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9. Subsequent Events
3 Months Ended
Jun. 30, 2019
Subsequent Events [Abstract]  
Subsequent Events

NOTE 9 - SUBSEQUENT EVENTS

 

Note extension

 

On August 30, 2019, the Company entered into a Note Modification Agreement with WLES LP LLC, where the Holder agreed to extend the maturity date of the $60,000 face value loan from June 30, 2019 to January 15, 2022. In addition to the maturity date extension, the Holder has the option to convert the principal and interest at $.0064 per share.

 

Shares issued for services

 

On July 3, 2019 the Company issued 6,000,000 shares of common stock in exchange for services valued at $38,400 or $0.0064 per share.

 

Subscription Agreement

 

On July 8, 2019, the Company entered into a Subscription Agreement with a holder for the sale of 14,062,500 shares of common stock at $.0064 per share, or $90,000.

 

Shares issued for services

 

On July 15, 2019 the Company issued 30,500,000 shares of common stock in exchange for services valued at $195,200 or $0.0064 per share.

 

Subscription Agreement

 

On August 30, 2019, the Company entered into a Subscription Agreement with a holder for the sale of 15,625,000 shares of common stock at $0.0064 per share, or $100,000.

 

Business acquisition  

 

On September 1, 2019, the Company completed an acquisition of 100% of the equity interest in Strike Hard Productions LLC, a fighting promotion business. The purchase price was $20,000 in cash and 9,000,000 shares of Restricted Common Stock (valued at $57,600), 3,000,000 shares issued to be issued to David Elder, 3,000,000 shares to be issued to James Sullivan and 3,000,000 shares to be issued to Matt Leavell, collectively the sellers of the equity interest in the acquisition. The initial accounting for this acquisition is not completed.

 

Subscription Agreement

 

On September 7, 2019, the Company entered into a Subscription Agreement with a holder for the sale of 7,812,500 shares of common stock at $0.0064 per share, or $50,000.

 

Subscription Agreement

 

On September 19, 2019, the Company entered into a Subscription Agreement with a holder for the sale of 11,718,750 shares of common stock at $0.0064 per share, or $75,000.

 

Related party debt

 

On September 27, 2019, the Company and B2 Management Group LLC (“B2MG”) entered into an agreement whereby B2MG agreed to return 7,500,000 shares of the Company’s common stock in exchange for the cancellation of $75,000 owed by B2MG to the Company.

 

Formation of wholly-owned subsidiary

 

On October 1, 2019, the Company formed a wholly-owned subsidiary called B2 Productions LLC. B2 Productions is an entity that supplies all the TV, PPV and media for B2 Fighting Series LIVE Events.

 

Securities purchase agreement

 

On October 4, 2019, the Company entered into a Securities Purchase Agreement with GS Capital Partners, LLC, whereby the Company agreed to issue an $82,000 face value, 8% convertible note.

 

Convertible promissory note

 

On October 31, 2019, the Company issued a face value $208,000 Convertible Promissory Note to GS Capital Partners, LLC. The Note has a maturity date of December 15, 2020 and the Company has agreed to pay interest on the unpaid principal balance of the Note at the rate of eight percent (8%) per annum from the date on which the Note is issued until the same becomes due and payable. The Note contains a $6,000 original issue discount.

 

The outstanding principal amount of the Note is convertible into common stock at the lender’s option at $0.01 per share for the first six months. After the six-month anniversary, the conversion price is 63% of the average of the three lowest trading prices of the Common Stock.