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Subsequent Events
12 Months Ended
Sep. 30, 2015
Notes to Financial Statements  
Note 8 - Subsequent Events

Issuance of Convertible Debt

 

On October 8, 2015, the Company issued a 12% Convertible Promissory Note in the aggregate amount of $40,000. This note matures on July 7, 2016 and is convertible at 55% of the lowest trading price for the 25 days prior to the conversion date. The Company received $37,000 in net proceeds from this transaction which the Company used for general working capital.

 

On October 8, 2015, the Company entered into an agreement to issue 700,000 shares of common stock for services.

 

During October 2015, the Company made payments of $5,000 on its short-term borrowings from officer and $10,000 on its accounts payable to MDI.

 

On November 1, 2015, the Company issued a 10% Convertible Promissory Note in the aggregate amount of $55,750. This note matures on November 17, 2016 and is convertible at 55% of the lowest trading price for the 10 days prior to the conversion date. The Company received $50,000 in net proceeds from this transaction which the Company used for general working capital.

 

On November 11, 2015, the Company converted $5,000 of the 2012 convertible promissory note of $250,000 that was assigned to a third party. The Company revised the conversion rate to $0.001 per share and issued 5,000,000 shares of the Company's common stock.

 

On November 11, 2015, the Company and MDI agreed to offset the receivable from MDI of $1,609,401, the accounts payable to MDI of $1,474,186 and $135,215 of the convertible note payable to MDI balance. The Company issued a new 8% Convertible Promissory Note for the remaining convertible note payable balance of $109,785. This note matures on December 31, 2016 and is convertible at the common stock par value of $0.001 per share.