NOTE 12: SUBSEQUENT EVENTS |
12 Months Ended |
|---|---|
Dec. 31, 2014 | |
| Subsequent Events [Abstract] | |
| Subsequent Events [Text Block] |
NOTE 12: SUBSEQUENT EVENTS
Equity
In January 2015, the company issued a total of 2,288,909 shares to Mr. Neary for services rendered and also in his efforts to support the financial situation of the company.
In January 2015, the company issued a total of 2,349,143 shares to Mr. Ponce deLeon for services rendered and also in his efforts to support the financial situation of the company.
In January 2015, the company issued a total of 3,556,286 shares to Mr. Eves for services rendered and also in his efforts to support the financial situation of the company.
In January 2015, the company issued a total of 330,000 shares to Mr. Younger for services rendered as a director.
In January 2015, the company issued a total of 234,000 shares to Mr. Lapomardo for services rendered for the company.
In February 2015, the company issued a total of 1,270,325 shares to extinguish a $50,000 outstanding note
In May 2015, the company issued a total of 550,000 shares to Olive Tree Investments for IR services.
In May 2015, the company issued a total of 275,000 shares to One Equity Research for research.
In July 2015, the company issued 73,529 shares to Cor Prominence as part of their agreement for IR coverage.
In August 2015, the company issued Mr. Ponce de Leon 2,000,000 shares as part of his retirement package from the company.
In August 2015, the company issued Mr. Eves 2,000,000 shares in recognition of achieving internal milestones regarding the test facility fabrication.
In August 2015, the company issued Mr. Neary 2,000,000 shares in recognition of achieving internal milestones regarding the test facility fabrication.
In August 2015, the company issued Mr. Eves and Mr. Neary 750,000 shares each upon renewing their employment contract.
In September 2015, the company issued 802 Investments a total of 550,000 shares as part of a $250,000 convertible note that was entered into in June 2015.
In September 2015, the company issued Olive Tree Investments a total of 550,000 shares for IR services.
In September 2015, the company issued One Equity Research 275,000 shares for research.
The total number of common shares issued in 2015 through to October 2015 was 19,802,192.
Debt
In January 2015, Mr. Neary issued a loan to the company for $50,000. This loan attracted 0% interest and was payable upon receipt of additional funding by the company. As of October 20, 2015, $47,200 was repaid to Mr. Neary leaving a balance of $2,800 outstanding.
In February 2015, the company entered into a 6 month 8% convertible note of $64,000. This note had legal fees of $3,500 attached to it. Net cash received by the company was $60,500. The note is convertible into common stock of the Company at a 42% discount to market based on the lowest three closing prices over the previous 10 day trading period.
In March 2015, the company entered into a 6 month 8% convertible note of $54,000. This note had legal fees of $3,500 attached to it. Net cash received by the company was $50,500. The note is convertible into common stock of the Company at a 42% discount to market price based on the lowest three closing prices over the previous 10 day trading period.
In March 2015, the company entered into a 2 month convertible note for $25,000. The note can be converted into common stock of the Company at $0.0825 per share.
In May 2015, the company entered into an umbrella funding agreement with Black Diamond Financial Group for a total of $5,000,000 scheduled to be paid to the company in various installments upon reaching predefined milestones. As of October 2015, Black Diamond Financial group has advanced $3,208,000. The terms of the deal is a 12% secured convertible note, convertible at $0.08 per share. This note also includes $0.10 warrant coverage on a one for one basis.
In June 2015, the company entered into a 6 month 12% convertible note. The note is convertible into common stock of the Company at a 35% discount to market based on the lowest traded price over a 20 day look back period. 550,000 common shares were issued in connection with the note.
In 2015 the company engaged in a buyback program of its outstanding convertible notes. In May 2015, the company bought back six convertible notes for a total of $179,417. The face value of these notes was $118,000. The interest incurred and early prepayment cost was $61,417. In June and July 2015, the company bought back six convertible notes for a total of $560,886. The outstanding balance on these notes was $433,124. The early prepayment cost to the company for buying back all six notes was $127,762. In September 2015 and October 2015, the company bought back the $250,000 8% convertible note issued in May 2015. Repayment of the note included a payment of $28,000 in interest and prepayment fee.
|