, if instituted against the Company, shall not be dismissed within sixty (60) days after such institution or the Company shall by any action or answer approve of; consent to, or acquiesce in any such proceedings or admit the material allegations of, or default in answering a petition filed in any such proceeding; or
The Company shall have its Common Stock suspended or delisted from an exchange or over-the-counter market from trading for in excess of five trading days.
|
ATTITUDE DRINKS INCORPORATED
|
||||
/s/ Roy G. Warren
|
||||
By: Roy G. Warren
|
||||
Title: President and CEO
|
||||
ATTESTOR | ||||
By: |
/s/ Debra L. Lieblong
|
|||
Name: |
Debra L. Lieblong
|
No.
|
US $25,000.00
|
No. Business Days Late |
Late Payment For Each $10,000
of Note Principal or Interest
Amount Being Converted |
|
1
|
$100
|
|
2
|
$200
|
|
3
|
$300
|
|
4
|
$400
|
|
5
|
$500
|
|
6 | $600 | |
7 | $700 | |
8 | $800 | |
9 | $900 | |
10 | $1,000 | |
>10 |
$1,000+$200 for each Business Day Late beyond 10 days
|
a.
|
The Company shall default in the payment of principal and interest on this Note and same shall continue for a period of five (5) days; or
|
b.
|
Any of the representations or warranties made by the Company herein, in any certificate or financial or other written statements heretofore or hereafter furnished by the Company in connection with the execution and delivery of this Note shall be false or misleading in any material respect at the time made; or
|
c.
|
The Company shall fail to perform or observe, in any material respect, any other covenant, term, provision, condition, agreement or obligation of any Note and such failure shall continue uncured for a period of thirty (30) days after written notice from the Holder of such failure; or
|
d.
|
The Company fails to authorize or to cause its Transfer Agent to issue shares of Common Stock upon exercise by the Holder of the conversion rights of the Holder in accordance with the terms of this Note, fails to transfer or to cause its Transfer Agent to transfer any certificate for shares of Common Stock issued to the Holder upon conversion of this Note and when required by this Note, and such transfer is otherwise lawful, or fails to remove any restrictive legend on any certificate or fails to cause its Transfer Agent to remove such restricted legend, in each case where such removal is lawful, as and when required by this Note, the Agreement, and any such failure shall continue uncured for ten (10) business days; or
|
e.
|
The Company shall (1) admit in writing its inability to pay its debts generally as they mature; (2) make an assignment for the benefit of creditors or commence proceedings for its dissolution; or (3) apply for or consent to the appointment of a trustee, liquidator or receiver for its or for a substantial part of its property or business; or
|
f.
|
A trustee, liquidator or receiver shall be appointed for the Company or for a substantial part of its property or business without its consent and shall not be discharged within sixty (60) days after such appointment; or
|
g.
|
Any governmental agency or any court of competent jurisdiction at the instance of any governmental agency shall assume custody or control of the whole or any substantial portion of the properties or assets of the Company and shall not be dismissed within sixty (60) days thereafter; or
|
h.
|
Any money judgment, writ or warrant of attachment, or similar process inexcess of Two Hundred Thousand ($200,000) Dollars in the aggregate shall be entered or filed against the Company or any of its properties or other assets and shall remain unpaid, unvacated, unbonded or unstayed for a period of sixty (60) days or in any event later than five (5) days prior to the date of any proposed sale thereunder; or
Bankruptcy, reorganization, insolvency or liquidation proceedings or other proceedings for relief under any bankruptcy law or any law for the relief of debtors shall be instituted by or against the Company and, if instituted against the Company, shall not be dismissed within sixty (60) days after such institution or the Company shall by any action or answer approve of; consent to, or acquiesce in any such proceedings or admit the material allegations of, or default in answering a petition filed in any such proceeding; or
The Company shall have its Common Stock suspended or delisted from an exchange or over-the-counter market from trading for in excess of five trading days.
|
ATTITUDE DRINKS INCORPORATED
|
||||
/s/ Roy G. Warren
|
||||
By: Roy G. Warren
|
||||
Title: President and CEO
|
||||
ATTESTOR | ||||
By: |
/s/ Debra L. Lieblong
|
|||
Name: |
Debra L. Lieblong
|
ALPHA CAPITAL ANSTALT
|
SOUTHRIDGE PARTNERS II LP
|
||
“Assignor”
|
“Assignee”
|
||
/s/ Konrad Ackerman
|
/s/ Stephen Hicks
|
||
By: Konrad Ackerman
|
By: Southridge Advisors LLC
|
||
Its: Director
|
Its: GP
|
||
ATTITUDE DRINKS, INC.
|
ESCROW AGENT:
|
||
“Company”
|
|||
/s/ Roy Warren
|
/s/ Grushko & Mittan, P.C.
|
||
By: Roy Warren
|
GRUSHKO & MITTMAN, P.C.
|
||
Its: CEO
|
Principal Amount $100,000.00
|
Original Issue Date: March 30, 2009
|
Purchase Price: $90,000.00
|
Reissued Date: April 9, 2013
|
ATTITUDE DRINKS INC.
|
|||
|
By:
|
/s/ Roy G. Warren | |
Name: | Roy G. Warren | ||
Title: | President & CEO | ||
WITNESS:
|
|||
/s/ Debra L. Lieblong
Debra L. Lieblong
|
No.
|
US $25,000.00
|
No. Business Days Late |
Late Payment For Each $10,000
of Note Principal or Interest
Amount Being Converted |
|
1
|
$100
|
|
2
|
$200
|
|
3
|
$300
|
|
4
|
$400
|
|
5
|
$500
|
|
6 | $600 | |
7 | $700 | |
8 | $800 | |
9 | $900 | |
10 | $1,000 | |
>10 |
$1,000+$200 for each Business Day Late beyond 10 days
|
a.
|
The Company shall default in the payment of principal and interest on this Note and same shall continue for a period of five (5) days; or
|
b.
|
Any of the representations or warranties made by the Company herein, in any certificate or financial or other written statements heretofore or hereafter furnished by the Company in connection with the execution and delivery of this Note shall be false or misleading in any material respect at the time made; or
|
c.
|
The Company shall fail to perform or observe, in any material respect, any other covenant, term, provision, condition, agreement or obligation of any Note and such failure shall continue uncured for a period of thirty (30) days after written notice from the Holder of such failure; or
|
d.
|
The Company fails to authorize or to cause its Transfer Agent to issue shares of Common Stock upon exercise by the Holder of the conversion rights of the Holder in accordance with the terms of this Note, fails to transfer or to cause its Transfer Agent to transfer any certificate for shares of Common Stock issued to the Holder upon conversion of this Note and when required by this Note, and such transfer is otherwise lawful, or fails to remove any restrictive legend on any certificate or fails to cause its Transfer Agent to remove such restricted legend, in each case where such removal is lawful, as and when required by this Note, the Agreement, and any such failure shall continue uncured for ten (10) business days; or
|
e.
|
The Company shall (1) admit in writing its inability to pay its debts generally as they mature; (2) make an assignment for the benefit of creditors or commence proceedings for its dissolution; or (3) apply for or consent to the appointment of a trustee, liquidator or receiver for its or for a substantial part of its property or business; or
|
f.
|
A trustee, liquidator or receiver shall be appointed for the Company or for a substantial part of its property or business without its consent and shall not be discharged within sixty (60) days after such appointment; or
|
g.
|
Any governmental agency or any court of competent jurisdiction at the instance of any governmental agency shall assume custody or control of the whole or any substantial portion of the properties or assets of the Company and shall not be dismissed within sixty (60) days thereafter; or
|
h.
|
Any money judgment, writ or warrant of attachment, or similar process inexcess of Two Hundred Thousand ($200,000) Dollars in the aggregate shall be entered or filed against the Company or any of its properties or other assets and shall remain unpaid, unvacated, unbonded or unstayed for a period of sixty (60) days or in any event later than five (5) days prior to the date of any proposed sale thereunder; or
Bankruptcy, reorganization, insolvency or liquidation proceedings or other proceedings for relief under any bankruptcy law or any law for the relief of debtors shall be instituted by or against the Company and, if instituted against the Company, shall not be dismissed within sixty (60) days after such institution or the Company shall by any action or answer approve of; consent to, or acquiesce in any such proceedings or admit the material allegations of, or default in answering a petition filed in any such proceeding; or
The Company shall have its Common Stock suspended or delisted from an exchange or over-the-counter market from trading for in excess of five trading days.
|
ATTITUDE DRINKS INCORPORATED
|
||||
/s/ Roy G. Warren
|
||||
By: Roy G. Warren
|
||||
Title: President and CEO
|
||||
ATTESTOR | ||||
By: |
/s/ Debra L. Lieblong
|
|||
Name: |
Debra L. Lieblong
|
No.
|
US $25,000.00
|
No. Business Days Late |
Late Payment For Each $10,000
of Note Principal or Interest
Amount Being Converted |
|
1
|
$100
|
|
2
|
$200
|
|
3
|
$300
|
|
4
|
$400
|
|
5
|
$500
|
|
6 | $600 | |
7 | $700 | |
8 | $800 | |
9 | $900 | |
10 | $1,000 | |
>10 |
$1,000+$200 for each Business Day Late beyond 10 days
|
a.
|
The Company shall default in the payment of principal and interest on this Note and same shall continue for a period of five (5) days; or
|
b.
|
Any of the representations or warranties made by the Company herein, in any certificate or financial or other written statements heretofore or hereafter furnished by the Company in connection with the execution and delivery of this Note shall be false or misleading in any material respect at the time made; or
|
c.
|
The Company shall fail to perform or observe, in any material respect, any other covenant, term, provision, condition, agreement or obligation of any Note and such failure shall continue uncured for a period of thirty (30) days after written notice from the Holder of such failure; or
|
d.
|
The Company fails to authorize or to cause its Transfer Agent to issue shares of Common Stock upon exercise by the Holder of the conversion rights of the Holder in accordance with the terms of this Note, fails to transfer or to cause its Transfer Agent to transfer any certificate for shares of Common Stock issued to the Holder upon conversion of this Note and when required by this Note, and such transfer is otherwise lawful, or fails to remove any restrictive legend on any certificate or fails to cause its Transfer Agent to remove such restricted legend, in each case where such removal is lawful, as and when required by this Note, the Agreement, and any such failure shall continue uncured for ten (10) business days; or
|
e.
|
The Company shall (1) admit in writing its inability to pay its debts generally as they mature; (2) make an assignment for the benefit of creditors or commence proceedings for its dissolution; or (3) apply for or consent to the appointment of a trustee, liquidator or receiver for its or for a substantial part of its property or business; or
|
f.
|
A trustee, liquidator or receiver shall be appointed for the Company or for a substantial part of its property or business without its consent and shall not be discharged within sixty (60) days after such appointment; or
|
g.
|
Any governmental agency or any court of competent jurisdiction at the instance of any governmental agency shall assume custody or control of the whole or any substantial portion of the properties or assets of the Company and shall not be dismissed within sixty (60) days thereafter; or
|
h.
|
Any money judgment, writ or warrant of attachment, or similar process inexcess of Two Hundred Thousand ($200,000) Dollars in the aggregate shall be entered or filed against the Company or any of its properties or other assets and shall remain unpaid, unvacated, unbonded or unstayed for a period of sixty (60) days or in any event later than five (5) days prior to the date of any proposed sale thereunder; or
Bankruptcy, reorganization, insolvency or liquidation proceedings or other proceedings for relief under any bankruptcy law or any law for the relief of debtors shall be instituted by or against the Company and, if instituted against the Company, shall not be dismissed within sixty (60) days after such institution or the Company shall by any action or answer approve of; consent to, or acquiesce in any such proceedings or admit the material allegations of, or default in answering a petition filed in any such proceeding; or
The Company shall have its Common Stock suspended or delisted from an exchange or over-the-counter market from trading for in excess of five trading days.
|
ATTITUDE DRINKS INCORPORATED
|
||||
/s/ Roy G. Warren
|
||||
By: Roy G. Warren
|
||||
Title: President and CEO
|
||||
ATTESTOR | ||||
By: |
/s/ Debra L. Lieblong
|
|||
Name: |
Debra L. Lieblong
|
ATTITUDE DRINKS INC. | ||
By:
|
/s/ Roy G. Warren | |
Name: Roy G. Warren | ||
Title: President & CEO |
ALPHA CAPITAL ANSTALT
|
SOUTHRIDGE PARTNERS II LP
|
||
“Assignor”
|
“Assignee”
|
||
/s/ Konrad Ackerman
|
/s/ Stephen Hicks
|
||
By: Konrad Ackerman
|
By: Southridge Advisors LLC
|
||
Its: Director
|
Its: GP
|
||
ATTITUDE DRINKS, INC.
|
ESCROW AGENT:
|
||
“Company”
|
|||
/s/ Roy Warren
|
/s/ Grushko & Mittman, P.C.
|
||
By: Roy Warren
|
GRUSHKO & MITTMAN, P.C.
|
||
Its: CEO
|
Principal Amount $100,000.00
|
Reissue Date: June 5, 2013
|
ATTITUDE DRINKS INC.
|
|||
|
By:
|
/s/ Roy G. Warren | |
Name: | Roy G. Warren | ||
Title: | President & CEO | ||
WITNESS:
|
|||
/s/ Debra L. Lieblong
Debra L. Lieblong
|
No. _______________
|
US $37,000.00
|
No. Business Days Late
|
Late Payment For Each $10,000 of Note Principal or Interest
Amount Being Converted |
|||
1
|
$ | 100 | ||
2
|
$ | 200 | ||
3
|
$ | 300 | ||
4
|
$ | 400 | ||
5
|
$ | 500 | ||
6
|
$ | 600 | ||
7
|
$ | 700 | ||
8
|
$ | 800 | ||
9
|
$ | 900 | ||
10
|
$ | 1,000 | ||
>10
|
$1,000 + $200 for each Business Day Late beyond 10 days
|
a.
|
The Company shall default in the payment of principal and interest on this Note and same shall continue for a period of five (5) days; or
|
b.
|
Any of the representations or warranties made by the Company herein, in any certificate or financial or other written statements heretofore or hereafter furnished by the Company in connection with the execution and delivery of this Note shall be false or misleading in any material respect at the time made; or
|
c.
|
The Company shall fail to perform or observe, in any material respect, any other covenant, term, provision, condition, agreement or obligation of any Note and such failure shall continue uncured for a period of thirty (30) days after written notice from the Holder of such failure; or
|
d.
|
The Company fails to authorize or to cause its Transfer Agent to issue shares of Common Stock upon exercise by the Holder of the conversion rights of the Holder in accordance with the terms of this Note, fails to transfer or to cause its Transfer Agent to transfer any certificate for shares of Common Stock issued to the Holder upon conversion of this Note and when required by this Note, and such transfer is otherwise lawful, or fails to remove any restrictive legend on any certificate or fails to cause its Transfer Agent to remove such restricted legend, in each case where such removal is lawful, as and when required by this Note, the Agreement, and any such failure shall continue uncured for ten (10) business days; or
|
e.
|
The Company shall (1) admit in writing its inability to pay its debts generally as they mature; (2) make an assignment for the benefit of creditors or commence proceedings for its dissolution; or (3) apply for or consent to the appointment of a trustee, liquidator or receiver for its or for a substantial part of its property or business; or
|
f.
|
A trustee, liquidator or receiver shall be appointed for the Company or for a substantial part of its property or business without its consent and shall not be discharged within sixty (60) days after such appointment; or
|
g.
|
Any governmental agency or any court of competent jurisdiction at the instance of any governmental agency shall assume custody or control of the whole or any substantial portion of the properties or assets of the Company and shall not be dismissed within sixty (60) days thereafter; or
|
h.
|
Any money judgment, writ or warrant of attachment, or similar process in excess of Two Hundred Thousand ($200,000) Dollars in the aggregate shall be entered or filed against the Company or any of its properties or other assets and shall remain unpaid, unvacated, unbonded or unstayed for a period of sixty (60) days or in any event later than five (5) days prior to the date of any proposed sale thereunder; or
|
i.
|
Bankruptcy, reorganization, insolvency or liquidation proceedings or other proceedings for relief under any bankruptcy law or any law for the relief of debtors shall be instituted by or against the Company and, if instituted against the Company, shall not be dismissed within sixty (60) days after such institution or the Company shall by any action or answer approve of, consent to, or acquiesce in any such proceedings or admit the material allegations of, or default in answering a petition filed in any such proceeding; or
|
j.
|
The Company shall have its Common Stock suspended or delisted from an exchange or over-the-counter market from trading for in excess of five trading days.
|
ATTITUDE DRINKS, INC. | |||
|
By:
|
/s/ RoyWarren | |
Roy Warren | |||
Title: President and CEO
|
|||
ATTESTOR
|
||
By:
|
/s/ Debra L.Lieblong | |
Debra L. Lieblong
|
ATTITUDE DRINKS INC.
|
||
By:
|
/s/ Roy G. Warren | |
Name: Roy G. Warren | ||
Title: President and CEO |
No.
|
US $25,000.00
|
No. Business Days Late |
Late Payment For Each $10,000
of Note Principal or Interest
Amount Being Converted |
|
1
|
$100
|
|
2
|
$200
|
|
3
|
$300
|
|
4
|
$400
|
|
5
|
$500
|
|
6 | $600 | |
7 | $700 | |
8 | $800 | |
9 | $900 | |
10 | $1,000 | |
>10 |
$1,000+$200 for each Business Day Late beyond 10 days
|
a.
|
The Company shall default in the payment of principal and interest on this Note and same shall continue for a period of five (5) days; or
|
b.
|
Any of the representations or warranties made by the Company herein, in any certificate or financial or other written statements heretofore or hereafter furnished by the Company in connection with the execution and delivery of this Note shall be false or misleading in any material respect at the time made; or
|
c.
|
The Company shall fail to perform or observe, in any material respect, any other covenant, term, provision, condition, agreement or obligation of any Note and such failure shall continue uncured for a period of thirty (30) days after written notice from the Holder of such failure; or
|
d.
|
The Company fails to authorize or to cause its Transfer Agent to issue shares of Common Stock upon exercise by the Holder of the conversion rights of the Holder in accordance with the terms of this Note, fails to transfer or to cause its Transfer Agent to transfer any certificate for shares of Common Stock issued to the Holder upon conversion of this Note and when required by this Note, and such transfer is otherwise lawful, or fails to remove any restrictive legend on any certificate or fails to cause its Transfer Agent to remove such restricted legend, in each case where such removal is lawful, as and when required by this Note, the Agreement, and any such failure shall continue uncured for ten (10) business days; or
|
e.
|
The Company shall (1) admit in writing its inability to pay its debts generally as they mature; (2) make an assignment for the benefit of creditors or commence proceedings for its dissolution; or (3) apply for or consent to the appointment of a trustee, liquidator or receiver for its or for a substantial part of its property or business; or
|
f.
|
A trustee, liquidator or receiver shall be appointed for the Company or for a substantial part of its property or business without its consent and shall not be discharged within sixty (60) days after such appointment; or
|
g.
|
Any governmental agency or any court of competent jurisdiction at the instance of any governmental agency shall assume custody or control of the whole or any substantial portion of the properties or assets of the Company and shall not be dismissed within sixty (60) days thereafter; or
|
h.
|
Any money judgment, writ or warrant of attachment, or similar process inexcess of Two Hundred Thousand ($200,000) Dollars in the aggregate shall be entered or filed against the Company or any of its properties or other assets and shall remain unpaid, unvacated, unbonded or unstayed for a period of sixty (60) days or in any event later than five (5) days prior to the date of any proposed sale thereunder; or
Bankruptcy, reorganization, insolvency or liquidation proceedings or other proceedings for relief under any bankruptcy law or any law for the relief of debtors shall be instituted by or against the Company and, if instituted against the Company, shall not be dismissed within sixty (60) days after such institution or the Company shall by any action or answer approve of; consent to, or acquiesce in any such proceedings or admit the material allegations of, or default in answering a petition filed in any such proceeding; or
The Company shall have its Common Stock suspended or delisted from an exchange or over-the-counter market from trading for in excess of five trading days.
|
ATTITUDE DRINKS INCORPORATED
|
||||
/s/ Roy G. Warren
|
||||
By: Roy G. Warren
|
||||
Title: President and CEO
|
||||
ATTESTOR | ||||
By: |
/s/ Debra L. Lieblong
|
|||
Name: |
Debra L. Lieblong
|
Attitude Drinks Incorporated | Southridge Partners II LP | ||||
By: |
/s/ Roy G. Warren
|
By: |
/s/ Steve Hicks
|
||
Title: |
Roy G. Warren
|
Title: |
Steve Hicks
|
||
President & CEO
|
CEO
|
Original
|
New
|
||||||
Original
|
Maturity
|
Maturity
|
Orignal
|
||||
New Holder
|
Issue Date
|
Date
|
Date
|
Principal
|
|||
SC Advisors Inc.
|
12/1/2012
|
5/31/2013
|
12/31/2014
|
$ | 25,000 | ||
SC Advisors Inc.
|
1/1/2013
|
6/30/2013
|
12/31/2014
|
$ | 25,000 |
Attitude Drinks Incorporated | SC Advisors Inc. | ||||
By: |
/s/ Roy G. Warren
|
By: |
/s/ Steve Hicks
|
||
Title: |
Roy G. Warren
|
Title: |
Steve Hicks
|
||
President & CEO
|
CEO
|
Original
|
New
|
||||||
Original
|
Maturity
|
Maturity
|
Orignal
|
||||
New Holder
|
Issue Date
|
Date
|
Date
|
Principal
|
|||
SC Advisors Inc.
|
2/1/2013
|
7/31/2013
|
12/31/2014
|
$ | 25,000 | ||
SC Advisors Inc.
|
3/1/2013
|
8/31/2013
|
12/31/2014
|
$ | 25,000 | ||
SC Advisors Inc.
|
4/1/2013
|
9/30/2013
|
12/31/2014
|
$ | 25,000 | ||
SC Advisors Inc.
|
5/1/2013
|
10/31/2013
|
12/31/2014
|
$ | 25,000 | ||
SC Advisors Inc.
|
6/1/2013
|
11/30/2013
|
12/31/2014
|
$ | 25,000 | ||
SC Advisors Inc.
|
7/1/2013
|
12/31/2013
|
12/31/2014
|
$ | 25,000 |
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
By:
|
/s/ Roy G. Warren | |
Roy G. Warren
|
|||
President and Chief Executive Officer
|
|||
July 15, 2013
|
|
By:
|
/s/ Tommy E. Kee | |
Tommy E. Kee
|
|||
Chief Financial Officer and Principal Accounting Officer
|
|||
July 15, 2013
|
Commitments and Contingencies (Details Textual) (USD $)
|
0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 03, 2013
Square_Feet
|
Dec. 31, 2007
|
Mar. 31, 2013
|
Feb. 01, 2013
|
Sep. 03, 2009
F&M Merchant Group, LLC [Member]
|
May 18, 2009
F&M Merchant Group, LLC [Member]
|
Mar. 31, 2013
F&M Merchant Group, LLC [Member]
|
Jun. 05, 2009
Tuttle Motor Sports Inc [Member]
|
Mar. 31, 2013
Tuttle Motor Sports Inc [Member]
|
Oct. 26, 2009
CH Fulfillment Services, LLC [Member]
|
Aug. 21, 2009
CH Fulfillment Services, LLC [Member]
|
Mar. 31, 2013
CH Fulfillment Services, LLC [Member]
|
Apr. 20, 2009
Arena Advertising and Sports Marketing Inc. [Member]
|
Mar. 31, 2013
Arena Advertising and Sports Marketing Inc. [Member]
|
Aug. 30, 2012
Entercom Boston, LLC [Member]
|
Mar. 31, 2013
Entercom Boston, LLC [Member]
|
|
Commitments and Contingencies (Textual) | ||||||||||||||||
Description of lawsuit filling | On May 18, 2009, F&M Merchant Group, LLC commenced a lawsuit in the state of Texas | On June 5, 2009, Tuttle Motor Sports, Inc. commenced a lawsuit in the state of Florida | On August 21, 2009, CH Fulfillment Services, LLC commenced a lawsuit in the state of Alabama | On April 20, 2012, Arena Advertising and Sports Marketing Inc commenced a lawsuit in the state of Florida | On August 30, 2012, Entercom Boston, LLC commenced a lawsuit in the state of Massachusetts | |||||||||||
Litigation expenses | $ 5,000 | $ 803,750 | $ 15,000 | $ 12,365 | ||||||||||||
Percentage of commission on net sales | 5.00% | |||||||||||||||
Amount paid to lawsuits | 22,348 | 3,095 | 15,390 | 9,000 | ||||||||||||
Interest and legal costs | 2,106 | |||||||||||||||
Interest costs incurred | 682 | |||||||||||||||
Estimated court costs | 307 | |||||||||||||||
Outstanding balance of debt | 2,438 | 9,000 | ||||||||||||||
Amount paid in cash | 300,000 | |||||||||||||||
Litigation claim amount already recorded in company record | 15,000 | 12,365 | ||||||||||||||
Payment by garnishment process | 657 | |||||||||||||||
Settlement agreement, Terms | Due to the lack of adequate capital financing, we have not been able to make any payments. We expect to resolve this matter as soon as practical. | During May, 2010, Tuttle Motor Sports, Inc. dismissed the lawsuit without prejudice. Prior to that time, the parties went through mediation but were unable to settle. | A Notice of Filing Settlement was filed on August 14, 2012 in the county court of Broward County, Florida whereas a settlement plan was agreed by both parties in which we pay the total sum of $15,390 with $3,390 on September 1, 2012 and $3,000 on the first day of each following month for four months until the total is paid in full. | |||||||||||||
Lease agreement term | 3 years | 5 years | ||||||||||||||
Rental expense includes maintenance and parking fees | 82,763 | |||||||||||||||
Minimum starting monthly base rent under lease agreement | 4,272 | |||||||||||||||
Lease agreement commencement date | Jun. 01, 2008 | |||||||||||||||
Area of premises | 3,333 | |||||||||||||||
Lease agreement renewable term | 2 years | |||||||||||||||
Annual increment in lease rent, percentage | 3.00% | |||||||||||||||
Operating leases rent expense minimum rentals without sales tax | 1,602 | |||||||||||||||
Operating expense | $ 2,670 |
Subsequent Events (Details Textual) (USD $)
|
12 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
|
Jul. 01, 2013
Subsequent Event [Member]
|
Jun. 25, 2013
Subsequent Event [Member]
|
Apr. 18, 2013
Subsequent Event [Member]
|
Apr. 11, 2013
Subsequent Event [Member]
Allonge 8 [Member]
|
Jun. 05, 2013
Subsequent Event [Member]
Allonge 9 [Member]
|
Jun. 21, 2013
Subsequent Event [Member]
Allonge 10 [Member]
|
Apr. 29, 2013
Subsequent Event [Member]
Stock Issuance Activity 1 [Member]
|
Apr. 30, 2013
Subsequent Event [Member]
Stock Issuance Activity 1 [Member]
|
Apr. 22, 2013
Subsequent Event [Member]
Stock Issuance Activity 1 [Member]
|
Apr. 15, 2013
Subsequent Event [Member]
Stock Issuance Activity 1 [Member]
|
Apr. 16, 2013
Subsequent Event [Member]
Stock Issuance Activity 1 [Member]
|
Apr. 09, 2013
Subsequent Event [Member]
Stock Issuance Activity 1 [Member]
|
Apr. 10, 2013
Subsequent Event [Member]
Stock Issuance Activity 1 [Member]
|
Apr. 03, 2013
Subsequent Event [Member]
Stock Issuance Activity 1 [Member]
|
Apr. 09, 2013
Subsequent Event [Member]
Stock Issuance Activity 2 [Member]
|
Apr. 11, 2013
Subsequent Event [Member]
Stock Issuance Activity 2 [Member]
|
Apr. 03, 2013
Subsequent Event [Member]
Stock Issuance Activity 2 [Member]
|
Apr. 04, 2013
Subsequent Event [Member]
Stock Issuance Activity 3 [Member]
|
Apr. 10, 2013
Subsequent Event [Member]
Stock Issuance Activity 3 [Member]
|
Jun. 07, 2013
Subsequent Event [Member]
Outside Legal Counsel [Member]
|
Jul. 01, 2013
Subsequent Event [Member]
Sc Advisors Inc. [Member]
|
Jul. 01, 2013
Subsequent Event [Member]
Southridge Partners II LP [Member]
|
Apr. 01, 2013
Subsequent Event [Member]
April, 2013 [Member]
|
Jun. 05, 2013
Subsequent Event [Member]
February, 2013 [Member]
|
Apr. 09, 2013
Subsequent Event [Member]
February, 2013 [Member]
|
Jul. 02, 2013
Subsequent Event [Member]
February, 2013 [Member]
Stock Issuance Activity 1 [Member]
|
Jul. 02, 2013
Subsequent Event [Member]
February, 2013 [Member]
Stock Issuance Activity 2 [Member]
|
Jun. 01, 2013
Subsequent Event [Member]
May, 2013 [Member]
|
May 01, 2013
Subsequent Event [Member]
May, 2013 [Member]
|
Jul. 01, 2013
Subsequent Event [Member]
July, 2013 [Member]
|
|
Subsequent Events (Textual) | |||||||||||||||||||||||||||||||
Convertible note payable | $ 71,500 | $ 88,000 | $ 88,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 | ||||||||||||||||||||||||
Common stock issued in pursuant to conversion of notes | 250,000,000 | 160,000,000 | 262,333,333 | 200,000,000 | 636,666,667 | 200,000,000 | 219,533,333 | 150,000,000 | 89,546,666 | 160,000,000 | 583,333,333 | 219,200,000 | 524,154 | 1,918,462 | |||||||||||||||||
Per share value of share issued upon conversion of notes | $ 0.000075 | $ 0.000075 | $ 0.000075 | $ 0.000075 | $ 0.000075 | $ 0.000075 | $ 0.000075 | $ 0.000075 | $ 0.000075 | $ 0.000075 | $ 0.000075 | $ 0.000075 | $ 0.0325 | $ 0.0325 | |||||||||||||||||
Convertible note payable original amount | 18,750 | 12,000 | 19,675 | 15,000 | 47,750 | 15,000 | 16,465 | 11,250 | 6,716 | 12,000 | 43,750 | 16,440 | 37,000 | 150,000 | 50,000 | 2,496,202 | 100,000 | 17,035 | 62,350 | ||||||||||||
Amount of modified debt previously issued to investor | 100,000 | 100,000 | |||||||||||||||||||||||||||||
Issuance date of convertible note | Feb. 21, 2013 | Feb. 21, 2013 | Feb. 21, 2013 | ||||||||||||||||||||||||||||
Interest rate of convertible note | 4.00% | 4.00% | |||||||||||||||||||||||||||||
Finder fees on secured notes issued | 6,500 | 8,000 | 8,000 | ||||||||||||||||||||||||||||
Proceeds from notes issued | 65,000 | 80,000 | 80.000 | ||||||||||||||||||||||||||||
Original issuance date of convertible note | Feb. 22, 2012 | Feb. 22, 2012 | Feb. 22, 2012 | Jun. 07, 2014 | |||||||||||||||||||||||||||
Notes payable due date | Feb. 21, 2015 | Feb. 21, 2015 | |||||||||||||||||||||||||||||
New equity purchase agreement, Description | On April 18, 2013, we signed a new Equity Purchase Agreement with an investor for the possible purchase up to Ten Million Dollars of the Company's common stock. This agreement replaces a similar agreement between the two parties that was signed on August 31, 2012. | ||||||||||||||||||||||||||||||
Additional amount of converted note payable | $ 100,000 | ||||||||||||||||||||||||||||||
Reverse stock split ratio | 1-for-500 | 1for 500 | 500 shares of the issued and outstanding shares of common stock to be combined into one (1) validly issued. | ||||||||||||||||||||||||||||
Conversion term | Conversion terms are 80% of the average of the closing bid prices for the common stock as reported by Bloomberg, LP for the 5 trading days ending on the trading day immediately before the relevant conversion date. | ||||||||||||||||||||||||||||||
Extended maturity of notes | Dec. 31, 2014 | Dec. 31, 2014 |
Stockholders' Deficit
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Deficit [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Deficit: | Note 11 – Stockholders’ Deficit:
(a) Series A Preferred Stock:
The Company’s articles of incorporation authorize the issuance of 20,000,000 shares of preferred stock which the Company has designated as Series A Preferred (“Series A” and “Series A-1”), $.00001 par value. Each share of Series A and A-1 is convertible into six shares of the Company’s common stock for a period of five years from the date of issue. The conversion basis is not adjusted for any stock split or combination of the common stock. The Company must at all times have sufficient common shares reserved to effect the conversion of all outstanding Series A and A-1 Preferred. The holders of the Series A and A-1 Preferred shall be entitled to receive common stock dividends when, as, if and in the amount declared by the directors of the Company to be in cash or in market value of the Company’s common stock. The Company is restricted from paying dividends or making distributions on its common stock without the approval of a majority of the Series A and A-1 holders. The Series A and A-1 shall be senior to the Common Stock and any other series or class of the Company’s Preferred Stock. The Series A and A-1 has liquidation rights in the event of any liquidation, dissolution, or winding up of the Company, whether voluntary or involuntary, the holders of the Series A and A-1 then outstanding shall be entitled to be paid out of the assets of the Company available for distribution to its shareholders, before any payment or declaration and setting apart for payment of any amount shall be made in respect of any outstanding capital stock of the Company, an amount equal to $.00001 per share, The Company, at the option of its directors, may at any time or from time to time redeem the whole or any part of the outstanding Series A. Upon redemption, the Company shall pay for each share redeemed the amount of $2.00 per share, payable in cash, plus a premium to compensate the original purchaser(s) for the investment risk and cost of capital equal to the greater of (a) $2.00 per share, or (b) an amount per share equal to fifty percent (50%) of the market capitalization of the Company on the date of notice of such redemption divided by 2,000,000. We have evaluated our Series a Preferred Stock and determined these shares required equity classification because the number of shares convertible into common stock is fixed and reserved. Redemption of these preferred shares cannot be affected because of the Company’s stockholders’ deficit.
During the quarter ended September 30, 2009, 9,000,000 shares of Series A Preferred were granted to Roy Warren. We recorded a non-cash expense for $1,620,000 which is based on the then market price of $0.03 per common share times the convertible stock equivalents (9,000,000 preferred shares x 6 = 54,000,000 common stock equivalents). These shares have specific voting power in that Roy Warren has voting rights for the 54,000,000 common stock equivalents. The Board of Directors on September 4, 2009 approved an amendment whereas Section 2(A) of the Certificate of Designation is hereby declared in its entirety, and the following shall be substituted in lieu thereof-Rights, Powers and Preferences: The Series A shall have the voting powers, preferences and relative, participating, optional and other special rights, qualifications, limitations and restrictions as follows: Designation and Amount – Out of the Twenty Million (20,000,000) shares of the $0.00001 par value authorized preferred stock, all Twenty Million (20,000,000) shares shall be designated as shares of “Series A.”
During the quarter ended March, 31, 2013, 51 shares of Series A-1 Preferred, convertible into 306 shares of common stock at the option of the holder, were granted to Roy Warren for services rendered. We recorded a non-cash expense for $0.09 which is based on the then market price of $0.0003 per common share times the convertible stock equivalents (51 preferred shares x 6 = 306 common stock equivalents).
(b) Common Stock Warrants
As of March 31, 2013, the Company had the following outstanding warrants:
(a) When certain Class A warrants are exercised, holders of these warrants will receive an equal number of Class B warrants with an exercise price of $15.00/$7,500 (before and after reverse stock split).
Cashless exercises of 1,000,000/2,000 (before and after reverse stock split) warrants were made for the fiscal year ended March 31, 2013. No warrants were exercised for the fiscal year ended March 31, 2013.
(c) Common Stock:
At March 31, 2013, we had issued and outstanding 9,207,273,234/18,414,547 (before and after reverse stock split) shares of common stock of which 15,125,562/30,251 (before and after reverse stock split) shares are owned by our two officers. Holders of shares of common stock are entitled to one vote for each share on all matters to be voted on by the shareholders. Holders of common stock have no cumulative voting rights. In the event of liquidation, dissolution or winding down of the Company, the holders of shares of common stock are entitled to share, pro rata, all assets remaining after payment in full of all liabilities. Holders of common stock have no preemptive rights to purchase our common stock. There are no conversion rights or redemption or sinking fund provisions with respect to the common stock. All of the outstanding shares of common stock are validly issued, fully paid and non-assessable.
Common Stock Issued for the Year Ended March 31, 2013:
These figures are not restated for the reverse stock split.
On April 3, 2012, we issued 6,000,000 shares of common stock pursuant to two conversions of January, 2011 convertible notes for $10,443 and accrued interest for $2,877 at a conversion price of $.00222.
On April 4, 2012, we issued 663,800 shares of common stock pursuant to a conversion of July, 2010 convertible notes for $1,444 at a conversion price of $.002175.
On April 5, 2012, we issued 62,332 shares of common stock pursuant to a conversion of March, 2011 convertible notes for $132 at a conversion price of $.002123.
On April 5, 2012, we issued 2,843,146 shares of common stock pursuant to a conversion of January, 2011 convertible notes for $873 and $5,163 accrued interest at a conversion price of $.002123.
On April 10, 2012, we issued 23,809,524 shares of common stock pursuant to a conversion of July, 2010 convertible notes for $50,000 at a conversion price of $.0021.
On April 10, 2012, we issued 3,225,000 shares of common stock pursuant to a conversion of January, 2011 convertible notes for $6,702 at a conversion price of $.002078.
On April 10, 2012, we issued 3,225,000 shares of common stock pursuant to a conversion of March, 2011 convertible notes for $6,702 at a conversion price of $.002078.
On April 11, 2012, we issued 3,250,000 shares of common stock pursuant to a conversion of March, 2011 convertible notes for $6,347 at a conversion price of $.002603.
On April 16, 2012, we issued 1,900,000 shares of common stock pursuant to a conversion of June, 2011 convertible notes for $3,178 at a conversion price of $.0016725.
On April 26, 2012, we issued 5,800,000 shares of common stock pursuant to a conversion of June, 2011 convertible notes for $7,076 at a conversion price of $.00122.
On May 17, 2012, we issued 2,000,000 shares of common stock pursuant to a conversion of June, 2011 convertible notes for $2,536 at a conversion price of $.001268.
On May 17, 2012, we issued 6,500,000 shares of common stock pursuant to a conversion of July, 2010 convertible notes accrued interest for $8,242 at a conversion price of $.001268.
On May 17, 2012, we issued 60,000,000 shares of common stock pursuant to a conversion of February, 2008 convertible notes for $76,140 at a conversion price of $.001269.
On May 17, 2012, we issued 44,970,414 shares of common stock pursuant to a conversion of June, 2011 convertible notes accrued interest for $57,000 at a conversion price of $.0012675.
On May 25, 2012, we issued 3,000,000 shares of common stock pursuant to a conversion of March, 2011 convertible notes for $3,285 at a conversion price of $.001095.
On May 29, 2012, we issued 46,728,972 shares of common stock pursuant to a conversion of November, 2011 convertible notes for $50,000 at a conversion price of $.00107.
On May 31, 2012, we issued 2,500,000 shares of common stock pursuant to a conversion of March, 2011 convertible notes for $2,588 at a conversion price of $.001035.
On June 1, 2012, we issued 363,056 shares of common stock pursuant to a cashless exercise of 1,000,000 warrants from the March, 2011 financing.
On June 5, 2012, we issued 5,100,000 shares of common stock pursuant to a conversion of June, 2011 convertible notes for $4,549 and accrued interest for $806 at a conversion price of $.00105.
On June 11, 2012, we issued 4,900,000 shares of common stock pursuant to a conversion of July, 2010 convertible notes for $5,145 at a conversion price of $.00105.
On June 19, 2012, we issued 40,000,000 shares of common stock pursuant to a conversion of February, 2008 convertible notes for $40,000 at a conversion price of $.001.
On June 22, 2012, we issued 6,900,000 shares of common stock pursuant to conversion of July, 2010 accrued interest for $8,211 at a conversion price of $.00119.
On June 25, 2012, we issued 5,000,000 shares of common stock pursuant to a conversion of March, 2011 convertible notes for $4,000 at a conversion price of $.0008.
On July 1, 2012, we issued 36,000,000 shares of common stock pursuant to two conversions of July, 2010 convertible notes for a total of $24,000 and $4,800 accrued interest at a conversion price of $.0008.
On July 27, 2012, we issued 50,000,000 shares of common stock pursuant to a conversion of February, 2008 convertible notes for $29,300 at a conversion price of $.000586.
On August 8, 2012, we issued 4,950,000 shares of common stock pursuant to terms of certain athlete contracts valued at $99,000 with conversion at the contracted $.02 conversion price.
On August 15, 2012, we issued 8,853,333 shares of common stock pursuant to a conversion of March, 2011 debt for $805 and $3,179 accrued interest at a conversion price of $.00045.
On August 15, 2012, we issued 16,626,267 shares of common stock pursuant to a conversion of July, 2010 debt of $7,482 at a conversion price of $.00045.
On August 16, 2012, we issued 4,000,000 shares of common stock pursuant to a conversion of March, 2011 debt of $1,720 at a conversion price of $.00043.
On August 22, 2012, we issued 40,000,000 shares of common stock pursuant to a conversion of February, 2008 debt of $16,000 at a conversion price of $.0004.
On September 5, 2012, we issued 60,000,000 shares of common stock pursuant to a conversion of July, 2011 debt that was purchased in August, 2012 by another accredited investor of $24,000 at a conversion price of $.0004.
On September 5, 2012, we issued 60,000,000 shares of common stock pursuant to a conversion of July, 2010 debt of $24,000 at a conversion price of $.0004.
On September 6, 2012, we issued 10,000,000 shares of common stock pursuant to a conversion of March, 2011 debt of $4,000 at a conversion price of $.0004.
On September 19, 2012, we issued 15,000,000 shares of common stock pursuant to a conversion of March, 2011 debt of $10,125 at a conversion price of $.000675.
On September 18, 2012, we issued 5,000,000 shares of common stock pursuant to a
conversion of July, 2010 debt of $3,375 at a conversion price of $.000675.
On September 27, 2012, we issued 60,000,000 shares of common stock pursuant to a conversion of July, 2011 debt that was purchased in August, 2012 by another accredited investor of $22,500 at a conversion price of $.000375.
On October 5, 2012, we issued 10,666,667 shares of common stock pursuant to a conversion of July, 2010 accrued interest for $4,000 at a conversion price of $.000375.
On October 5, 2012, we issued 64,733,333 shares of common stock pursuant to a conversion of July, 2011 debt that was purchased in August, 2012 by another accredited investor of $24,275 at a conversion price of $.000375.
On October 8, 2012, we issued 26,246,627 shares of common stock pursuant to a conversion of November, 2011 debt of $9,360 and accrued interest of $1,926 at a conversion price of $.00043.
On October 10, 2012, we issued 50,000,000 shares of common stock pursuant to a conversion of February, 2008 debt of $20,000 at a conversion price of $.0004.
On October 10, 2012, we issued 20,000,000 shares of common stock pursuant to a conversion of June, 2011 debt of $8,000 at a conversion price of $.0004.
On October 11, 2012, we issued 75,000,000 shares of common stock pursuant to a conversion of February, 2008 debt of $30,000 at a conversion price of $.0004.
On October 11, 2012, we issued 15,000,000 shares of common stock pursuant to a conversion of March, 2011 debt of $6,375 at a conversion price of $.000425.
On October 11, 2012, we issued 9,941,176 shares of common stock pursuant to a conversion of July, 2011 debt that was purchased in August, 2012 by another accredited investor of $4,225 at a conversion price of $.000425.
On October 11, 2012, we issued 10,000,000 shares of common stock pursuant to a conversion of June, 2011 debt of $5,250 at a conversion
price of $.000525.
On October 18, 2012, we issued 86,000,000 shares of common stock pursuant to a conversion of July, 2010 debt of $51,600 at a conversion price of $.0006.
On October 24, 2012, we issued 50,000,000 shares of common stock pursuant to a conversion of February, 2008 debt of $21,334 at a conversion price of $.00042667.
On October 24, 2012, we issued 44,444,444 shares of common stock pursuant to a conversion of an October, 2012 purchase of a non-convertible note of $20,000 at a conversion price of $.00045.
On November 8, 2012, we issued 130,000,000 shares of common stock pursuant to a conversion of February, 2008 debt of $38,376 and accrued interest of $24,024 at a conversion price of $.00048.
On November 7, 2012, we issued 15,000,000 shares of common stock pursuant to a conversion of June, 2011 debt of $6,750 at a conversion price of $.00045.
On November 8, 2012, we issued 155,520,833 shares of common stock pursuant to a conversion of November, 2009 debt that was purchased in October, 2012 by another accredited investor of $74,650 at a conversion price of $.00048.
On November 19, 2012, we issued 104,895,833 shares of common stock pursuant to a conversion of November, 2009 debt that was purchased in November, 2012 by another accredited investor of $50,350 at a conversion price of $.00048.
On November 20, 2012, we issued 25,900,000 shares of common stock pursuant to a conversion of July, 2010 debt of $11,137 at a conversion price of $.00043.
On November 20, 2012, we issued 100,000,000 shares of common stock pursuant to a conversion of February, 2008 accrued interest of $45,300 at a conversion price of $.000453.
On November 21, 2012, we issued 32,468,244 shares of common stock pursuant to a conversion of March, 2011 debt of $10,450 and $4,160 accrued interest at a conversion price of
$.00045.
On November 26, 2012, we issued 32,997,040 shares of common stock pursuant to a conversion of March, 2011 debt of $8,969 and accrued interest of $3,405 at a conversion price of $.000375.
On December 3, 2012, we issued 25,000,000 shares of common stock pursuant to a conversion of June, 2011 debt of $7,500 at a conversion price of $.0003.
On December 5, 2012, we issued 150,000,000 shares of common stock pursuant to a conversion of November, 2009 debt that was purchased in November, 2012 by another accredited investor of $36,000 at a conversion price of $.00024.
On December 6, 2012, we issued 30,000,000 shares of common stock pursuant to a conversion of June, 2011 debt of $6,750 at a conversion price of $.000225.
On December 11, 2012, we issued 100,000,000 shares of common stock pursuant to a conversion of February, 2008 accrued interest of $24,000 at a conversion price of $.00024.
On December 17, 2012, we issued 95,000,000 shares of common stock pursuant to a conversion of July, 2010 debt of $21,375 at a conversion price of $.000225.
On December 17, 2012, we issued 100,000,000 shares of common stock pursuant to a conversion of February, 2008 accrued interest of $24,000 at a conversion price of $.00024.
On December 18, 2012, we issued 82,568,075 shares of common stock pursuant to a conversion of February, 2008 accrued interest of $17,587 at a conversion price of $.000213.
On December 20, 2012, we issued 205,000,000 shares of common stock pursuant to a conversion of November, 2009 debt that was purchased in November, 2012 by another accredited investor of $32,800 at a conversion price of $.00016.
On January 2, 2013, we issued 331,875,000 shares of common stock pursuant to a conversion of November, 2009 debt that was purchased in November, 2012 by another accredited investor of $53,100 at a conversion
price of $.00016.
On January 4, 2013, we issued 125,000,000 shares of common stock pursuant to a conversion of September, 2008 debt of $20,000 at a conversion price of $.00016.
On January 10, 2013, we issued 175,000,000 shares of common stock pursuant to a conversion of January, 2009 debt of $28,000 at a conversion price of $.00016.
January 11, 2013, we issued 42,812,500 shares of common stock pursuant to a conversion of November, 2009 debt that was purchased in November, 2012 by another accredited investor of $6,850 at a conversion price of $.00016.
January 11, 2013, we issued 223,125,000 shares of common stock pursuant to a conversion of December, 2009 debt that was purchased in December, 2012 by another accredited investor of $35,700 at a conversion price of $.00016.
On January 15, 2013, we issued 50,000,000 shares of common stock pursuant to a conversion of September, 2008 debt of $7,500 at a conversion price of $.00015.
On January 16, 2013, we issued 200,000,000 shares of common stock pursuant to a conversion of September, 2008 debt of $32,000 at a conversion price of $.00016.
On January 16, 2013, we issued 87,420,000 shares of common stock pursuant to a conversion of July, 2010 accrued interest of $13,113 at a conversion price of $.00015.
On January 17, 2013, we issued 190,000,000 shares of common stock pursuant to two conversions of July, 2010 debt totaling $28,500 at a conversion price of $.00015.
January 17, 2013, we issued 155,000,000 shares of common stock pursuant to a conversion of September, 2008 debt that was purchased in December, 2012 by another accredited investor of $24,800 at a conversion price of $.00016.
January 23, 2013, we issued 255,312,500 shares of common stock pursuant to a conversion of September, 2008 debt that was purchased in December, 2012 by another accredited investor of
$40,850 at a conversion price of $.00016.
On January 29, 2013, we issued 37,160,000 shares of common stock pursuant to a conversion of February, 2012 debt of $5,574 at a conversion price of $.00015.
January 28, 2013, we issued 165,468,750 shares of common stock pursuant to a conversion of September, 2008 debt that was purchased in December, 2012 by another accredited investor of $26,475 at a conversion price of $.00016.
On February 5, 2013, we issued 200,000,000 shares of common stock pursuant to a conversion of January, 2009 debt of $32,000 at a conversion price of $.00016.
On February 6, 2013, we issued 138,593,750 shares of common stock pursuant to a conversion of September, 2008 debt that was purchased in December, 2012 by another accredited investor of $22,175 at a conversion price of $.00016.
On February 7, 2013, we issued 200,000,000 shares of common stock pursuant to a conversion of January, 2009 debt of $32,000 at a conversion price of $.00016.
On February 11, 2013, we issued 70,000,000 shares of common stock pursuant to a conversion of March, 2011 debt of $10,500 at a conversion price of $.00015.
On February 13 2013, we issued 87,146,666 shares of common stock pursuant to a conversion of July, 2010 debt for $4,837 and accrued interest for $8,233 at a conversion price of $.00015.
On February 21, 2013, we issued 100,000,000 shares of common stock pursuant to a conversion of June, 2011 debt of $7,500 at a conversion price of $.000075.
On February 21 2013, we issued 593,533,333 shares of common stock pursuant to a conversion of September, 2008 debt that was purchased in January, 2013 by another accredited investor of $44,515 at a conversion price of $.000075.
On February 22, 2013, we issued 190,000,000 shares of common stock pursuant to two conversions of July, 2010 debt totaling $14,250 at a
conversion price of $.000075.
On February 6, 2013, we issued 138,593,750 shares of common stock pursuant to a conversion of September, 2008 debt that was purchased in December, 2012 by another accredited investor of $22,175 at a conversion price of $.00016.
On March 6, 2013, we issued 100,000,000 shares of common stock pursuant to a conversion of February, 2012 debt of $7,500 at a conversion price of $.000075.
On March 12, 2013, we issued 250,000,000 shares of common stock pursuant to a conversion of July, 2010 accrued interest of $18,750 at a conversion price of $.000075.
On March 14 2013, we issued 100,000,000 shares of common stock pursuant to a conversion of June, 2011 debt of $7,500 at a conversion price of $.000075.
On March 18, 2013, we issued 593,666,667 shares of common stock pursuant to a conversion of September, 2008 debt that was purchased in January, 2013 by another accredited investor of $44,525 at a conversion price of $.000075.
On March 20 2013, we issued 200,000,000 shares of common stock pursuant to a conversion of January, 2009 debt of $6,834 and accrued interest of $8,166 at a conversion price of $.000075.
On March 28, 2013, we issued 593,600,000 shares of common stock pursuant to a conversion of September, 2008 debt that was purchased in January, 2013 by another accredited investor of $44,520 at a conversion price of $.000075.
On March 28 2013, we issued 402,960,000 shares of common stock pursuant to a conversion of July, 2010 accrued interest of $30,222 at a conversion price of $.000075.
Common Stock Issued for the Year Ended March 31, 2012:
These figures are not restated for the reverse stock
split
On April 1, 2011, we issued a total of 351,000 shares of common stock pursuant to two conversions of October, 2007 convertible notes (later assigned to new debt holders in July, 2010) for $4,065 and $1,200 (total of $5,265) at a conversion price of $.015.
On April 6, 2011, we issued 260,000 shares of common stock pursuant to a conversion of original October, 2007 convertible notes (later assigned to a new debt holder in July, 2010) for $3,822 at a conversion price of $.0147.
On April 14, 2011, we issued 89,660 shares of common stock pursuant to a conversion of original October, 2007 convertible notes (later assigned to a new debt holder in July, 2010) for $1,816 at a conversion price of $.02025.
On May 2, 2011, we issued 1,000 shares of common stock pursuant to a conversion of original October, 2007 convertible notes (later assigned to a new debt holder in July, 2010) for $12 at a conversion price of $.01225.
On May 5, 2011, certain employees converted a total $327,248 of past due salaries into 22,261,770 shares of common stock at a conversion price of $.0147.
On May 5, 2011, we issued 2,000,000 shares of common stock to an investor relations firm for services rendered at a conversion price of $.0157 valued at $31,400.
On May 6, 2011, we issued 6,000,000 shares of common stock for the conversion of the original April 9, 2008 short-term bridge loan with principal balance of $120,000 at a conversion price of $.02.
Also on May 6, 2011, we issued 2,952,958 shares of common stock pursuant to a conversion of certain March 2009 convertible notes for $37,001 at a conversion price of $.01253.
On May 12, 2011, we issued 100,000 shares of common stock pursuant to a conversion of original October, 2007 convertible notes (later assigned to a new debt holder in July, 2010) for $1,150 at a conversion price of $.0115.
On May 13, 2011, we issued 86,136 shares of common stock pursuant to a conversion of original October, 2007 convertible notes (later assigned to a new debt holder in July, 2010) for $991 at a conversion price of $.0115.
On May 17, 2011, we issued 67,500 shares of common stock pursuant to a conversion of original October, 2007 convertible notes (later assigned to a new debt holder in July, 2010) for $768 at a conversion price of $.011375.
On May 18, 2011, we issued 70,000 shares of common stock pursuant to a conversion of original October, 2007 convertible notes (later assigned to a new debt holder in July, 2010) for $718 at a conversion price of $.01025.
On May 23, 2011, we issued 211,200 shares of common stock pursuant to a conversion of original October, 2007 convertible notes (later assigned to a new debt holder in July, 2010) for $1,785 at a conversion price of $.0085.
On May 25, 2011, we issued 321,000 shares of common stock pursuant to a conversion of original October, 2007 convertible notes (later assigned to a new debt holder in July, 2010) for $2,688 at a conversion price of $.008375.
On June 1, 2011, we issued 192,800 shares of common stock pursuant to a conversion of original October, 2007 convertible notes (later assigned to a new debt holder in July, 2010) for $1,591 at a conversion price of $.00825.
On June 7, 2011, we issued 139,000 shares of common stock pursuant to a conversion of original October, 2007 convertible notes (later assigned to a new debt holder in July, 2010) for $938 at a conversion price of $.00675.
On June 13, 2011, we issued 175,700 shares of common stock pursuant to a conversion of original October, 2007 convertible notes (later assigned to a new debt holder in July, 2010) for $1,120 at a conversion price of $.006375.
On June 14, 2011, we issued 207,000 shares of common stock pursuant to a conversion of original October, 2007 convertible notes (later assigned to a new debt holder in July, 2010) for $1,320 at a conversion price of $.006375.
On June 15, 2011, we issued 156,600 shares of common stock pursuant to a conversion of original October, 2007 convertible notes (later assigned to a new debt holder in July,
2010) for $979 at a conversion price of $.00625.
On June 20, 2011, we issued 400,000 shares of common stock pursuant to a conversion of original October, 2007 convertible notes (later assigned to a new debt holder in July, 2010) for $2,500 at a conversion price of $.00625.
On June 22, 2011, we issued 400,000 shares of common stock pursuant to a conversion of original October, 2007 convertible notes (later assigned to a new debt holder in July, 2010) for $2,560 at a conversion price of $.0064.
On June 30, 2011, we issued 500,000 shares of common stock pursuant to a conversion of original October, 2007 convertible notes (later assigned to a new debt holder in July, 2010) for $3,213 at a conversion price of $.006425.
On July 20, 2011, we issued 3,079,286 shares of common stock pursuant to a conversion of certain March, 2009 convertible notes for $21,555 at a conversion price of $.007.
On July 21, 2011, we issued 1,500,000 shares of common stock pursuant to a conversion of original October, 2007 convertible notes (later assigned to a new debt holder in July, 2010) for $10,688 at a conversion price of $.007125.
On July 25, 2011, we issued 5,000,000 shares of common stock pursuant to a conversion of January, 2008 convertible notes for $33,484 and another $1,356 for the original October, 2007 convertible notes for a total of $34,840 at a conversion price of $.006968.
On July 27, 2011, we issued 500,000 shares of common stock pursuant to a conversion of original October, 2007 convertible notes (later assigned to a new debt holder in July, 2010) for $3,188 at a conversion price of $.006375.
On August 3, 2011, we issued 500,000 shares of common stock pursuant to a conversion of original October, 2007 convertible notes (later assigned to a new debt holder in July, 2010) for $3,188 at a conversion price of $.00436.
On August 11, 2011, we issued 5,376,344 shares of common stock pursuant to a conversion of certain March, 2009 convertible notes for $25,000 at a conversion price of $.00465.
On August 11, 2011, we issued 200,000 shares of common stock pursuant to a conversion of original October, 2007 convertible notes (later assigned to a new debt holder in July, 2010) for $872 at a conversion price of $.00436.
On August 31, 2011, we issued 3,000,000 shares of restricted common stock to outside legal counsel for past due services at a conversion price of $.002 with a recorded value of $6,000.
On September 1, 2011, we issued 1,338,678 shares of common stock pursuant to a conversion of original October, 2007 convertible notes (later assigned to a new debt holder in July, 2010) for $2,470 at a conversion price of $.001845.
On September 13, 2011, we issued 4,513,899 shares of common stock pursuant to a conversion of January, 2011 convertible notes for $5,530 at a conversion price of $.001225.
On September 27, 2011, we issued 2,800,000 shares of common stock pursuant to a conversion of January, 2011 convertible notes for $2,800 at a conversion price of $.001.
On October 4, 2011, we issued 6,000,263 shares of common stock pursuant to a conversion of accrued interest associated with
February, 2008 convertible notes in the amount of $5,712 at a conversion price of $.000952.
On October 12, 2011, we issued 701,064 shares of common stock pursuant to a conversion of January, 2011 convertible notes for $526 at a conversion price of $.00075.
On November 1, 2011, we issued 1,295,609 shares of common stock pursuant to a conversion of January, 2011 convertible notes for $1,095 at a conversion price of $.000845.
On November 3, 2011, we issued 9,300,000 shares of common stock pursuant to conversion of original October, 2007 convertible notes (later assigned to a new debt holder in July, 2010) for two conversions totaling $8,580 at a conversion price of $.000923.
On November 3, 2011,
we issued 5,517,402 shares of common stock pursuant to conversion of January, 2011 convertible notes for three conversions totaling $5,091 at a conversion price of $.000923.
On November 8, 2011, we issued 5,437,815 shares of common stock pursuant to conversion of January, 2011 convertible notes for three conversions totaling $5,955 at a conversion price of $.001095.
On November 8, 2011, we issued 4,000,000 shares of common stock pursuant to a conversion of October, 2007 convertible notes for $4,672 at a conversion price of $.001168.
On November 8, 2011, we issued 6,900,000 shares of common stock pursuant to a conversion of March, 2011 convertible notes for $7,556 at a conversion price of $.001095.
On November 10, 2011, we issued 5,600,000 shares of common stock pursuant to conversion of original October, 2007 convertible notes (later assigned to a new debt holder in July, 2010) for two conversions totaling $6,748 at a conversion price of $.001205.
On November 10, 2011, we issued 2,440,987 shares of common stock pursuant to conversion of January, 2011 convertible notes for three conversions totaling $2,941 at a conversion price of $.001205.
On November 14, 2011, we issued 6,000,000 shares of common stock pursuant to a conversion of March, 2011 convertible notes for $8,070 at a conversion price of $.001345.
On November 17, 2011, we issued 1,400,000 shares of common stock pursuant to a conversion of March, 2011 convertible notes for $2,275 at a conversion price of $.001625.
On November 17, 2011, we issued 586,373 shares of common stock pursuant to a conversion of January, 2011 convertible notes for $953 at a conversion price of $.001625.
On November 23, 2011, we issued 2,304,694 shares of common stock pursuant to conversion of January, 2011 convertible notes for two conversions totaling $3,914 at a conversion price of $.001518.
On November 23, 2011, we issued 2,000,000 shares of common stock pursuant to a conversion of March, 2011 convertible notes for $3,035 at a conversion price of $.001518.
On November 28, 2011, we issued 3,309,051 shares of common stock pursuant to conversion of March, 2011 convertible notes for two conversions totaling $4,194 at a conversion price of $.001268.
On November 29, 2011, we issued 9,000,000 shares of common stock pursuant to a conversion of October, 2007 convertible notes for $11,880 at a conversion price of $.00132.
On December 7, 2011, we issued 3,748,592 shares of common stock pursuant to conversion of March, 2011 convertible notes for two conversions totaling $3,490 plus $1,205 for one of the conversions at a conversion price of $.001253 to $.001268.
On December 7, 2011, we issued 501,236 shares of common stock pursuant to a conversion of January, 2011 convertible notes for $628 at a conversion price range of $.001253.
On December 20, 2011, we issued 703,619 shares of common stock pursuant to a conversion of January, 2011 convertible notes for $825 at a conversion price of $.001173.
On December 20, 2011, we issued 5,000,000 shares of common stock pursuant to conversion of March, 2011 convertible notes for two conversions totaling $5,863 at a conversion price of $.001173.
On December 30, 2011, company employees returned 27,918,336 shares of common stock previously granted to them earlier in the year for past due services in exchange for a similar number of employee stock options at an exercise price of $.02. These shares were cancelled and reduced the total outstanding number of common shares.
On December 31, 2011, we issued 3,134,422 shares of common stock pursuant to a conversion of June, 2011 convertible notes for $2,701 at a conversion price of $.000863.
On January 10, 2012, we issued 7,000,000 shares of common stock pursuant to a conversion of October, 2011 convertible notes for $6,300 at a conversion price of $.0009.
On January 10, 2012, we issued 7,000,000 shares of common stock pursuant to a conversion of March, 2011 convertible notes for $5,933 at a conversion price of $.000848.
On January 10, 2012, we issued 1,142,700 shares of common stock pursuant to a conversion of January, 2011 convertible notes for $968 at a conversion price of $.000848.
On January 10, 2012, we issued 4,000,000 shares of common stock pursuant to a conversion of June, 2011 convertible notes for $3,390 at a conversion price of $.000848.
On January 12, 2012, we issued 8,928,571 shares of common stock pursuant to a conversion of accrued interest from March, 2009 convertible notes for $8,000 at a conversion price of $.000896.
On January 20, 2012, we issued 2,000,000 shares of common stock pursuant to a conversion of January, 2011 convertible notes for $1,630 at a conversion price of $.000815.
On January 20, 2012, we issued 4,541,178 shares of common stock pursuant to a conversion of March, 2011 convertible notes for $3,701 at a conversion price of $.000815.
On January 20, 2012, we issued 4,000,000 shares of common stock pursuant to a conversion of June, 2011 convertible notes for $3,260 at a conversion price of $.000815.
On January 23, 2012, we issued 1,355,000 shares of common stock pursuant to a conversion of March, 2011 convertible notes for $1,104 at a conversion price of $.000815.
On January 23, 2012 and January 25, 2012, we issued 11,500,000 shares of common stock pursuant to conversion of October, 2007 convertible notes for two conversions totaling $9,994 at a conversion price of $.000869.
On January 25, 2012, we issued 11,150,000 shares of common stock pursuant to a conversion of $9,689 accrued interest for March, 2009 convertible notes at a conversion price of $.000869.
On January 25, 2012 and January 26, 2012, we issued 12,000,000 shares of common stock pursuant to conversion of March, 2011 convertible notes for four conversions totaling $9,780 at a conversion price of $.000815.
On January 25, 2012 and January 26, 2012, we issued 7,000,000 shares of common stock pursuant to conversion of July, 2010 convertible notes for two conversions totaling $5,705 at a conversion price of $.000815.
On January 25, 2012, we issued 11,000,000 shares of common stock pursuant to a conversion of January, 2008 convertible notes for $9,559 at a conversion price of $.000869.
On January 25, 2012, we issued 3,000,000 shares of common stock pursuant to a conversion of July, 2010 convertible notes for $2,445 at a conversion price of $.000815.
On January 25, 2012, we issued 3,500,000 shares of common stock pursuant to conversion of January, 2011 convertible notes for two conversions totaling $2,853 at a conversion price of $.000815.
On January 26, 2012, we issued 4,000,000 shares of common stock pursuant to a conversion of July, 2010 convertible notes for $3,260 at a conversion price of $.000815.
On January 26, 2012, we issued 4,000,000 shares of common stock pursuant to a conversion of June, 2011 convertible notes for $3,260 at a conversion price of $.000815.
On January 26, 2012, we issued 10,000,000 shares of common stock pursuant to conversion of January, 2011 convertible notes for three conversions totaling $2,935 at a conversion price of $.000815.
On January 27, 2012, we issued 2,410,414 shares of common stock pursuant to a conversion of accrued interest for March, 2009 convertible notes for $2,095 at a conversion price of $.000869.
On January 27, 2012, we issued 12,267,120 shares of common stock pursuant to conversion of January, 2011 convertible notes for three conversions totaling $9,998 at a conversion price of $.000815.
On January 27, 2012, we issued 13,000,000 shares of common stock pursuant to conversion of March, 2011 convertible notes for two conversions totaling $10,595 at a conversion price of $.000815.
On January 27, 2012, we issued 2,800,000 shares of common stock pursuant to a conversion of January, 2011 convertible notes for $2,282 at a conversion price of $.000815.
On January 27, 2012, we issued 8,000,000 shares of common stock pursuant to a conversion of July, 2010 convertible notes for $6,520 at a conversion price of $.000815.
On January 27, 2012, we issued 3,000,000 shares of common stock pursuant to a conversion of July, 2010 convertible notes for $2,445 at a conversion price of $.000815.
On January 27, 2012, we issued 8,000,000 shares of common stock pursuant to a conversion of June, 2011 convertible notes for $4,075 at a conversion price of $.000815.
On January 27, 2012, we issued 16,000,000 shares of common stock pursuant to conversion of October, 2007 convertible notes for two conversions totaling $13,904 at a conversion price of $.000869.
On January 27, 2012, we issued 11,507,479 shares of common stock pursuant to a conversion of accrued interest for the January, 2009 convertible notes for $10,000 at a conversion price of $.000869.
On January 30, 2012, we issued 7,000,000 shares of common stock pursuant to a conversion of October, 2007 convertible notes for $2,083 at a conversion price of $.000869.
On January 30, 2012, we issued 3,000,000 shares of common stock pursuant to a conversion of January, 2011 convertible notes for $2,445 at a conversion price of $.000815.
On January 30, 2012 and January 31, 2012, we issued 21,000,000 shares of common stock pursuant to conversion of March, 2011 convertible notes for four conversions totaling $17,115 at a conversion price of $.000815.
On January 30, 2012, we issued 3,000,000 shares of common stock pursuant to a conversion of June, 2011 convertible notes for $2,445 at a conversion price of $.001087.
On January 31, 2012, we issued 2,000,000 shares of common stock pursuant to a conversion of January, 2011 convertible notes for $1,630 at a conversion price of $.000815.
On February 2, 2012, we issued 2,442,666 shares of common stock pursuant to a conversion of January, 2011 convertible notes for $2,601 at a conversion price of $.001065.
On February 2, 2012, we issued 3,000,000 shares of common stock pursuant to a conversion of July, 2010 convertible notes for $3,195 at a conversion price of $.001065.
On February 2, 2012, we issued 8,000,000 shares of common stock pursuant to a conversion of March, 2011 convertible notes for $2,601 at a conversion price of $.001065.
On February 3, 2012, we issued 8,000,000 shares of common stock pursuant to conversion of January, 2011 convertible notes for three conversions totaling $13,261 at a conversion price of $.0010658.
On February 3, 2012, we issued 5,427,772 shares of common stock pursuant to conversion of March, 2011 convertible notes for two conversions totaling $13,565 at a conversion price of $.002315.
On February 6, 2012, we issued 5,743,130 shares of common stock pursuant to a conversion of July, 2010 convertible notes for $18,234 at a conversion price of $.003175.
On February 8, 2012, we issued 1,000,000 shares of common stock pursuant to a conversion of January, 2011 convertible notes for $3,175 at a conversion price of $.003175.
On February 9, 2012, we issued 1,500,000 shares of common stock pursuant to a conversion of January, 2011 convertible notes for $4,763 at a conversion price of $.003175.
On February 9, 2012, we issued 6,000,000 shares of common stock pursuant to a conversion of March, 2011 convertible notes for $19,050 at a conversion price of $.003175.
On February 9, 2012, we issued 6,500,000 shares of common stock pursuant to a conversion of July, 2010 convertible notes for $20,638 at a conversion price of $.003175.
On February 10, 2012, we issued 3,359,033 shares of common stock pursuant to a conversion of January 2008 convertible notes for $2,919 at a conversion price of $.000869.
On February 13, 2012, we issued 4,000,000 shares of common stock pursuant to a conversion of March, 2011 convertible notes for $12,820 at a conversion price of $.003205.
On February 13, 2012, we issued 5,000,000 shares of common stock pursuant to a conversion of July, 2010 convertible notes for $16.025 at a conversion price of $.003205.
On February 13, 2012, we issued 1,000,000 shares of common stock pursuant to a conversion of March, 2011 convertible notes for $3,205 at a conversion price of $.003205.
On February 13, 2012, we issued 533,550 shares of common stock pursuant to a conversion of March, 2011 convertible notes for $1,710 at a conversion price of $.003205.
On February 14, 2012, we issued 4,7000,000 shares of common stock pursuant to a conversion of January, 2011 convertible notes for $15,064 at a conversion price of $.003205.
On February 15, 2012, we issued 12,500,000 shares of common stock pursuant to a conversion of January, 2009 convertible notes for $12,500 at a conversion price of $.001.
On February 14, 2012, we issued 12,000,000 shares of common stock pursuant to a conversion of October 2007 convertible notes for $10,428 at a conversion price of $.000869.
On February 16, 2012, we issued 1,600,000 shares of common stock pursuant to a conversion of January, 2011 convertible notes for $10,428 at a conversion price of $.002923.
On February 17, 2012, we issued 3,000,000 shares of common stock pursuant to two conversions of March, 2011 convertible notes totaling $8,768 at a conversion price of $.002923.
On February 17, 2012, we issued 1,000,000 shares of common stock pursuant to a conversion of January, 2011 convertible notes for $2,923 at a conversion price of $.002923.
On February 17, 2012, we issued 5,000,000 shares of common stock pursuant to a conversion of July, 2010 convertible notes for $10,428 at a conversion price of $.002923.
On February 21, 2012, we issued 13,000,000 shares of common stock pursuant to a conversion of October 2007 convertible notes for $30,576at a conversion price of $.002352.
On February 21, 2012, we issued 12,755,102 shares of common stock pursuant to a conversion of January, 2009 convertible notes for $30,000 at a conversion price of $.002352.
On February 21, 2012, we issued 8,939,822 shares of common stock pursuant to a conversion of July, 2010 convertible notes for $26,131 at a conversion price of $.002923.
On February 21, 2012, we issued 9,600,000 shares of common stock pursuant to a conversion of March, 2011 convertible notes for $28,061 at a conversion price of $.002923.
On February 21, 2012, we issued 5,460,178 shares of common stock pursuant to a conversion of January, 2011 convertible notes for $9,873 and accrued interest for $6,087 at a conversion price of $.002923.
On February 22, 2012, we issued 3,000,000 shares of common stock pursuant to a conversion of March, 2011 convertible notes for $9,000 at a conversion price of $.003.
On February 22, 2012, we issued 1,813,317 shares of common
stock pursuant to two conversions of March, 2011 convertible notes totaling 5,440 at a conversion price of $.003.
On February 22, 2012, we issued 3,000,000 shares of common stock pursuant to a conversion of July, 2010 convertible notes for 1,939 and accrued interest for $7,061 at a conversion price of $.003.
On February 22, 2012, we issued 5,000,000 shares of common stock as a finder’s fee for the February, 2012 financing. This amount represents 10% of the total 50,000,000 warrants that were issued in connection with this financing. We recorded $13,177 in financing fees expense for these shares.
On February 23, 2012, we issued 14,000,000 shares of common stock pursuant to a conversion of October, 2007 convertible notes for $43,400 at a conversion price of $.0031.
On February 24, 2012, we issued 13,797,419 shares of common stock pursuant to a conversion of January, 2009 convertible notes for $22,500 and accrued interest for 20,272 at a conversion price of $.0031.
On February 27, 2012, we issued 13,054,175 shares of common stock pursuant to a conversion of June, 2011 convertible notes for $39,554 at a conversion price of $.00303.
On February 28, 2012, we issued 1,458,139 shares of common stock pursuant to a conversion of January, 2011 convertible notes for $4,418 at a conversion price of $.00303.
On February 28, 2012, we issued 9,000,000 shares of common stock pursuant to a conversion of July 2010 convertible notes for $27,270 at a conversion price of $.00303.
On February 29, 2012, we issued 1,005,600 shares of common stock pursuant to a conversion of March, 2011 convertible notes for $3,017 at a conversion price of $.003.
On March 1, 2012, we issued 5,000,000 shares of common stock pursuant to a conversion of July, 2010 convertible notes for $15,700 at a conversion price of $.00314.
On March 1, 2012,
we issued 5,000,000 shares of common stock pursuant to a conversion of June, 2011 convertible notes for $15,700 at a conversion price of $.00314.
On March 1, 2012, we issued 1,000,000 shares of common stock pursuant to a conversion of January, 2011 convertible notes for $3,140 at a conversion price of $.00314.
On March 2, 2012, we issued 18,000,000 shares of common stock pursuant to a conversion of October, 2007 convertible notes for $56,106 at a conversion price of $.003117.
On March 2, 2012, we issued 1,500,000 shares of common stock pursuant to a conversion of January, 2011 convertible notes for $5,070 at a conversion price of $.00338.
On March 2, 2012, we issued 6,000,000 shares of common stock pursuant to a conversion of June, 2011 convertible notes for $20,280 at a conversion price of $.00338.
On March 2, 2012, we issued 7,000,000 shares of common stock pursuant to a conversion of July, 2010 convertible notes for $23,660 at a conversion price of $.00338.
On March 2, 2012, we issued 20,476,742 shares of common stock pursuant to a conversion of December, 2009 convertible notes for $50,000 and accrued interest for $13,450 at a conversion price of $.0031.
On March 6, 2012, we issued 7,000,000 shares of common stock pursuant to a conversion of October, 2007 convertible notes for $22,176 at a conversion price of $.003168.
On March 6, 2012, we issued 3,419,737 shares of common stock pursuant to a conversion of June, 2011 convertible notes for $11,559 at a conversion price of $.00338.
On March 6, 2012, we issued 1,857,263 shares of common stock pursuant to a conversion of January, 2011 convertible notes for $3,462 and accrued interest for $2,816 at a conversion price of $.00338.
On March 12, 2012, we issued 35,000,000 shares of common stock pursuant to a conversion of October, 2007 convertible notes for
$3,125 and $105,970 accrued interest at a conversion price of $.003117.
On March 13, 2012, we issued 3,000,000 shares of common stock pursuant to a conversion of March, 2011 convertible notes for $9,510 at a conversion price of $.00317.
On March 13, 2012, we issued 706,463 shares of common stock pursuant to a conversion of January, 2011 convertible notes for $2,239 at a conversion price of $.00317.
On March 13, 2012, we issued 7,000,000 shares of common stock pursuant to two conversions of July, 2010 convertible notes totaling $22,190 at a conversion price of $.00317.
On March 16, 2012, we issued 4,856,750 shares of common stock pursuant to two conversions of January. 2011 convertible notes totaling $14,085 at a conversion price of $.0029.
On March 19, 2012, we issued 25,862,069 shares of common stock pursuant to a conversion of July, 2010 convertible notes for $75,000 at a conversion price of $.0029.
On March 21, 2012, we issued 6,500,000 shares of common stock pursuant to a conversion of July, 2010 convertible notes for $18,850 at a conversion price of $.0029.
On March 21, 2012, we issued 1,652,480 shares of common stock pursuant to a conversion of January, 2011 convertible notes for $4,792 at a conversion price of $.0029.
On March 21, 2012, we issued 7,000,000 shares of common stock pursuant to a conversion of June, 2011 convertible notes for $20,300 at a conversion price of $.0029.
On March 23, 2012, we issued 10,000,000 shares of common stock pursuant to a conversion of February, 2008 convertible notes for $28,850at a conversion price of $.002885.
On March 27, 2012, we issued 2,500,000 shares of common stock pursuant to a conversion of March, 2011 convertible notes for $5,793 at a conversion price of
$.002317.
On March 27, 2012, we issued 600,000 shares of common stock pursuant to a conversion of January, 2011 convertible notes for $1,390 at a conversion price of $.002317.
On March 27, 2012, we issued 3,000,000 shares of common stock pursuant to a conversion of July, 2010 convertible notes for $6,951 at a conversion price of $.002317.
On March 28, 2012, we issued 3,523,979 shares of common stock pursuant to a conversion of June, 2011 convertible notes for $7,823 at a conversion price of $.00222.
On March 29, 2012, we issued 1,400,000 shares of common stock pursuant to a conversion of July, 2010 convertible notes for $1,609 and accrued interest for $1,499 at a conversion price of $.00222.
(d) Compensation and Incentive Plan:
On October 31, 2007, management approved the Company’s 2007 Stock Compensation and Incentive Plan and reserved 50,000/100 (before and after reverse stock split) shares of the Company’s common stock for future issuance under the Plan to employees, directors and other persons associated with Attitude. These shares were included in a Form S-8 that was filed with the Securities Exchange Commission on May 16, 2008 to register the underlying shares. We have issued 49,877/100 (before and after reverse stock split) shares from this plan leaving an available 124/0 (before and after reverse stock split) shares to be issued in the future.
On August 1, 2008, we issued 17,500/35 (before and after reverse stock split) Non-Qualified Stock Options to Nutraceutical Discoveries at the exercise price of $13.00/$6,500 (before and after reverse stock split) per option for a licensing agreement to use certain intellectual property and “Innutria®” formulation. These options are immediately vested and will expire in five (5) years on July 31, 2013. Due to the immediate vesting, we recognized the full cost of $163,240 in August, 2008 by using the Black-Scholes-Merton (BSM) option-pricing formula. See table below for additional information that was used in this computation.
Although our Board of Directors approved the creation of the March, 2009 Stock Option, Compensation and Incentive Plan in which 1,000,000/2,000 (before and after reverse stock split) shares of our $.001 par value common stock will be reserved for future issuance under this plan, the plan was not filed with the Securities Exchange
Commission. As such, any issuance will be subject to restrictions and Rule 144 holding periods. During March 30, 2009, we issued 884,569/1,769 (before and after reverse stock split) non-qualified stock options at the exercise price of $1.00/$500.00 (before and after reverse stock split) to employees and certain consultants. The stock options vest immediately and will expire in five (5) years on March 31, 2014. No other employee stock options have been granted prior to this transaction. We recorded the full compensation cost of $159,348 for these employee stock options in March, 2009. None of these stock options have been exercised.
On March 10, 2010, our Board of Directors approved the issuance of 50,000/100 (before and after reverse stock split) stock options to our Scientific Advisory Board at an exercise price of $0.60/$300.00 (before and after reverse stock split) that will expire in five (5) years on March 11, 2015. We recorded the full compensation cost of $41,100 for these options in March, 2010. None of these stock options have been exercised. In addition and on the same date, we issued 75,000 stock options as a retainer for future services from our outside legal counsel at an exercise price of $1.00/$500.00 (before and after reverse stock split) in which the options will expire in five (5) years on March 11, 2015. We recorded the full compensation cost of $57,450 for these options in March, 2010. None of these options have been exercised.
On May 25, 2010, a registration that covers the offering of an aggregated 3,750,000/7,500 (before and after reverse stock split) shares of the Company’s common stock was approved by the Company’s Board of Directors. As such, the 2010 Stock Compensation and Incentive Plan was created for employees, directors, consultants and other persons associated with the Company in which awards of common stock and/or non-qualified stock options may be granted. During the fiscal year ended March 31, 2011, we issued 3,288,889/6,578 (before and after reverse stock split) shares of common stock for a total of $161,000 for past due professional services and payroll in which 1,500,000/3,000 (before and after reverse stock split) shares were returned back to the plan, leaving an available 1,961,111/3,922 (before and after reverse stock split) shares to be issued in the future
On December 21, 2011, the Company’s Board of Directors approved the issuance of 27,102,009/54,204 (before and after reverse stock split) non-qualified stock options to certain employees for the return of previously issued shares of common stock that were issued for payment of past due expenses to be effective at December 31, 2011. The stock options have an exercise price of $.02/$10.00 (before and after reverse stock split), full vesting rights and a life of five years. The Board of Directors intends to approve a registration to cover an offering to include these stock options once the increase in authorized shares has been approved, (increase approved May 1, 2012). We recognized the full compensation expense of $12,656 at December 31, 2011 by using the Black-Scholes valuation model (27,102,009 x $.000467).
As required by the FASB Accounting Standards Codification, we would normally estimate forfeitures of employee stock option and recognize the compensation cost over the requisite service period for the entire award in accordance with the provisions. As all stock options were fully vested, no estimate of forfeitures was
required, and compensation cost is fully recognized at the time of grant and full vesting. We estimated the fair value of these stock options on the date of grant using a Black-Scholes-Merton (BSM) option-pricing formula, applying the following assumptions (before and after reverse stock split):
Expected Term: The expected term represents the period over which the share-based awards are expected to be outstanding.
Risk-Free Interest Rate: We based the risk-free interest rate used in its assumptions on the implied yield currently available on U.S. Treasury zero-coupon issues with a remaining term equivalent to the stock option award’s expected term.
Expected Volatility: Due to a limited trading history of our common stock, the volatility factor used in our assumptions is based on weighted average “peer group” historical stock prices of three different companies that are similar in nature to our company over the most recent period commensurate with the expected term of the stock option award.
Expected Dividend Yield: We do not intend to pay dividends on our common stock for the foreseeable future. Accordingly, we used a dividend yield of zero in our assumptions.
On January 10, 2013, the stockholders holding a majority voting rights of our Common Stock approved the 2013 Equity Incentive Plan by written consent without a meeting in accordance with Delaware Law. This plan provides for the grant of stock awards to employees, directors and consultants of the Company and its affiliates covering an aggregate of 500,000,000/1,000,000 (before and after reverse stock split) shares of its common stock. The number of shares of common stock available for issuance under this plan shall automatically increase on February 1st of each year for a period of 9 years commencing January 1, 2014 in an amount equal to the lesser of 5% of the total number of shares of common stock outstanding on December 31st of the
preceding calendar year or 15,000,000/30,000 (before and after reverse stock split) shares. No stock awards have been granted as of March 31, 2013.
A summary of option activity under these stock option plans for the year ended March 31, 2013 is presented below:
Note that all of the stock options are outstanding, fully vested and exercisable for the year ended March 31, 2013. As such, all compensation expense for the above options has been recognized, and there is no unrecognized compensation expense to be recorded in the future.
|
Convertible Notes Payable (Details Textual 9) (USD $)
|
0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 02, 2013
|
Dec. 01, 2012
|
Mar. 01, 2013
|
Feb. 01, 2013
|
Mar. 31, 2013
|
Mar. 31, 2012
|
Mar. 31, 2012
900,000 convertible notes payable [Member]
|
Feb. 22, 2012
900,000 convertible notes payable [Member]
|
Jul. 15, 2010
900,000 convertible notes payable [Member]
|
Mar. 31, 2013
900,000 convertible notes payable [Member]
|
Feb. 21, 2013
900,000 convertible notes payable [Member]
|
Sep. 30, 2010
900,000 convertible notes payable [Member]
|
Jul. 15, 2010
900,000 convertible notes payable [Member]
Private Placement [Member]
|
|
Convertible Notes Payable (Textual) | |||||||||||||
Amount of securities sell under subscription agreement | $ 900,000 | ||||||||||||
Interest percentage of convertible notes | 10.00% | ||||||||||||
Maturity date | Jun. 30, 2013 | May 31, 2013 | Aug. 31, 2013 | Jul. 31, 2013 | Jul. 15, 2012 | ||||||||
Conversion price for the convertible notes payable, Description | The conversion price for the convertible notes payable per share shall be equal to seventy-five percent (75%) of the average of the three lowest closing bid prices for the common stock as reported by Bloomberg L.P. for the principal Market for the ten trading days preceding a conversion date but in no event greater than $.08. | ||||||||||||
Warrants issued with convertible note payable | 65,999,999 | ||||||||||||
Conversion price before amendment | $ 0.08 | ||||||||||||
Outstanding balance of debt | 635,275 | 635,275 | |||||||||||
Exercise price of warrant before amendment | $ 0.035 | ||||||||||||
Exercise price of warrants | $ 0.02 | ||||||||||||
Notes payable due date | Jul. 14, 2015 | ||||||||||||
Valuation cost of the warrants | 156,000 | ||||||||||||
Gross proceeds of financing | 900,000 | ||||||||||||
Debt discount | 171,600 | ||||||||||||
Warrant issued to placement agent | 15,600 | ||||||||||||
Accretion of the debt discount to date | 209,446 | ||||||||||||
Finance costs incurred through issuance of convertible notes | 164,500 | ||||||||||||
Professional fees | 39,024 | ||||||||||||
Total debt | 696,476 | ||||||||||||
Repayments of debt | 150,000 | ||||||||||||
Non cash deferred financing fees | 15,600 | ||||||||||||
Number of warrants issued under agreement | 6,000,000 | ||||||||||||
Convertible note payable assigned to new debt holders | 500,000 | ||||||||||||
Other financing fees | 11,500 | ||||||||||||
Other financing fees net | 191,600 | ||||||||||||
Convertible notes payable assigned | 250,000 | 2,726,657 | 413,358 | ||||||||||
Accrued interest payable assigned | 86,642 | ||||||||||||
Stock subscription amount | 246,476 | ||||||||||||
Conversions of the principal amount into common stock from inception | 500,000 | ||||||||||||
Conversion of the principal amount into common stock | 264,725 | ||||||||||||
Conversion of accrued interest into common stock | $ 131,663 | ||||||||||||
Cancellation of warrants on issuance of new convertible notes | 56,666,666 |
Fixed Assets
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Assets: | Note 4 – Fixed Assets:
The Company’s fixed assets are comprised of the following as of March 31, 2013 and 2012:
Depreciation expense aggregated $6,498 and $4,934 for the year ended March 31, 2013 and 2012, respectively. During the year ended March 31, 2013, we moved our office to another location and wrote off the leasehold improvement of the old office location for gross assets of $3,954 less accumulated depreciation of $3,756 for a net loss of $198 due to abandonment. During the year ended March 31, 2012, we changed to a new telephone system and wrote off the old telephone system for gross assets of $23,377 less accumulated depreciation of $9,032 for a net loss of $14,345 due to abandonment. |
Accrued Liabilities (Tables)
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities. [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of accrued liabilities |
|
Stockholders' Deficit (Details 2)
|
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2009
Before reverse stock split [Member]
17,500 options [Member]
|
Mar. 31, 2009
Before reverse stock split [Member]
884,569 options [Member]
|
Mar. 31, 2010
Before reverse stock split [Member]
50,000 options [Member]
|
Mar. 31, 2010
Before reverse stock split [Member]
75,000 options [Member]
|
Mar. 31, 2012
Before reverse stock split [Member]
27,109,009 options [Member]
|
Mar. 31, 2009
After reverse stock split [Member]
35 options [Member]
|
Mar. 31, 2009
After reverse stock split [Member]
1,769 options [Member]
|
Mar. 31, 2010
After reverse stock split [Member]
100 options [Member]
|
Mar. 31, 2010
After reverse stock split [Member]
150 options [Member]
|
Mar. 31, 2012
After reverse stock split [Member]
54,204 options [Member]
|
|
Summary of estimated fair value of stock options | ||||||||||
Expected Term (in years) | 3 years 3 months 29 days | 5 years | 5 years | 5 years | 5 years | 3 years 3 months 29 days | 5 years | 5 years | 5 years | 5 years |
Risk-free rate | 3.23% | 1.72% | 2.42% | 2.42% | 0.83% | 3.23% | 1.72% | 2.42% | 2.42% | 0.83% |
Volatility (based on peer group) | 107.00% | 78.02% | 103.00% | 103.00% | 115.00% | 107.00% | 78.02% | 103.00% | 103.00% | 115.00% |
Dividends |
Convertible Notes Payable (Details Textual 12) (USD $)
|
0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||
---|---|---|---|---|---|---|---|---|
Jan. 02, 2013
|
Dec. 01, 2012
|
Mar. 01, 2013
|
Feb. 01, 2013
|
Feb. 21, 2013
$1,000,000 Convertible Promissory Note Financing [Member]
|
Feb. 22, 2012
$1,000,000 Convertible Promissory Note Financing [Member]
|
Mar. 31, 2013
$1,000,000 Convertible Promissory Note Financing [Member]
|
Mar. 31, 2012
$172,211 Convertible Promissory Note Financing [Member]
|
|
Convertible Notes Payable (Textual) | ||||||||
Amount of securities agreed to sell | $ 1,000,000 | $ 172,211 | ||||||
Interest percentage of convertible notes | 10.00% | |||||||
Convertible note, maturity date | Jun. 30, 2013 | May 31, 2013 | Aug. 31, 2013 | Jul. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | ||
Warrants issued with convertible note payable | 50,000,000 | |||||||
Exercise price of warrants | $ 0.02 | |||||||
Extend maturity date of warrants or restricted stock | Feb. 21, 2017 | |||||||
Percentage of conversion price of convertible notes payable | 75.00% | 75.00% | ||||||
Conversion debt instrument, conversion terms | The conversion price for the convertible notes payable per share shall be equal to seventy-five percent (75%) of the average of the three lowest closing bid prices for the common stock as reported by Bloomberg L.P. for the principal Market for the ten trading days preceding a conversion date but in no event greater than $.02. | The conversion price for the convertible notes payable per share shall be equal to seventy-five percent (75%) of the average of the three lowest closing bid prices for the common stock as reported by Bloomberg L.P. for the principal Market for the ten trading days preceding a conversion date but in no event greater than $.02. | ||||||
Convertible note, interest rate | 12.00% | |||||||
Percentage of notes payable issued of principle face amount | 10.00% | |||||||
Convertible terms of Conversion price | 10 days | |||||||
Valuation cost of the warrants | 44,735 | |||||||
Convertible notes payable outstanding amount | 1,000,000 | 950,000 | ||||||
Accretion of the debt discount to date | 25,681 | |||||||
Remaining outstanding warrants surrendered and cancelled through other exchange agreements via issuance of new convertible notes by Company to debt holders | 50,000,000 | |||||||
Total financing costs paid | 160,000 | |||||||
Payment of previous three bridge loans | 175,000 | |||||||
Amount paid for financing cost including interest of previous two bridge loans | 103,451 | |||||||
Net amount of paid by debt holders to company | $ 561,549 |
Income Taxes
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Note 12 – Income Taxes:
The Company has recorded no income tax benefit for its taxable losses during the period ending March 31, 2013 because there is no certainty that the Company will realize those benefits. The components of the Company's deferred tax assets and liabilities as of March 31, 2013 and 2012 are as follows:
As of March 31, 2013 the Company has a net tax operating loss of $16,895,000 that will be available to offset future taxable income, if any. The use of net operating loss carryforwards to reduce future income tax liabilities is subject to limitations, and these amounts will begin to expire in 2028.
The following table illustrates the reconciliation of the tax benefit at the federal statutory rate to the Company's effective rate for the period ending March 31, 2013 and 2012:
The Company is required to file income tax returns for U.S. Federal and State of Florida purposes. The Company is not currently under any tax examination, but the statute of limitations has not yet expired because no federal or state tax returns have been filed since 2007. Therefore, the Company generally remains subject to examination of its U.S. Federal income tax returns for 2008 and subsequent years by the Internal Revenue Service. In addition, the Company also remains subject to examinations of its State of Florida tax returns for 2008 and subsequent years.
|
Convertible Notes Payable (Details Textual 4) (USD $)
|
0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 02, 2013
|
Dec. 01, 2012
|
Mar. 31, 2013
|
Mar. 01, 2013
|
Feb. 01, 2013
|
Mar. 31, 2012
|
Mar. 17, 2011
$60,833 convertible notes payable [Member]
|
Jul. 14, 2010
$60,833 convertible notes payable [Member]
|
Jan. 10, 2010
$60,833 convertible notes payable [Member]
|
Jan. 27, 2009
$60,833 convertible notes payable [Member]
|
Dec. 18, 2008
$60,833 convertible notes payable [Member]
|
Mar. 31, 2012
$60,833 convertible notes payable [Member]
|
Mar. 31, 2013
$60,833 convertible notes payable [Member]
|
Nov. 30, 2009
$60,833 convertible notes payable [Member]
|
Mar. 29, 2009
$60,833 convertible notes payable [Member]
|
Dec. 28, 2008
$60,833 convertible notes payable [Member]
|
Dec. 18, 2008
$60,833 convertible notes payable [Member]
Exercise Price 1 [Member]
|
Dec. 18, 2008
$60,833 convertible notes payable [Member]
Exercise Price 2 [Member]
|
|
Convertible Notes Payable (Textual) | ||||||||||||||||||
Outstanding principal amount | $ 60,833 | |||||||||||||||||
Purchase price of convertible notes payable | 50,000 | |||||||||||||||||
Maturity date | Jun. 30, 2013 | May 31, 2013 | Aug. 31, 2013 | Jul. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 | Jun. 10, 2010 | Mar. 29, 2009 | Mar. 31, 2014 | |||||||||
Exercise price of warrants | $ 0.02 | $ 0.035 | $ 1.00 | $ 10.00 | $ 15.00 | |||||||||||||
Number of common stock, shares to purchase by warrants issued | 14,168 | 7,084 | 7,084 | |||||||||||||||
Condition regarding notice for conversion of notes | The notice of conversion must be given to the Holder on the first day following the twenty consecutive trading days during which the stock price is greater than $100.00 per share each trading day and the daily trading volume is greater than 100,000 shares. | |||||||||||||||||
Original term of note, Description | Fifty percent of the note was due on December 28, 2008 and fifty percent due and payable on March 29, 2009 and if the note was not paid by its maturity date; a default rate of 15% applied. The note was considered in default as of December 28, 2008 due to non-payment of the required principle payment, therefore, it is recorded at face value and default interest of 15% is being accrued. | |||||||||||||||||
Conversion price of convertible notes | $ 0.02 | $ 0.035 | $ 1.00 | $ 3.30 | $ 0.494 | |||||||||||||
Aggregate amount of convertible promissory notes | 70,834 | |||||||||||||||||
Percentage of interest due and payable till certain maturity date as per the original terms of the note | 50.00% | 50.00% | ||||||||||||||||
Accrued interest rate | 15.00% | |||||||||||||||||
Convertible promissory notes issued | 100,000 | |||||||||||||||||
Loss on debt extinguishment | (2,022,451) | 26,282 | 82,484 | |||||||||||||||
Conversion debt instrument, conversion terms | The conversion price of these notes shall be equal to eighty (80%) of the average of the three lowest closing bid prices for the common stock as reported by Bloomberg L.P. for the principal market for the twenty trading days preceding a conversion date but in no event greater than $.02, subject to further reduction as described in the notes. | |||||||||||||||||
Convertible note, interest rate | 10.00% | |||||||||||||||||
Convertible debt financing principal amount gross | 600,000 | 900,000 | ||||||||||||||||
Assignment/sale made to another accredited investor outstanding | $ 60,833 |
Convertible Notes Payable (Details Textual 13) (USD $)
|
0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 02, 2013
|
Dec. 01, 2012
|
Mar. 01, 2013
|
Feb. 01, 2013
|
Aug. 08, 2012
$75,000 convertible note payable (q) [Member]
|
Mar. 31, 2013
$75,000 convertible note payable (q) [Member]
|
Aug. 31, 2012
$125,000 convertible note payable (r) [Member]
|
Mar. 31, 2013
$125,000 convertible note payable (r) [Member]
|
Sep. 26, 2012
$75,000 convertible note payable (s) [Member]
|
Jul. 19, 2012
$75,000 convertible note payable (s) [Member]
|
Mar. 31, 2013
$75,000 convertible note payable (s) [Member]
|
Sep. 30, 2012
$137,783 convertible note payable (t) [Member]
|
Mar. 31, 2013
$137,783 convertible note payable (t) [Member]
|
|
Convertible Notes Payable (Textual) | |||||||||||||
Amount of securities agreed to sell | $ 100,000 | $ 137,783 | |||||||||||
Outstanding principal amount | 125,000 | 75,000 | |||||||||||
Convertible notes purchased amount | 75,000 | ||||||||||||
Monthly retainer amount paid by company | 25,000 | ||||||||||||
Convertible note, interest rate | 10.00% | ||||||||||||
Amount of new replacement note issued | 75,000 | ||||||||||||
Denominations of note convertible into shares | 10,000 | 10,000 | |||||||||||
Minimum shares issued upon conversion | 3,000 | 3,000 | |||||||||||
Interest percentage of convertible notes | 10.00% | 10.00% | |||||||||||
Convertible note, maturity date | Jun. 30, 2013 | May 31, 2013 | Aug. 31, 2013 | Jul. 31, 2013 | Jan. 15, 2013 | Feb. 28, 2013 | Mar. 26, 2013 | Mar. 31, 2014 | |||||
Percentage of conversion price of convertible notes payable | 75.00% | 70.00% | 80.00% | 75.00% | |||||||||
Conversion debt instrument, conversion terms | The conversion price for this convertible note shall be equal to seventy-five percent (75%) of the average of the three lowest closing bid prices for the common stock as reported by Bloomberg L.P. for the principal Market for the ten trading days preceding a conversion date but in no event greater than $.02. | The holder of this note is entitled any time after the maturity date to convert all or a portion of the principal amount of this note into shares of common stock at a conversion price equal to the current market price multiplied by seventy percent (70%) Current market price means the average of the two (2) lowest closing bid prices for the common stock as reported by Bloomberg, LP or, if not so reported, as reported on the over-the-counter market, for the five (5) trading days ending on the trading day immediately before the relevant conversion date. | The note may be converted into common stock at a conversion price equal to the current market price multiplied by eighty percent (80%) Current market price means the average of the closing bid prices for the common stock as reported by Bloomberg, LP or, if not so reported, as reported on the over-the-counter market, for the five (5) trading days ending on the trading day immediately before the relevant conversion date. | The conversion price for the convertible notes payable per share shall be equal to seventy-five percent (75%) of the average of the three lowest closing bid prices for the common stock as reported by Bloomberg L.P. for the principal Market for the ten trading days preceding a conversion date but in no event greater than $.02. | |||||||||
Conversion price of convertible notes | $ 0.02 | $ 0.02 | |||||||||||
Convertible terms of Conversion price | 10 days | 5 days | 5 days | 10 days | |||||||||
Conversion percentage of issued and outstanding shares | 9.99% | 9.99% | |||||||||||
Description of payment of principle amount | We issued a promissory convertible note on September 26, 2012 in the principal amount equal to $75,000 for payments of the August, September and October 2012 retainers ($25,000 per month times 3 months). | ||||||||||||
Conversions of principal amount into common stock | $ 75,000 |
Fixed Assets (Details Textual) (USD $)
|
12 Months Ended | |
---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
|
Fixed Assets (Textual) | ||
Accumulated depreciation | $ 28,857 | $ 26,115 |
Gain (Loss) on Disposition of Property | (198) | (14,345) |
Depreciation | 6,498 | 4,934 |
Leasehold improvements [Member]
|
||
Fixed Assets (Textual) | ||
Carrying value of asset | 3,954 | |
Accumulated depreciation | 3,756 | |
Gain (Loss) on Disposition of Property | (198) | |
Telephone System [Member]
|
||
Fixed Assets (Textual) | ||
Carrying value of asset | 23,377 | |
Accumulated depreciation | 9,032 | |
Gain (Loss) on Disposition of Property | $ (14,345) |
Derivative Liabilities (Tables)
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Liabilities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of components of derivative liabilities |
|
Short-Term Bridge Loans (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
|
|||||||||||||||||||||||||||||||||||||
Short Term Bridge Loans [Abstract] | |||||||||||||||||||||||||||||||||||||
Summary of short-term bridge loan balances |
|
||||||||||||||||||||||||||||||||||||
Summary of modification and Waiver Agreements related to the April 14, 2008 financing |
|
Convertible Notes Payable (Details Textual 2) (USD $)
|
9 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
Mar. 31, 2013
|
Mar. 31, 2012
$1,200,000 convertible notes payable [Member]
|
Mar. 31, 2011
$1,200,000 convertible notes payable [Member]
|
Mar. 17, 2011
$1,200,000 convertible notes payable [Member]
|
Jul. 14, 2010
$1,200,000 convertible notes payable [Member]
|
Feb. 28, 2010
$1,200,000 convertible notes payable [Member]
|
Feb. 11, 2010
$1,200,000 convertible notes payable [Member]
|
Jan. 31, 2010
$1,200,000 convertible notes payable [Member]
|
Jan. 28, 2010
$1,200,000 convertible notes payable [Member]
|
Jan. 10, 2010
$1,200,000 convertible notes payable [Member]
|
Jan. 31, 2009
$1,200,000 convertible notes payable [Member]
|
Jan. 27, 2009
$1,200,000 convertible notes payable [Member]
|
Oct. 31, 2007
$1,200,000 convertible notes payable [Member]
|
Mar. 31, 2011
$1,200,000 convertible notes payable [Member]
|
Mar. 31, 2013
$1,200,000 convertible notes payable [Member]
|
Dec. 31, 2012
$1,200,000 convertible notes payable [Member]
|
Nov. 30, 2009
$1,200,000 convertible notes payable [Member]
|
Dec. 18, 2008
$1,200,000 convertible notes payable [Member]
|
Oct. 23, 2007
$1,200,000 convertible notes payable [Member]
|
|
Convertible Notes Payable (Textual) | ||||||||||||||||||||
Aggregate amount of convertible promissory notes | $ 221,608 | $ 500,000 | $ 1,200,000 | |||||||||||||||||
Convertible note, interest rate | 10.00% | 10.00% | ||||||||||||||||||
Conversion price of convertible notes | $ 0.02 | $ 0.035 | $ 1.00 | $ 0.494 | $ 3.30 | $ 6.60 | ||||||||||||||
Convertible note principal amount converted | 816,000 | 600,000 | 900,000 | 82,392 | ||||||||||||||||
Accrued interest on convertible notes converted | 177,981 | |||||||||||||||||||
Convertible debt instrument, interest rate terms | The conversion price of these notes shall be equal to eighty percent (80%) of the average of the three lowest closing bid prices for the common stock as reported by Bloomberg L.P. for the principal market for the twenty trading days preceding a conversion date but in no event greater than $.02, subject to further reduction as described in the notes. | The conversion price of these notes shall be equal to eighty percent (80%) of the average of the three lowest closing bid prices for the common stock as reported by Bloomberg L.P. for the principal market for the twenty trading days preceding a conversion date but in no event greater than $.02, subject to further reduction as described in the notes. | ||||||||||||||||||
Loss on extinguishment of debt | 395,249 | 379,183 | ||||||||||||||||||
Exercise price of warrants | $ 0.02 | $ 0.16 | $ 0.20 | |||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 162,200 | 162,200 | 62,500 | |||||||||||||||||
Convertible promissory notes issued | 100,000 | |||||||||||||||||||
Warrants exchange to purchase common stock | 1,635,792 | |||||||||||||||||||
Principle balance sold to accredited investors | 301,608 | |||||||||||||||||||
Amount of accrued interest assigned to new debt holders | $ 27,460 | |||||||||||||||||||
Debt instrument extended maturity date | Mar. 31, 2014 | Mar. 31, 2012 | Mar. 31, 2011 | Jul. 15, 2015 | Jul. 15, 2015 | Jun. 30, 2013 | Jul. 01, 2009 | |||||||||||||
Convertible note, payment terms | Entered into a modification of the agreement which reduced the maturity date from October 23, 2009 to July 1, 2009 and changed from a periodic debt payment schedule to full payment of principal and interest on July 1, 2009. | |||||||||||||||||||
Number of warrants surrender and cancelled in exchange of issuance of convertible notes | 1,817,610 |
Significant Accounting Policies (Details) (USD $)
|
Mar. 31, 2013
|
Mar. 31, 2012
|
---|---|---|
Schedule of components of inventories | ||
Finished goods | $ 101,721 | $ 252,413 |
Finished goods on consignment | 6,083 | |
Total inventories | $ 101,721 | $ 258,496 |
Convertible Notes Payable (Details Textual 5) (USD $)
|
0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 02, 2013
|
Dec. 01, 2012
|
Mar. 31, 2013
|
Mar. 01, 2013
|
Feb. 01, 2013
|
Mar. 31, 2012
|
Feb. 21, 2013
$942,224 convertible notes payable [Member]
|
Mar. 17, 2011
$942,224 convertible notes payable [Member]
|
Jul. 14, 2010
$942,224 convertible notes payable [Member]
|
May 13, 2010
$942,224 convertible notes payable [Member]
|
Feb. 11, 2010
$942,224 convertible notes payable [Member]
|
Jan. 28, 2010
$942,224 convertible notes payable [Member]
|
Jan. 10, 2010
$942,224 convertible notes payable [Member]
|
Mar. 31, 2012
$942,224 convertible notes payable [Member]
|
Feb. 28, 2010
$942,224 convertible notes payable [Member]
|
Dec. 31, 2009
$942,224 convertible notes payable [Member]
|
Nov. 30, 2009
$942,224 convertible notes payable [Member]
|
|
Convertible Notes Payable (Textual) | |||||||||||||||||
Outstanding principal amount | $ 479,020 | $ 892,224 | |||||||||||||||
Number of common stock, shares to purchase by warrants issued | 1,183,473 | ||||||||||||||||
Convertible promissory notes issued | 55,000 | 50,000 | |||||||||||||||
Loss on debt extinguishment | (2,022,451) | 309,740 | |||||||||||||||
Principal face value converted into common shares | 435,370 | ||||||||||||||||
Conversion price of convertible notes | $ 0.02 | $ 0.035 | $ 1.00 | $ 0.494 | |||||||||||||
Exercise price of warrants | $ 0.02 | $ 0.035 | $ 0.16 | $ 0.20 | $ 0.16 | $ 0.20 | $ 0.16 | ||||||||||
Convertible debt financing principal amount gross | 600,000 | 900,000 | |||||||||||||||
Aggregate warrant issued | 114,583 | ||||||||||||||||
Convertible debt instrument, interest rate terms | The conversion price of these notes shall be equal to eighty (80%) of the average of the three lowest closing bid prices for the common stock as reported by Bloomberg L.P. for the principal market for the twenty trading days preceding a conversion date but in no event greater than $.02, subject to further reduction as described in the notes. | ||||||||||||||||
Convertible note, interest rate | 10.00% | ||||||||||||||||
Accrued interest on convertible notes converted | 124,563 | ||||||||||||||||
Convertible note, maturity date | Jun. 30, 2013 | May 31, 2013 | Aug. 31, 2013 | Jul. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 | Jul. 15, 2015 | Jun. 30, 2010 | Mar. 31, 2014 | Jul. 15, 2015 | |||||||
Warrants surrendered and cancelled | 1,183,473 | ||||||||||||||||
Assignment/sale made to another accredited investor outstanding | $ 27,834 |
Subsequent Events (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Before and after reverse stock split of common stock |
|
Income Taxes (Details) (USD $)
|
Mar. 31, 2013
|
Mar. 31, 2012
|
---|---|---|
Summary of deferred tax assets and liabilities | ||
Net operating loss carryforwards | $ 5,744,435 | $ 4,805,496 |
Compensatory stock and warrants | 33,831 | 56,123 |
Accrued expenses that are deductible in future periods | 25,483 | 26,630 |
Depreciation method differences | 1,442 | 1,623 |
Deferred tax assets, Gross | 5,805,191 | 4,889,872 |
Valuation allowances | (5,805,191) | (4,889,872) |
Net deferred tax assets | $ 0 | $ 0 |
Derivative Liabilities (Details Textual) (Exchange agreements [Member], USD $)
|
Feb. 21, 2013
|
---|---|
Exchange agreements [Member]
|
|
Derivative Liabilities (Textual) | |
New note issued for surrender of warrants | $ 350,000 |
Stockholders' Deficit (Details Textual) (USD $)
|
12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
Officer
|
Mar. 31, 2012
|
Jan. 30, 2013
|
May 01, 2012
|
Jul. 25, 2011
|
Apr. 02, 2011
|
Apr. 10, 2012
January, 2011 convertible notes [Member]
|
Apr. 05, 2012
January, 2011 convertible notes [Member]
|
Apr. 03, 2012
January, 2011 convertible notes [Member]
|
Feb. 17, 2012
January, 2011 convertible notes [Member]
|
Feb. 16, 2012
January, 2011 convertible notes [Member]
|
Feb. 02, 2012
January, 2011 convertible notes [Member]
|
Jan. 31, 2012
January, 2011 convertible notes [Member]
|
Jan. 30, 2012
January, 2011 convertible notes [Member]
|
Jan. 27, 2012
January, 2011 convertible notes [Member]
|
Jan. 26, 2012
January, 2011 convertible notes [Member]
|
Jan. 25, 2012
January, 2011 convertible notes [Member]
|
Jan. 20, 2012
January, 2011 convertible notes [Member]
|
Jan. 10, 2012
January, 2011 convertible notes [Member]
|
Dec. 20, 2011
January, 2011 convertible notes [Member]
|
Dec. 07, 2011
January, 2011 convertible notes [Member]
|
Nov. 23, 2011
January, 2011 convertible notes [Member]
|
Nov. 17, 2011
January, 2011 convertible notes [Member]
|
Nov. 10, 2011
January, 2011 convertible notes [Member]
|
Nov. 08, 2011
January, 2011 convertible notes [Member]
|
Nov. 03, 2011
January, 2011 convertible notes [Member]
|
Nov. 01, 2011
January, 2011 convertible notes [Member]
|
Oct. 12, 2011
January, 2011 convertible notes [Member]
|
Sep. 27, 2011
January, 2011 convertible notes [Member]
|
Sep. 13, 2011
January, 2011 convertible notes [Member]
|
Mar. 28, 2013
July, 2010 convertible notes [Member]
|
Mar. 12, 2013
July, 2010 convertible notes [Member]
|
Feb. 22, 2013
July, 2010 convertible notes [Member]
|
Feb. 13, 2013
July, 2010 convertible notes [Member]
|
Jan. 17, 2013
July, 2010 convertible notes [Member]
|
Jan. 16, 2013
July, 2010 convertible notes [Member]
|
Dec. 17, 2012
July, 2010 convertible notes [Member]
|
Nov. 20, 2012
July, 2010 convertible notes [Member]
|
Oct. 18, 2012
July, 2010 convertible notes [Member]
|
Oct. 05, 2012
July, 2010 convertible notes [Member]
|
Sep. 18, 2012
July, 2010 convertible notes [Member]
|
Sep. 05, 2012
July, 2010 convertible notes [Member]
|
Aug. 15, 2012
July, 2010 convertible notes [Member]
|
Jul. 02, 2012
July, 2010 convertible notes [Member]
|
Jun. 22, 2012
July, 2010 convertible notes [Member]
|
Jun. 11, 2012
July, 2010 convertible notes [Member]
|
May 17, 2012
July, 2010 convertible notes [Member]
|
Apr. 10, 2012
July, 2010 convertible notes [Member]
|
Apr. 04, 2012
July, 2010 convertible notes [Member]
|
Jan. 27, 2012
July, 2010 convertible notes [Member]
|
Jan. 26, 2012
July, 2010 convertible notes [Member]
|
Jan. 25, 2012
July, 2010 convertible notes [Member]
|
Feb. 11, 2013
March, 2011 convertible notes [Member]
|
Nov. 26, 2012
March, 2011 convertible notes [Member]
|
Nov. 21, 2012
March, 2011 convertible notes [Member]
|
Oct. 11, 2012
March, 2011 convertible notes [Member]
|
Sep. 19, 2012
March, 2011 convertible notes [Member]
|
Sep. 06, 2012
March, 2011 convertible notes [Member]
|
Aug. 16, 2012
March, 2011 convertible notes [Member]
|
Aug. 15, 2012
March, 2011 convertible notes [Member]
|
Jun. 25, 2012
March, 2011 convertible notes [Member]
|
May 31, 2012
March, 2011 convertible notes [Member]
|
May 25, 2012
March, 2011 convertible notes [Member]
|
Apr. 11, 2012
March, 2011 convertible notes [Member]
|
Apr. 10, 2012
March, 2011 convertible notes [Member]
|
Apr. 05, 2012
March, 2011 convertible notes [Member]
|
Feb. 22, 2012
March, 2011 convertible notes [Member]
|
Feb. 17, 2012
March, 2011 convertible notes [Member]
|
Feb. 13, 2012
March, 2011 convertible notes [Member]
|
Feb. 09, 2012
March, 2011 convertible notes [Member]
|
Feb. 03, 2012
March, 2011 convertible notes [Member]
|
Feb. 02, 2012
March, 2011 convertible notes [Member]
|
Jan. 31, 2012
March, 2011 convertible notes [Member]
|
Jan. 30, 2012
March, 2011 convertible notes [Member]
|
Jan. 27, 2012
March, 2011 convertible notes [Member]
|
Jan. 26, 2012
March, 2011 convertible notes [Member]
|
Jan. 25, 2012
March, 2011 convertible notes [Member]
|
Jan. 23, 2012
March, 2011 convertible notes [Member]
|
Jan. 20, 2012
March, 2011 convertible notes [Member]
|
Jan. 10, 2012
March, 2011 convertible notes [Member]
|
Dec. 20, 2011
March, 2011 convertible notes [Member]
|
Dec. 07, 2011
March, 2011 convertible notes [Member]
|
Nov. 28, 2011
March, 2011 convertible notes [Member]
|
Nov. 23, 2011
March, 2011 convertible notes [Member]
|
Nov. 17, 2011
March, 2011 convertible notes [Member]
|
Nov. 14, 2011
March, 2011 convertible notes [Member]
|
Nov. 08, 2011
March, 2011 convertible notes [Member]
|
Mar. 14, 2013
June, 2011 convertible notes [Member]
|
Feb. 21, 2013
June, 2011 convertible notes [Member]
|
Dec. 06, 2012
June, 2011 convertible notes [Member]
|
Dec. 03, 2012
June, 2011 convertible notes [Member]
|
Nov. 07, 2012
June, 2011 convertible notes [Member]
|
Oct. 11, 2012
June, 2011 convertible notes [Member]
|
Oct. 10, 2012
June, 2011 convertible notes [Member]
|
Jun. 05, 2012
June, 2011 convertible notes [Member]
|
May 17, 2012
June, 2011 convertible notes [Member]
|
Apr. 26, 2012
June, 2011 convertible notes [Member]
|
Apr. 16, 2012
June, 2011 convertible notes [Member]
|
Dec. 18, 2012
February, 2008 convertible notes [Member]
|
Dec. 17, 2012
February, 2008 convertible notes [Member]
|
Dec. 11, 2012
February, 2008 convertible notes [Member]
|
Nov. 20, 2012
February, 2008 convertible notes [Member]
|
Nov. 08, 2012
February, 2008 convertible notes [Member]
|
Oct. 24, 2012
February, 2008 convertible notes [Member]
|
Oct. 11, 2012
February, 2008 convertible notes [Member]
|
Oct. 10, 2012
February, 2008 convertible notes [Member]
|
Aug. 22, 2012
February, 2008 convertible notes [Member]
|
Jul. 27, 2012
February, 2008 convertible notes [Member]
|
Jun. 19, 2012
February, 2008 convertible notes [Member]
|
May 17, 2012
February, 2008 convertible notes [Member]
|
Mar. 23, 2012
February, 2008 convertible notes [Member]
|
Oct. 04, 2011
February, 2008 convertible notes [Member]
|
Oct. 08, 2012
November, 2011 convertible notes [Member]
|
May 29, 2012
November, 2011 convertible notes [Member]
|
May 17, 2012
June, 2011 convertible notes one [Member]
|
Aug. 08, 2012
Athlete contracts [Member]
|
Oct. 11, 2012
July, 2011 convertible notes [Member]
|
Oct. 05, 2012
July, 2011 convertible notes [Member]
|
Sep. 27, 2012
July, 2011 convertible notes [Member]
|
Sep. 05, 2012
July, 2011 convertible notes [Member]
|
Oct. 24, 2012
October, 2012 purchase of non-convertible note [Member]
|
Jan. 11, 2013
November, 2009 convertible notes [Member]
|
Jan. 02, 2013
November, 2009 convertible notes [Member]
|
Dec. 20, 2012
November, 2009 convertible notes [Member]
|
Dec. 05, 2012
November, 2009 convertible notes [Member]
|
Nov. 19, 2012
November, 2009 convertible notes [Member]
|
Nov. 08, 2012
November, 2009 convertible notes [Member]
|
Jan. 11, 2013
December, 2009 convertible notes [Member]
|
Mar. 28, 2013
September, 2008 convertible notes [Member]
|
Mar. 18, 2013
September, 2008 convertible notes [Member]
|
Feb. 21, 2013
September, 2008 convertible notes [Member]
|
Feb. 06, 2013
September, 2008 convertible notes [Member]
|
Jan. 28, 2013
September, 2008 convertible notes [Member]
|
Jan. 23, 2013
September, 2008 convertible notes [Member]
|
Jan. 17, 2013
September, 2008 convertible notes [Member]
|
Jan. 16, 2013
September, 2008 convertible notes [Member]
|
Jan. 15, 2013
September, 2008 convertible notes [Member]
|
Jan. 04, 2013
September, 2008 convertible notes [Member]
|
Mar. 20, 2013
January, 2009 convertible notes [Member]
|
Feb. 07, 2013
January, 2009 convertible notes [Member]
|
Feb. 05, 2013
January, 2009 convertible notes [Member]
|
Jan. 10, 2013
January, 2009 convertible notes [Member]
|
Mar. 06, 2013
February, 2012 convertible notes [Member]
|
Jan. 29, 2013
February, 2012 convertible notes [Member]
|
Mar. 12, 2012
October, 2007 convertible notes [Member]
|
Mar. 06, 2012
October, 2007 convertible notes [Member]
|
Mar. 02, 2012
October, 2007 convertible notes [Member]
|
Feb. 23, 2012
October, 2007 convertible notes [Member]
|
Feb. 21, 2012
October, 2007 convertible notes [Member]
|
Feb. 14, 2012
October, 2007 convertible notes [Member]
|
Jan. 30, 2012
October, 2007 convertible notes [Member]
|
Jan. 27, 2012
October, 2007 convertible notes [Member]
|
Jan. 25, 2012
October, 2007 convertible notes [Member]
|
Jan. 23, 2012
October, 2007 convertible notes [Member]
|
Nov. 29, 2011
October, 2007 convertible notes [Member]
|
Nov. 10, 2011
October, 2007 convertible notes [Member]
|
Nov. 08, 2011
October, 2007 convertible notes [Member]
|
Nov. 03, 2011
October, 2007 convertible notes [Member]
|
Sep. 01, 2011
October, 2007 convertible notes [Member]
|
Aug. 11, 2011
October, 2007 convertible notes [Member]
|
Aug. 03, 2011
October, 2007 convertible notes [Member]
|
Jul. 27, 2011
October, 2007 convertible notes [Member]
|
Jul. 25, 2011
October, 2007 convertible notes [Member]
|
Jul. 21, 2011
October, 2007 convertible notes [Member]
|
Jun. 30, 2011
October, 2007 convertible notes [Member]
|
Jun. 22, 2011
October, 2007 convertible notes [Member]
|
Jun. 20, 2011
October, 2007 convertible notes [Member]
|
Jun. 15, 2011
October, 2007 convertible notes [Member]
|
Jun. 14, 2011
October, 2007 convertible notes [Member]
|
Jun. 13, 2011
October, 2007 convertible notes [Member]
|
Jun. 07, 2011
October, 2007 convertible notes [Member]
|
Jun. 01, 2011
October, 2007 convertible notes [Member]
|
May 25, 2011
October, 2007 convertible notes [Member]
|
May 23, 2011
October, 2007 convertible notes [Member]
|
May 18, 2011
October, 2007 convertible notes [Member]
|
May 17, 2011
October, 2007 convertible notes [Member]
|
May 13, 2011
October, 2007 convertible notes [Member]
|
May 12, 2011
October, 2007 convertible notes [Member]
|
May 02, 2011
October, 2007 convertible notes [Member]
|
Apr. 14, 2011
October, 2007 convertible notes [Member]
|
Apr. 06, 2011
October, 2007 convertible notes [Member]
|
Apr. 02, 2011
October, 2007 convertible notes [Member]
|
Apr. 02, 2011
October, 2007 convertible notes one [Member]
|
May 06, 2011
April 9, 2008 short-term bridge loan [Member]
|
Jan. 27, 2012
March 2009 convertible notes [Member]
|
Jan. 25, 2012
March 2009 convertible notes [Member]
|
Jan. 12, 2012
March 2009 convertible notes [Member]
|
Aug. 11, 2011
March 2009 convertible notes [Member]
|
Jul. 20, 2011
March 2009 convertible notes [Member]
|
May 06, 2011
March 2009 convertible notes [Member]
|
Feb. 10, 2012
January, 2008 convertible notes [Member]
|
Jan. 25, 2012
January, 2008 convertible notes [Member]
|
Jul. 25, 2011
January, 2008 convertible notes [Member]
|
Feb. 13, 2012
March, 2011 convertible notes one [Member]
|
Dec. 07, 2011
March, 2011 convertible notes one [Member]
|
Dec. 07, 2011
March, 2011 convertible notes one [Member]
Maximum [Member]
|
Dec. 07, 2011
March, 2011 convertible notes one [Member]
Minimum [Member]
|
Jun. 01, 2012
Warrants [Member]
|
Mar. 31, 2013
Before reverse stock split [Member]
|
Mar. 31, 2013
Before reverse stock split [Member]
Warrants [Member]
|
Mar. 31, 2013
After reverse stock split [Member]
|
Mar. 31, 2013
After reverse stock split [Member]
Warrants [Member]
|
May 05, 2011
Employee [Member]
|
May 05, 2011
Investor Relations Firm [Member]
|
Aug. 31, 2011
Outside Legal Counsel [Member]
|
Sep. 30, 2009
Series A Preferred Stock [Member]
Roy Warren [Member]
|
Mar. 31, 2013
Series A-1 Preferred stock [Member]
Roy Warren [Member]
|
Mar. 31, 2013
Series A and A-1 preferred stock
|
|
Stockholders' Deficit (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible, preferred stock, shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible preferred stock, par value | $ 0.00001 | $ 0.00001 | $ 0.00001 | $ 0.00001 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Each share of Series A and A-1 is convertible Companys common stock | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity period for conversion of preferred stock | 5 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred shares, liquidation rights, price per share to be paid | $ 0.00001 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of preferred stock share price | $ 2.00 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of preferred stock premium per share | $ 2.00 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of preferred stock premium description | An amount per share equal to fifty percent (50%) of the market capitalization of the Company on the date of notice of such redemption divided by 2,000,000. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock shares, granted | 9,000,000 | 51 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-cash expense | $ 1,620,000 | $ 0.09 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Market price | $ 1.00 | $ 0.03 | $ 0.0003 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock equivalent to common stock providing voting right | 54,000,000 | 306 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise price of warrant/stock option | 1.00 | 15.00 | 7,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued in pursuant to conversion of notes | 3,225,000 | 2,843,146 | 6,000,000 | 1,000,000 | 1,600,000 | 2,442,666 | 2,000,000 | 3,000,000 | 12,267,120 | 10,000,000 | 3,500,000 | 2,000,000 | 1,142,700 | 703,619 | 501,236 | 2,304,694 | 586,373 | 2,440,987 | 5,437,815 | 5,517,402 | 1,295,609 | 701,064 | 2,800,000 | 4,513,899 | 402,960,000 | 250,000,000 | 190,000,000 | 87,146,666 | 190,000,000 | 87,420,000 | 95,000,000 | 25,900,000 | 86,000,000 | 10,666,667 | 5,000,000 | 60,000,000 | 16,626,267 | 36,000,000 | 6,900,000 | 4,900,000 | 6,500,000 | 23,809,524 | 663,800 | 8,000,000 | 7,000,000 | 7,000,000 | 70,000,000 | 32,997,040 | 32,468,244 | 15,000,000 | 15,000,000 | 10,000,000 | 4,000,000 | 8,853,333 | 5,000,000 | 2,500,000 | 3,000,000 | 3,250,000 | 3,225,000 | 62,332 | 3,000,000 | 3,000,000 | 4,000,000 | 6,000,000 | 5,427,772 | 8,000,000 | 21,000,000 | 21,000,000 | 13,000,000 | 12,000,000 | 12,000,000 | 1,355,000 | 4,541,178 | 7,000,000 | 5,000,000 | 3,748,592 | 3,309,051 | 2,000,000 | 1,400,000 | 6,000,000 | 6,900,000 | 100,000,000 | 100,000,000 | 30,000,000 | 25,000,000 | 15,000,000 | 10,000,000 | 20,000,000 | 5,100,000 | 2,000,000 | 5,800,000 | 1,900,000 | 82,568,075 | 100,000,000 | 100,000,000 | 100,000,000 | 130,000,000 | 50,000,000 | 75,000,000 | 50,000,000 | 40,000,000 | 50,000,000 | 40,000,000 | 60,000,000 | 10,000,000 | 6,000,263 | 26,246,627 | 46,728,972 | 44,970,414 | 4,950,000 | 9,941,176 | 64,733,333 | 60,000,000 | 60,000,000 | 44,444,444 | 42,812,500 | 331,875,000 | 205,000,000 | 150,000,000 | 104,895,833 | 155,520,833 | 223,125,000 | 593,600,000 | 593,666,667 | 593,533,333 | 138,593,750 | 165,468,750 | 255,312,500 | 155,000,000 | 200,000,000 | 50,000,000 | 125,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | 175,000,000 | 100,000,000 | 37,160,000 | 35,000,000 | 7,000,000 | 18,000,000 | 14,000,000 | 13,000,000 | 12,000,000 | 7,000,000 | 16,000,000 | 11,500,000 | 11,500,000 | 9,000,000 | 5,600,000 | 4,000,000 | 9,300,000 | 1,338,678 | 200,000 | 500,000 | 500,000 | 1,500,000 | 500,000 | 400,000 | 400,000 | 156,600 | 207,000 | 175,700 | 139,000 | 192,800 | 321,000 | 211,200 | 70,000 | 67,500 | 86,136 | 100,000 | 1,000 | 89,660 | 260,000 | 351,000 | 6,000,000 | 2,410,414 | 11,150,000 | 8,928,571 | 5,376,344 | 3,079,286 | 2,952,958 | 3,359,033 | 11,000,000 | 5,000,000 | 1,000,000 | ||||||||||||||||||||||
Value of notes converted in common stock | 34,840 | 5,265 | 6,702 | 873 | 10,443 | 2,923 | 10,428 | 2,601 | 1,630 | 2,445 | 9,998 | 2,935 | 2,853 | 1,630 | 968 | 825 | 628 | 3,914 | 953 | 2,941 | 5,955 | 5,091 | 1,095 | 526 | 2,800 | 5,530 | 14,250 | 4,837 | 28,500 | 21,375 | 11,137 | 51,600 | 4,000 | 3,375 | 24,000 | 7,482 | 24,000 | 5,145 | 50,000 | 1,444 | 6,520 | 5,705 | 5,705 | 10,500 | 8,969 | 10,450 | 6,375 | 10,125 | 4,000 | 1,720 | 805 | 4,000 | 2,588 | 3,285 | 6,347 | 6,702 | 132 | 9,000 | 8,768 | 12,820 | 19,050 | 13,565 | 2,601 | 17,115 | 17,115 | 10,595 | 9,780 | 9,780 | 1,104 | 3,701 | 5,933 | 5,863 | 3,490 | 4,194 | 3,035 | 2,275 | 8,070 | 7,556 | 7,500 | 7,500 | 6,750 | 7,500 | 6,750 | 5,250 | 8,000 | 4,549 | 2,536 | 7,076 | 3,178 | 38,376 | 21,334 | 30,000 | 20,000 | 16,000 | 29,300 | 40,000 | 76,140 | 28,850 | 9,360 | 50,000 | 99,000 | 4,225 | 24,275 | 22,500 | 24,000 | 20,000 | 6,850 | 53,100 | 32,800 | 36,000 | 50,350 | 74,650 | 35,700 | 44,520 | 44,525 | 44,515 | 22,175 | 26,475 | 40,850 | 24,800 | 32,000 | 7,500 | 20,000 | 6,834 | 32,000 | 32,000 | 28,000 | 7,500 | 5,574 | 3,125 | 22,176 | 56,106 | 43,400 | 30,576 | 10,428 | 2,083 | 13,904 | 9,994 | 9,994 | 11,880 | 6,748 | 4,672 | 8,580 | 2,470 | 872 | 3,188 | 3,188 | 1,356 | 10,688 | 3,213 | 2,560 | 2,500 | 979 | 1,320 | 1,120 | 938 | 1,591 | 2,688 | 1,785 | 718 | 768 | 991 | 1,150 | 12 | 1,816 | 3,822 | 4,065 | 1,200 | 120,000 | 25,000 | 21,555 | 37,001 | 2,919 | 9,559 | 33,484 | 3,205 | 1,205 | |||||||||||||||||||||||||||||||
Per Share price of shares issued upon conversion of notes | $ 0.002078 | $ 0.002123 | $ 0.00222 | $ 0.002923 | $ 0.002923 | $ 0.001065 | $ 0.000815 | $ 0.000815 | $ 0.000815 | $ 0.000815 | $ 0.000815 | $ 0.000815 | $ 0.000848 | $ 0.001173 | $ 0.001253 | $ 0.001518 | $ 0.001625 | $ 0.001205 | $ 0.001095 | $ 0.000923 | $ 0.000845 | $ 0.00075 | $ 0.001 | $ 0.001225 | $ 0.000075 | $ 0.000075 | $ 0.000075 | $ 0.00015 | $ 0.00015 | $ 0.00015 | $ 0.000225 | $ 0.00043 | $ 0.0006 | $ 0.000375 | $ 0.000675 | $ 0.0004 | $ 0.00045 | $ 0.0008 | $ 0.00119 | $ 0.00105 | $ 0.001268 | $ 0.0021 | $ 0.002175 | $ 0.000815 | $ 0.000815 | $ 0.000815 | $ 0.00015 | $ 0.000375 | $ 0.00045 | $ 0.000425 | $ 0.000675 | $ 0.0004 | $ 0.00043 | $ 0.00045 | $ 0.0008 | $ 0.001035 | $ 0.001095 | $ 0.002603 | $ 0.002078 | $ 0.002123 | $ 0.003 | $ 0.002923 | $ 0.003205 | $ 0.003175 | $ 0.002315 | $ 0.001065 | $ 0.000815 | $ 0.000815 | $ 0.000815 | $ 0.000815 | $ 0.000815 | $ 0.000815 | $ 0.000815 | $ 0.000848 | $ 0.001173 | $ 0.001268 | $ 0.001518 | $ 0.001625 | $ 0.001345 | $ 0.001095 | $ 0.000075 | $ 0.000075 | $ 0.000225 | $ 0.0003 | $ 0.00045 | $ 0.000525 | $ 0.0004 | $ 0.00105 | $ 0.001268 | $ 0.00122 | $ 0.0016725 | $ 0.000213 | $ 0.00024 | $ 0.00024 | $ 0.000453 | $ 0.00048 | $ 0.00042667 | $ 0.0004 | $ 0.0004 | $ 0.0004 | $ 0.000586 | $ 0.001 | $ 0.001269 | $ 0.002885 | $ 0.000952 | $ 0.00043 | $ 0.00107 | $ 0.0012675 | $ 0.02 | $ 0.000425 | $ 0.000375 | $ 0.000375 | $ 0.0004 | $ 0.00045 | $ 0.00016 | $ 0.00016 | $ 0.00016 | $ 0.00024 | $ 0.00048 | $ 0.00048 | $ 0.00016 | $ 0.000075 | $ 0.000075 | $ 0.000075 | $ 0.00016 | $ 0.00016 | $ 0.00016 | $ 0.00016 | $ 0.00016 | $ 0.00015 | $ 0.00016 | $ 0.000075 | $ 0.00016 | $ 0.00016 | $ 0.00016 | $ 0.000075 | $ 0.00015 | $ 0.003117 | $ 0.003168 | $ 0.003117 | $ 0.0031 | $ 0.002352 | $ 0.000869 | $ 0.000869 | $ 0.000869 | $ 0.000869 | $ 0.000869 | $ 0.00132 | $ 0.001205 | $ 0.001168 | $ 0.000923 | $ 0.001845 | $ 0.00436 | $ 0.00436 | $ 0.006375 | $ 0.006968 | $ 0.007125 | $ 0.006425 | $ 0.0064 | $ 0.00625 | $ 0.00625 | $ 0.006375 | $ 0.006375 | $ 0.00675 | $ 0.00825 | $ 0.008375 | $ 0.0085 | $ 0.01025 | $ 0.011375 | $ 0.0115 | $ 0.0115 | $ 0.01225 | $ 0.02025 | $ 0.0147 | $ 0.015 | $ 0.015 | $ 0.02 | $ 0.000869 | $ 0.000869 | $ 0.000896 | $ 0.00465 | $ 0.007 | $ 0.01253 | $ 0.000869 | $ 0.000869 | $ 0.006968 | $ 0.003205 | $ 0.001268 | $ 0.001253 | |||||||||||||||||||
Accrued interest on convertible notes converted | 5,163 | 2,877 | 30,222 | 18,750 | 8,233 | 13,113 | 4,800 | 8,211 | 8,242 | 3,405 | 4,160 | 3,179 | 806 | 17,587 | 24,000 | 24,000 | 45,300 | 24,024 | 5,712 | 1,926 | 57,000 | 8,166 | 105,970 | 2,095 | 9,689 | 8,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of warrants exercised | 1,000,000 | 1,000,000 | 2,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock, shares issued | 363,056 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for services, shares | 22,261,770 | 2,000,000 | 3,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for services | $ 99,000 | $ (32,601) | $ 327,248 | $ 31,400 | $ 6,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Per share price of shares issued upon conversion of service rendered | $ 0.0147 | $ 0.0157 | $ 0.002 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock, shares issued | 18,414,546 | 1,708,096 | 9,207,273,234 | 18,414,547 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock, shares outstanding | 18,414,546 | 1,708,096 | 9,207,273,234 | 18,414,547 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock owned by our officers | 15,125,562 | 30,251 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of officers who own common stock | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock, shares authorized | 20,000,000,000 | 1,000,000 | 20,000,000,000 | 5,000,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock, par value | $ 0.00001 | $ 0.00001 |
Convertible Notes Payable (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of convertible notes payable |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Annual maturities of long-term convertible debt |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$312,000 convertible notes payable [Member]
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Modification and Waiver Agreements related to financing |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$100,000 Convertible Promissory Note Financing [Member]
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of various allonges |
|
GK_(=6%R^!1J,?]IUYO5QGJ;,THQWZ%7U+>?X01G3JJMIXE!&8VVR)XWJ
M?'V18AI/M2JOKT49&=.I9NR^]=1W%0@510&!?_1=H2WRU7RDADB-JD8=3XV,
M_9W_JKH64Z1]=$W/G$29Q7A;LOADF;>6S7(.=>IA=6Q,E>SAY+^MQB452`3`
MBC%1*R[I'7B^]V9@W9.DK3M;&6EE2'WU?SNDJGWMZR5IP!U3,T-AUAZML#
MO.OQO76WBK*NQS:JSU1=R&TF6<6CDF@V'@FY/48_$L\+/,I!,S$I^`%>7H:$
M(U7([=V0^U+D4S4Q]_>MU.ZFZ<"-0+M[;Y IX6J:JD9FQ93N3
ME:]X-'-#'TG)(RV"PXK'7E4\/GURD9K'W`X29Y=!QJRQ6P)Y3KDBW]#."^B9
M;DR+'0Q-<63*SWYBS<*6YM8.PB#>4E*-'VADW+;((G7"#REGFFN`Z'LFV^_^
M!NARZ=5GU[E*53UR!1"F\\+*#YM$=9%AZ`JD+AR<%?!$SIRW]&/MRY+Z$)K<
M#%>0U$[RU5,_FS"9Q2]:8C/.MJ865BQNZ(2OTE4K['>2+33F(2VL-NY$M;%4
M7%K<<)JC" %<7Z5*WP%^YL>N=H\IK.^M9PHV$I1FMMX(]V58A>L)OAO
M+/',`;ND;] M]D&G*H`4<(W+RT)0XB??--R\FB1L`)['SO<
MQTI'.X>W6AQL,KP$SA(.]HH>6OB[S+&2[\2;6SYYG=K(+5F9]\#Y?HKICI_V
MVF5\R4]X[^B7K@?P8V<%=)\'X=[H/V'!\#G8/-L6>T]P-3?]50K[E#)TY\";
M($DV($IR&(2=)=",D+;LB447
/^9QLV"^`_!
M`UT;#?S0P!/8-`R>F7VR0[[=TM@6S4WP9`$`S`RBLISG8*5H/$%8TE;)I<%'
M)S95.!>F&/`&D`Y'<)V*<663LSZA_:WR6(#%=&$?>ZQ.#2;8AI^VQ^)WQIR<
M!/AB%F+LS)DR_34X.;963:7W.U59U_37(XVF-O6R)MQ;VHT+=IDA\=?(T8_+
MI@$I[O9NE8_B)H4BGJ7Q]WP6>#,-*'0E=N[U;AG,V\8[BWS+VQB>'^=R:L[(PGY2?N9Y;O5QY]>(PK.LP`
M9<4`,GXY;S
65*=R/:2K"+
\@^*5]"V.
M5,7'?OCC=!7[GE_H!V5)`W+'`LFR8"4,#GB.X#V")\:<<5Z.8JY9"12H(=M,
M5TJ$?L@N"L)Z2O@RJY9R:6U(5,H2.^%E4%-($\M/NQ8,2.![T8-,-@6O7YM_
M\=_1C]YN>0X:7F(%.RBE+BV0(RGDO.=>C0F/^!/D0/!X\.1#RKS*+G3O8S%9
M?.*$5;'A2=!5W/`8)?6)8'<\`.SS1U`$,Y?WR-GMV``'CR\K4[)_C_<#HLFV
MP/U9<)9A>B0N4`)?C5=KT76F/D;+`GW?Y96!LL1"[AS9V\W.RFGM$F$[O(?/
M.P$MZF%0B?\IIX*SAR$/O\RF_7*1?QNF."EUPR?!89)@#[OFO6G9+'9$Y4@:
M,O0Q%#&,O\-5R5+LQSY2Z/$B-B]D%3.NCZ05ALQYI^%\]N3XP_P,0Q:+U[XV
M%XR#`-ZTG#?Z6'J?