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EQUITY
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3 Months Ended |
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Dec. 31, 2012
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| EQUITY [Abstract] | |
| EQUITY |
NOTE 6 - EQUITY
Common Stock
In October 2012, a noteholder converted $6,600 of a convertible note into 18,334 shares of the Company's common stock. In October 2012, the Company issued 1,000,000 shares of restricted common stock to the Company's CEO under the terms of an employment agreement.
In October 2012, the Company issued 25,000 shares of common stock to a consultant for professional services valued at $22,728 and 141,666 shares of common stock to five consultants for the conversion of $93,750 of accounts payable. The Company recognized a loss on the conversion of accounts payable of $35,037.
In November 2012, a noteholder converted $1,100 of a convertible note into 9,166 shares of the Company's common stock.
Preferred Stock
In October 2012, two individuals purchased 14,000 shares of the Company's Series C Convertible Preferred stock for $35,000 cash.
In October 2012, a note-holder converted $5,425 in principal and accrued interest into 2,170 shares of Series C Convertible Preferred stock. The Company recognized a gain on the conversion of $3,841.
In November 2012, a note-holder converted $120,127 in principal and accrued interest into 48,051 shares of Series C Convertible Preferred stock. The Company recognized a gain on the conversion of $85,849.
In December 2012, the Company issued 4,879 shares of Series C Convertible Preferred stock to one individual for the cancellation of 1,566 warrants and 83 options. The Company recognized a loss on the exchange of $3,562.
In December 2012, a note-holder converted $18,151 in principal and accrued interest into 7,260 shares of Series C Convertible Preferred stock. The Company recognized a gain/loss on the conversion of $12,851.
In December 2012, the Company issued 24,000 shares of Series C Convertible Preferred stock to 2 consultants for services valued at $17,520. Six consultants to the Company converted $406,075 in accounts payable into 162,430 shares of Series C Convertible Preferred stock. The Company recognized a gain of $287,503 on the conversion of accounts payable.
During the three months ended December 31, 2012, the Company entered into exchange agreements with 35 common stockholders to exchange 29,741 shares of common stock valued at approximately $12,000 into 1,270,880 shares of Series C Convertible Preferred stock. The Company recognized a loss on the exchange of $916,080. The Company will cancel all shares of common stock received in the exchange. Dividends payable on Series A Convertible Preferred Stock of approximately $43,000 are included in Accrued Expenses at December 31, 2012.
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