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6. SUBSEQUENT EVENTS
6 Months Ended
Mar. 31, 2013
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
6.SUBSEQUENT EVENTS

 

The following are items management has evaluated as subsequent events pursuant to the requirement of ASC Topic 855.

 

On April 12, 2013, the Company issued a securities purchase agreement providing for the sales of an 8% convertible promissory note (the “Note”) in the amount of $37,500. After one hundred and eighty days the Note can be converted into shares of common stock at a conversion price of 60% of the average lowest three (3) closing bid prices for the common stock, during the ten (10) trading day period ending on the latest complete trading day prior to the conversion date. The Note matures nine months after issuance. The Company has the right to redeem a portion or all amounts outstanding under the Note prior to one hundred and eighty one days from issuance of the Note under a variable redemption rate premium.

 

On May 8, 2013, a holder of 10% unsecured convertible promissory note (the “Promissory Note”) for the principal sum of up to $78,000 under which the lender had advanced the sum of $25,000 at the time of issuance converted the total principal and accrued interest totaling $26,250. Upon conversion, the Company issued an aggregate of 4,375,000 shares respectively of common voting stock to the holder.

 

Between May 8 and 10, 2013, a holder of a Securities Purchase Agreement (the "Purchase Agreement") providing for the sale by the Company of an 8% unsecured Convertible Note (“the Note”) in the principal amount of $37,500 converted $27,000 of principal. Upon conversion, the Company issued an aggregate of 3,544,699 shares of common voting stock to the holder.