EQUITY |
9 Months Ended |
|---|---|
Jun. 30, 2015 | |
| EQUITY [Abstract] | |
| EQUITY |
NOTE 6 - EQUITY
Common stock issued for conversion of preferred stock
In October 2014, a shareholder converted 20,000 shares of Series A Convertible Preferred stock into 2,000,000 shares of common stock.
In November 2014, a shareholder converted 10,000 shares of Series A Convertible Preferred stock into 1,000,000 shares of common stock.
In December 2014, a shareholder converted 12,500 shares of Series A Convertible Preferred stock into 1,250,000 shares of common stock.
In January 2015, a shareholder converted 37,500 shares of Series A Convertible Preferred stock into 3,750,000 shares of common stock.
In February 2015, a shareholder converted 32,500 shares of Series A Convertible Preferred stock into 3,250,000 shares of common stock.
In March 2015, a shareholder converted 37,500 shares of Series A Convertible Preferred stock into 3,750,000 shares of common stock.
In April 2015, a shareholder converted 283,250 shares of Series A Convertible Preferred stock into 28,325,000 shares of common stock.
Common Stock Issued for Cash
In November 2014, a shareholder purchased 2,500,000 shares of common stock for $25,000 in cash at a price of $.01 per share.
In May and June 2015, two shareholders purchased 216,500 of common stock for $12,990 in cash at a price of $.06 per share.
Common Stock Issued for Licensing Rights
As consideration for entering into an amendment agreement with Collabria, the Company issued 25,000,000 shares of restricted common stock valued at $.08 per share.
Common Stock issued for Conversion of Convertible Note Payable
In June, 2015, a convertible note holder converted a $38,000 convertible note and $1,520 of accrued interest into 1,432,859 shares of common stock.
Preferred Stock
In March 2015, the Company issued 670,904 shares of Series D Convertible Preferred stock as consideration for the forgiveness of $135,012 in notes payable, $59,608 in accrued interest and $140,832 in accrued dividends. The fair value of the Series D preferred stock was $825,212 resulting in a loss on forgiveness of debt of $489,759.
In March 2015, the Company entered into a new employment agreement with the Company's CEO, Larry M. Reid. Under the agreement, Mr. Reid agreed to remit 2.0 billion shares of common stock back to the Company in exchange for 200,000 shares of Series C Convertible Preferred stock with a fair value of $252,000 as well as compensation stated in the agreement. The common stock remitted to the Company was recorded as a treasury acquisition for the value of the Series C preferred stock and the net present value of Mr. Reid's salary over a five years using a discount rate of 5%, totaling approximately $627,000. The treasury stock was subsequently retired and recorded to additional paid-in capital.
There were no dividends payable on Series A Convertible Preferred Stock at June 30, 2015. |