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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2015
Notes to Financial Statements  
NOTE 18 - SUBSEQUENT EVENTS

Debt:

 

In January 2016, the Company issued a convertible note of $25,000 due two years from the date of issuance with interest, due at maturity, of 10% per annum. In January, 2016, the Company issued a promissory note of $50,000 due 12 months from the date of issuance with interest due commencing at month 4 at 12% per annum. In February, 2016, the Company issued a promissory note of $25,000 due 12 months from the date of issuance with interest due commencing at month 4 at 12% per annum. In February 2016, the Company issued a convertible note of $47,000 due two years from the date of issuance with interest, due at maturity, of 10% per annum. In April, 2016, the Company issued an aggregate of $100,000 in convertible notes due two years from the date of issuance with interest, due at maturity, of 10% per annum.

 

Litigation:

 

On April 11, 2016, a Decision was entered in the matter of a noteholder's claim (as described in Part 1, Item 3 under "Legal Proceedings -Lawsuits from Noteholders") against Debt Resolve Inc., granting the noteholder's motion for summary judgment in part, and denying it in part, and denying Debt Resolve's cross motion for summary judgment. No damages have been determined against Debt Resolve on the noteholder's claims as of yet and Debt Resolve is evaluating its alternatives, including an appeal of the Court's Decision.