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19. Subsequent Events
9 Months Ended
Sep. 30, 2015
Subsequent Events [Abstract]  
Subsequent Events

Debt Financing

 

On October 8, 2015, the Company entered into a loan for $100,000 from TVT Capital, LLC. (“TVT”). The loan bears interest at an effective rate of 15%, consisting of 120 daily weekday payments of $1240, maturing on March 8, 2016 . The loan is collateralized with future accounts receivable of Epazz, Inc. The promissory note is also personally guaranteed by Shaun Passley, Ph.D., our Chief Executive Officer.

 

Debt Conversions into Class A Common Stock

 

Debt Conversion by Magna Equities II, LLC.

 

On October 1, 2015, the Company issued 41,389,091 shares of Class A Common Stock pursuant to the conversion of $2,276.40 of convertible debt held by Magna, which consisted of $2,276 of principal. The note was converted in accordance with the conversion terms; therefore no gain or loss has been recognized.

 

On October 13, 2015, the Company issued 48,796,000 shares of Class A Common Stock pursuant to the conversion of $2,683.78 of convertible debt held by Magna, which consisted of $2,276 of principal. The note was converted in accordance with the conversion terms; therefore no gain or loss has been recognized.

 

On October 22, 2015, the Company issued 48,478,546 shares of Class A Common Stock pursuant to the conversion of $2,236 of convertible debt held by Magna, which consisted of $2,236 of principal. The note was converted in accordance with the conversion terms; therefore no gain or loss has been recognized.

 

Debt Conversion by KBM Worldwide, Inc.

 

On October 2, 2015, the Company issued 42,900,000 shares of Class A Common Stock pursuant to the conversion of $2,145 of convertible debt held by KBM Worldwide, which consisted of $2,145 of principal. The note was converted in accordance with the conversion terms; therefore no gain or loss has been recognized.

 

On October 12, 2015, the Company issued 42,900,000 shares of Class A Common Stock pursuant to the conversion of $2,145 of convertible debt held by KBM Worldwide, which consisted of $2,145 of principal. The note was converted in accordance with the conversion terms; therefore no gain or loss has been recognized.

 

Debt Conversion by LG Capital

 

On October 13, 2015, the Company issued 21,246,769 shares of Class A Common Stock pursuant to the conversion of $1,285 of convertible debt held by KBM Worldwide, which consisted of $1,285 of principal. The note was converted in accordance with the conversion terms; therefore no gain or loss has been recognized.

 

Preferred C Issuances

 

On November 4, 2015, the Company issued 1,200,000,000 shares of Class A Stock pursuant to the exchange agreement with our CEO in exchange for 400,000,000 shares of Preferred C Stock. As the stock was converted within the terms of the agreement, no gain or loss was recognized as a result of the exchange.