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EQUITY
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9 Months Ended |
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Jun. 30, 2014
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| EQUITY [Abstract] | |
| EQUITY |
NOTE 6 -EQUITY
Common Stock
In November 2013, a private investor purchased 40,000,000 shares of the Company's common stock for $200,000 cash.
In December 2013, a stockholder purchased 10,000,000 shares of the Company's common stock for $100,000 cash.
In January 2014, a stockholder converted 100,000 shares of the Company's Series A Preferred stock into 10,000,000 of the Company's common stock.
In March 2014, three shareholders converted 75,358 shares of the Company's Series C Preferred stock into 376,990 shares of the Company's common stock.
In April 2014, three shareholders converted 110,894 shares of the Company's Series C Preferred stock into 554,470 shares of the Company's common stock.
In April and June 2014, private investors purchased 5.900,000 shares of the Company's common stock for $59,000 cash.
Preferred Stock
Preferred Share Designations
In December 2013, the Board of Directors voted to amend the Company's Articles of Incorporation to change the conversion rights of the Series C and Series D Convertible Preferred Stock. Each share of the Series C and Series D Preferred Stock is convertible into five shares of common stock.
In November 2013, the Company issued 35,000 shares of the Company's Series C Convertible Preferred stock to a consulting firm for services valued at $10,000.
In October 2012, the Company issued 14,000 shares of series C Preferred stock for cash proceeds of $35,000.
During the nine months ended June 30, 2013, the Company entered into exchange agreements with 82 common stockholders to exchange 61,434 shares of common stock into 2,190,045 shares of Series C Convertible Preferred stock. The total fair value of the Series C Convertible Preferred Stock issued as consideration in the exchange was approximately $1,287,000. The total market value of the common stock exchanged was approximately $21,100. The Company recognized a loss for the difference between the consideration given and the market value of the stock of approximately $1,266,000. The Company will cancel all shares of common stock received in the exchange.
Between October and December 2012, three note-holders converted $143,703 in principal and accrued interest into 57,481 shares of Series C Convertible Preferred stock valued at $41,961. The Company recognized a gain on the conversions of $101,742.
During the nine months ended June 30, 2013, the Company issued 24,000 shares of Series C Convertible Preferred stock to 2 consultants for services valued at $17,520. The Company also converted $623,215 in accounts payable into 211,786 shares of Series C Convertible Preferred stock valued at $136,883. The Company recognized a gain of $357,543 on the conversion of accounts payable and accrued expenses.
During the nine months ended June 30, 2013, the Company issued 32,595 shares of Series C Convertible Preferred stock warrant and option holders for the cancellation of 5,162 warrants and 399 options. The Company recognized a loss on the exchange of $7,769.
Dividends payable on Series A Convertible Preferred Stock of $115,302 and $84,925 are included in Accrued Expenses at June 30, 2014 and September 30, 2013, respectively. |