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RELATED PARTY TRANSACTIONS
12 Months Ended
Dec. 31, 2015
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

On August 24, 2015, the Company, received funds from 3476863 Canada Inc. (Peter Comito) in the amount of $50,000 under a Stock Purchase Agreement.  The Company intended to convert these funds into equity through the issuance of common shares of stock.  On March 28, 2016, the Company issued common shares under a settlement agreement to satisfy this obligation.

 

On September 22, 2015, Giovanni Comito purchased 10,400,000 shares of the Company’s common stock, par value $0.001, from Joshua Kimmel, the Company’s Chief Executive Officer, Chief Financial Officer and member of the Board of Directors, for an aggregate purchase price of $75,000.  All such shares were “restricted securities” at the time of the purchase and will continue to be “restricted securities” as such term is defined under Rule 144 of the Securities Act of 1933, as amended.

 

On September 22, 2015, the Company issued an unsecured promissory note to Kimmel in consideration for gross proceeds to the Company of $75,000 (for which constitutes all proceeds received by Kimmel as part of the Comito Purchase).  The Kimmel Note accrues interest at 4.5% per annum unless there is an event of default, in which case the interest rate increases to 9.0% per annum.  The entire principal amount and all accrued but unpaid interest under the Kimmel Note will be due and payable by the Company no later than September 22, 2016. 

 

On September 30, 2015, the Company, issued an unsecured promissory note to Giovanni Comito in consideration for gross proceeds to the Company of $400,000 pursuant to a letter of intent (“LOI”) purchase agreement for the sale of intellectual property held by the Company.  The Giovanni Comito Note accrues interest at 4.5% per annum unless there is an event of default in which case the interest rate increases to 9.0% per annum.  The entire principal amount and all accrued but unpaid interest under the Giovanni Comito Note will be due and payable by the Company no later than March 31, 2016. Accrued interest as of December 31, 2015 was $4,537. On March 28, 2016 this obligation was satisfied with the collective issuance of 85,832,640 to settle a total of $1,050,000 related party notes related to the purchase of the Company’s intellectual property.

 

On October 7, 2015, the Company, issued an unsecured promissory note to Bureauicom Inc. (Peter Comito) in consideration for gross proceeds to the Company of $100,000 pursuant to the LOI.  The Bureauicom Inc. Note accrues interest at 4.5% per annum unless there is an event of default in which case the interest rate increases to 9.0% per annum.  The entire principal amount and all accrued but unpaid interest under the Bureauicom Inc. Note will be due and payable by the Company no later than April 7, 2016. Accrued interest as of December 31, 2015 was $1,048. On March 28, 2016 this obligation was satisfied with the collective issuance of 85,832,640 to settle a total of $1,050,000 related party notes related to the purchase of the Company’s intellectual property.

 

On October 14, 2015, the Company, issued an unsecured promissory note to 3476863 Canada Inc. (Peter Comito) in consideration for gross proceeds to the Company of $100,000 pursuant to the LOI.  The 3476863 Canada Inc. (Peter Comito) Note accrues interest at 4.5% per annum unless there is an event of default in which case the interest rate increases to 9.0% per annum.  The entire principal amount and all accrued but unpaid interest under the 3476863 Canada Inc. (Peter Comito) Note will be due and payable by the Company no later than April 14, 2016. Accrued interest as of December 31, 2015 was $962. On March 28, 2016 this obligation was satisfied with the collective issuance of 85,832,640 to settle a total of $1,050,000 related party notes related to the purchaseof the Company’s intellectual property.

 

On October 16, 2015, the Company, issued an unsecured promissory note to Natter Investments (Peter Comito) in consideration for gross proceeds to the Company of $50,000 pursuant to a letter of intent (“LOI”) purchase agreement for the sale of intellectual property held by the Company.  The Natter Investments (Peter Comito) Note accrues interest at 4.5% per annum unless there is an event of default in which case the interest rate increases to 9.0% per annum.  The entire principal amount and all accrued but unpaid interest under the Natter Investments (Peter Comito) Note will be due and payable by the Company no later than April 16, 2016. Accrued interest as of December 31, 2015 was $468. On March 28, 2016 this obligation was satisfied with the collective issuance of 85,832,640 to settle a total of $1,050,000 related party notes related to the purchase of the Company’s intellectual property.

 

On October 20, 2015, the Company, issued an unsecured promissory note to Peter Comito Family Trust in consideration for gross proceeds to the Company of $50,000 pursuant to the LOI.  The Peter Comito Family Trust Note accrues interest at 4.5% per annum unless there is an event of default in which case the interest rate increases to 9.0% per annum.  The entire principal amount and all accrued but unpaid interest under the Peter Comito Family Trust Note will be due and payable by the Company no later than April 20, 2016. Accrued interest as of December 31, 2015 was $444. On March 28, 2016 this obligation was satisfied with the collective issuance of 85,832,640 to settle a total of $1,050,000 related party notes related to the purchase of the Company’s intellectual property.

 

On October 28, 2015, the Company, issued an unsecured promissory note to 9138-1095 Quebec Inc. (Angelo Chiapetta) in consideration for gross proceeds to the Company of $50,000 pursuant to the LOI.  The 9138-1095 Quebec Inc. (Angelo Chiapetta) Note accrues interest at 4.5% per annum unless there is an event of default in which case the interest rate increases to 9.0% per annum.  The entire principal amount and all accrued but unpaid interest under the 9138-1095 Quebec Inc. (Angelo Chiapetta) will be due and payable by the Company no later than April 28, 2016. Accrued interest as of December 31, 2015 was $395. On March 28, 2016 this obligation was satisfied with the collective issuance of 85,832,640 to settle a total of $1,050,000 related party notes related to the purchase of the Company’s intellectual property.

 

On November 4, 2015, the Company, issued an unsecured promissory note to 7091061 Canada Inc. (Carmine D'Argenio) in consideration for gross proceeds to the Company of $50,000 pursuant to the LOI.  The 7091061 Canada Inc. (Carmine D'Argenio) Note accrues interest at 4.5% per annum unless there is an event of default in which case the interest rate increases to 9.0% per annum.  The entire principal amount and all accrued but unpaid interest under the 7091061 Canada Inc. (Carmine D'Argenio) will be due and payable by the Company no later than May 4, 2016. Accrued interest as of December 31, 2015 was $351. On March 28, 2016 this obligation was satisfied with the collective issuance of 85,832,640 to settle a total of $1,050,000 related party notes related to the purchase of the Company’s intellectual property.

 

On November 18, 2015, the Company, issued an unsecured promissory note to Gabriella Trust (Peter Comito) in consideration for gross proceeds to the Company of $100,000 pursuant to the LOI.  The Gabriella Trust (Peter Comito) Note accrues interest at 4.5% per annum unless there is an event of default in which case the interest rate increases to 9.0% per annum.  The entire principal amount and all accrued but unpaid interest under the Gabriella Trust (Peter Comito) will be due and payable by the Company no later than May 18, 2016. Accrued interest as of December 31, 2015 was $530. On March 28, 2016 this obligation was satisfied with the collective issuance of 85,832,640 to settle a total of $1,050,000 related party notes related to the purchase of the Company’s intellectual property.

 

On November 18, 2015, the Company, issued an unsecured promissory note to 3482286 Canada Inc. (Peter Comito) in consideration for gross proceeds to the Company of $25,000 pursuant to the LOI.  The 3482286 Canada Inc. (Peter Comito) Note accrues interest at 4.5% per annum unless there is an event of default in which case the interest rate increases to 9.0% per annum.  The entire principal amount and all accrued but unpaid interest under the 3482286 Canada Inc. (Peter Comito) will be due and payable by the Company no later than May 18, 2016. Accrued interest as of December 31, 2015 was $133. On March 28, 2016 this obligation was satisfied with the collective issuance of 85,832,640 to settle a total of $1,050,000 related party notes related to the purchase of the Company’s intellectual property.

 

On November 18, 2015, the Company, issued an unsecured promissory note to 3931731 Canada Inc. (Peter Comito) in consideration for gross proceeds to the Company of $25,000 pursuant to the LOI.  The 3931731 Canada Inc. (Peter Comito) Note accrues interest at 4.5% per annum unless there is an event of default in which case the interest rate increases to 9.0% per annum.  The entire principal amount and all accrued but unpaid interest under the 3931731 Canada Inc. (Peter Comito) will be due and payable by the Company no later than May 18, 2016. Accrued interest as of December 31, 2015 was $133. On March 28, 2016 this obligation was satisfied with the collective issuance of 85,832,640 to settle a total of $1,050,000 related party notes related to the purchase of the Company’s intellectual property.

 

On November 18, 2015, the Company, issued an unsecured promissory note to 8141185 Canada Inc. (Peter Comito) in consideration for gross proceeds to the Company of $25,000 pursuant to the LOI.  The 8141185 Canada Inc. (Peter Comito) Note accrues interest at 4.5% per annum unless there is an event of default in which case the interest rate increases to 9.0% per annum.  The entire principal amount and all accrued but unpaid interest under the 8141185 Canada Inc. (Peter Comito) will be due and payable by the Company no later than May 18, 2016. Accrued interest as of December 31, 2015 was $133. On March 28, 2016 this obligation was satisfied with the collective issuance of 85,832,640 to settle a total of $1,050,000 related party notes related to the purchase of the Company’s intellectual property.

 

On November 18, 2015, the Company, issued an unsecured promissory note to Natter Investments (Peter Comito) in consideration for gross proceeds to the Company of $25,000 pursuant to the LOI.  The Natter Investments (Peter Comito) Note accrues interest at 4.5% per annum unless there is an event of default in which case the interest rate increases to 9.0% per annum.  The entire principal amount and all accrued but unpaid interest under the Natter Investments (Peter Comito) will be due and payable by the Company no later than May 18, 2016. Accrued interest as of December 31, 2015 was $133. On March 28, 2016 this obligation was satisfied with the collective issuance of 85,832,640 to settle a total of $1,050,000 related party notes related to the purchase of the Company’s intellectual property.