Quarterly report pursuant to Section 13 or 15(d)

NOTE 8: SUBSEQUENT EVENTS

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NOTE 8: SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2016
Subsequent Events [Abstract]  
Subsequent Events [Text Block]
NOTE 8: SUBSEQUENT EVENTS

During October 2016, the Company entered into a Securities Purchase Agreement (“SPA”) for a convertible note in the amount of $355,000 net of original issuance discount and fees of $25,250. The convertible note bears interest at 8% per annum, is due in six months and is convertible into the Company’s common stock at a discount of 65% of the quoted market price of the Company’s common stock at the date of conversion.

During the October 2016, the Company entered into a Debt Settlement Agreement with a convertible note holder of a past due note with an outstanding principal balance of $185,000. The settlement agreement provides for the payment of $240,380 to settle the notes, payable in three monthly installments of $80,126 beginning October 14, 2016. As a result of this settlement agreement, the Company added $55,380 in principal to the note as debt settlement expense. The first payment of $80,126 was made on October 14, 2016.

During October 2016, a convertible note holder elected to convert $200,000 in principal and $2,564 in accrued interest into 3,751,192 shares of the Company’s common stock.

During October 2016, a convertible note holder elected to convert $40,000 in principal into 683,761 shares of the Company’s common stock.

During the October 2016, the Company entered into a fourth amendment to a Debt Settlement Agreement with a convertible note holder of a past due note with an outstanding principal balance of $517,724. The settlement agreement provides for the payment of $590,855 to settle the note, payable in three monthly installments of $140,000 beginning November 18, 2016. As a result of this settlement agreement, the Company added $73,131 in principal to the note as debt settlement expense.