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

10. Subsequent Events

 

On the October 7, 2015, one of the holders of a convertible debenture elected to convert principal of $7,500 and accrued interest $311 into 96,121 shares of the Company’s Common Stock.

 

On October 13, 2015, the Company issued a convertible promissory note. The principal sum of the note is up to $500,000. The consideration is $450,000 payable by wire (there exists a $50,000 original issue discount). The maturity date is two years from the effective date of each payment and is the date upon which principal sum of the note and any unpaid interest and other fee shall be due and payable. The convertible promissory note bears interest at a rate of twelve-percent (12%) per annum. The Conversion Price is 62% of the lowest trade price in the 25 trading days previous to the conversion. The investor has conversion right at any time after the Effective date. The Company may repay a payment at any time on or before 90 days from effective date in an amount equal to 110% of principal plus all accrued and unpaid interest, OID and other fee, or any time after 90 days of Effective date and before 179 days in an amount equal 140% of principal plus all accrued and unpaid interest, OID and other fee. The Company may not repay any payment of considerations after 179 days of Effective date.

 

On the October 14, 2015, one of the holders of a convertible debenture elected to convert principal of$20,000 into 237,925 shares of the Company’s Common Stock.

 

On October 20, 2015, the Company designates 40,000 shares as Series A Preferred stock and 10,000 shares as Series B Preferred Stock. Series A Preferred stock shall not be entitled to receive dividends. Series A Preferred Stock can convert to common stock in a conversion rate 1 to 1,000 (one share of Series A convertible preferred stock can convert to One thousand shares of Common stock) with no consideration. Series B Preferred stock shall not be entitled to receive dividends. Series B Preferred Stock can convert to common stock in a conversion rate 1 to 1,000 (one share of Series B convertible preferred stock can convert to One thousand shares of Common stock) with no consideration. If the Series B Preferred stock Holder entitle to convert any portion of its Series B Convertible Preferred Stock that would result in the beneficial ownership by Holder and its affiliates of more than 9.99% of outstanding shares of common stock. The number of shares of Common Stock to be issued shall be determined by multiplying the Convertible rate by the amount to be converted. Series A and Series B Preferred Stock have full voting right as Common stock holders. Each Series A or Series B Preferred Stock vote right is equal One Thousand vote per share on Common stock.

 

On the October 19, 2015, one of the holders of a convertible debenture elected to convert principal of $7,500 and accrued interest $330 into 96,364 shares of the Company’s Common Stock.

 

On the October 27, 2015, one of the holders of a convertible debenture elected to convert principal of $6,000 and accrued interest $275 into 98,262 shares of the Company’s Common Stock.

 

On the November 3, 2015, one of the holders of a convertible debenture elected to convert principal of$20,000 into 416,666 shares of the Company’s Common Stock.

 

Pursuant to Accounting Standards Codification 855-10, the Company has evaluated all events or transactions that have occurred from September 30, 2015 through the filing with the SEC.