XML 75 R15.htm IDEA: XBRL DOCUMENT v2.4.1.9
Subsequent Events
3 Months Ended
Mar. 31, 2015
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 10        SUBSEQUENT EVENTS

 

Through the filing of these financial statements, the Company converted a total of approximately $223,000 in convertible debt comprised of principal and accrued interest into approximately 9,704,897 common shares.

 

On April 1, 2015, the principal stockholder converted $150,000 of the line of credit owed into 5,000,000 shares of common stock at $0.03 per share.

 

On April 1, 2015, the Company issued 150,000 shares of common stock having a fair value of $4,470 ($0.0284/sh) in exchange for consulting services.

 

On April 1, 2015, the Company issued 300,000 shares of common stock having a f air value of $8,520 ($0.0284/sh) in exchange for consulting services.

 

On April 1, 2015, the Company extended the November 26, 2012 employment agreement with its VP of Music Development for another two year period, ending on November 27, 2016. The employee will receive 125,000 shares of common stock per quarter starting on April 1, 2015, and a salary of $10,000 per month. The employee's month base salary will increase to $14,000 per month in the event the Corporation received $1,000,000 from funding or revenues in the 2015 calendar year.

 

On April 21, 2015, the Company entered into an agreement whereby the Company will issue up to $54,600 in a convertible note. The note matures on April 21, 2016 and bears an interest charge of 8%. The conversion price equals the “Variable Conversion Price”, which is 65% of the lowest two trading prices for the common stock during the fifteen (15) trading day period prior to the conversion. The holder of the note has a right to convert all or any part of the outstanding unpaid principal amount into shares of common stock after six months. The Company received $52,000 of proceeds less and $2,600 in legal costs on April 21, 2015.

 

On April 21, 2015, the Company entered into an agreement whereby the Company will issue up to $204,000 in a convertible note. The note matures on January 23, 2016 and bears an interest charge of 8%. The conversion price equals the “Variable Conversion Price”, which is 65% of the lowest three trading prices for the common stock during the ten (10) trading day period prior to the conversion. The holder of the note has a right to convert all or any part of the outstanding unpaid principal amount into shares of common stock after six months. The Company received $200,000 of proceeds less and $4,000 in legal costs on April 27 , 2015.

 

On April 24, 2015, the Company entered into an agreement whereby the Company will issue up to $103,000 in a convertible note. The note matures on December 10, 2016 and bears an interest charge of 8%. The conversion price equals the “Variable Conversion Price”, which is lower of the either (i) the closing sale price of the common stock on the trading day immediate receding the closdite or and (ii) 65% of the lowest trading prices for the common stock during the ten (10) trading day period prior to the conversion. The holder of the note has a right to convert all or any part of the outstanding unpaid principal amount into shares of common stock after six months. The Company received $100,000 of proceeds less and $3,000 in legal costs on April 27, 2015.

 

On April 21, 2015, the Company entered into an agreement whereby the Company will issue up to $105,000 in a promissory note. The note matures on December 21, 2015 and bears an interest charge of 8%. On April 21, 2015, the Company entered into an agreement whereby the Company will issue up to $105,000 in a promissory note. The note matures on December 21, 2015 and bears an interest charge of 8%.

 

On April 21, 2015, the Company entered into an agreement whereby the Company will issue up to $105,000 in a convertible note. The note matures on April 21, 2016 and bears an interest charge of 8%. The conversion price equals the “Variable Conversion Price”, which is 65% of the lowest two trading prices for the common stock during the ten (10) trading day period prior to the conversion. The holder of the note has a right to convert all or any part of the outstanding unpaid principal amount into shares of common stock after six months. The Company received $95,000 of proceeds less $5,000 in debt issue costs and $5,000 in legal costs on April 21, 2015.

 

On May 1, 2015, the Company entered into an agreement whereby the Company will issue up to $150,000 in a convertible note. The note matures on November 1, 2015 and bears an interest charge of 8%. The conversion price equals the “Variable Conversion Price”, which is 60% of the lowest two trading prices for the common stock during the ten (10) trading day period prior to the conversion. The holder of the note has a right to convert all or any part of the outstanding unpaid principal amount into shares of common stock after six months. The Company received $147,000 of proceeds less and $3,000 in legal costs on May 1, 2015.

 

Subsequent to March 31, 2015, the Company received $106,000 from the principal stockholder under the terms of the line of credit and repaid $5,000 to the principal stockholder under the terms of the line of credit.

 

Subsequent to March 31, 2015, the Company repaid $455,729 on convertible notes.