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Subsequent Events
12 Months Ended
Jun. 30, 2014
Subsequent Events [Abstract]  
Note 16 - Subsequent Events

On July 28, 2014, the Company extended the maturity date of the outstanding Notes (see Note 8) to November 2, 2014.  With the exception of one holder with aggregate debt and accrued interest of $315,000, the Notes were extended. This debt holder was paid in full in August 2014.

 

On August 20, 2014, the Company exchanged 300,000 (post 1 for 100 Reverse Split) shares of common stock for certain unpatented mining claims. The mining claims were owned by a company whose sole owner is a related party.

 

On August 26, 2014, the Company filed a Certificate of Designation with the Secretary of State of the State of Delaware designating 8,000,000 shares as Series C Preferred Shares. Each share of Series C Preferred Stock will be entitled to a liquidation preference equal to $0.001 per share. Otherwise, the Series C Preferred Stock will be equivalent in all respects to the Common Stock, with each share of Series C Preferred stock entitled to one vote and the holders of the Series C Preferred Stock voting together with the holders of the Common Stock. The Series C Preferred Stock will be convertible on a one-for-one basis into shares of Common Stock at the option of the holders, subject to a 9.99% blocker.

 

On August 26, 2014, the Company filed a Certificate of Designation with the Secretary of State of the State of Delaware designating 20,000 shares as Series D Preferred Shares. Each share of Series D Preferred Stock will be entitled to cast 1,000 votes per share and will have a liquidation preference equal to $0.10 per share. Otherwise, the Series D Preferred Stock will be equivalent in all respects to the Common Stock.  Each share of Series D Preferred Stock will automatically convert into one (1) share of Common Stock on the earlier of: (i) the listing the Company’s securities on a national securities exchange and (ii) a change of control of the Company.

 

On August 28, 2014, the Company filed a certificate of amendment to its Amended and Restated Articles of Incorporation with the Secretary of State of the State of Nevada in order to effectuate (i) the reverse stock split of its Common Stock, $0.001 par value per share (the “Common Stock”), with a Reverse Split ratio of one-for-one hundred (1:100), (ii) an increase its authorized capitalization from 300,000,000 shares of Common Stock and 22,000,000 shares of blank check preferred stock, par value $0.001 per share, to 300,000,000 shares of Common Stock and 50,000,000 shares of blank check preferred stock, par value $0.001 per share and (iii) a change in its name to “MV Portfolios, Inc.” from “California Gold Corp.” FINRA approved the Reverse Split and name changes effective September 8, 2014.

 

On September 2, 2014, the Company filed a Certificate of Designation with the Secretary of State of the State of Delaware designating 3,329,530 shares as Series B Preferred Shares. Each share of Series B Preferred Stock will be convertible at any time into one share of Common Stock, subject to a 9.99% conversion blocker. Each share of Series B Preferred Stock will participate in dividends and other distributions on an equivalent basis with Common Stock. Holders of Series B Preferred Stock shall vote together with the holders of Common Stock as a single class, and each holder of outstanding shares of Series B Preferred stock shall be entitled to cast the number of votes equal to the number of whole shares of common Stock into which the shares of Series B Preferred Stock held by such holder are convertible as of the record date for determining stockholders entitled to vote on a particular matter.

 

As a result of the effectuation of the Reverse Split on September 8, 2014, the Company issued 4,000,000 shares of the Company’s Common Stock under the exchange agreement for the November Warrants (Note 8). Additionally, pursuant to the employee agreements (Note 15), the Company granted 4,690,339 options to the Company’s officers.

 

In September 2014, the Company issued 79,530 (post 1 for 100 Reverse Split) shares of Series B Preferred Stock in exchange for $79,530 in legal fees owed to an unrelated party and 169,505 shares of Common Stock (post 1 for 100 Reverse Split) shares to two unrelated parties in exchange for $109,159 in amounts owed for professional services as of June 30, 2014.