Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

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Subsequent Events
6 Months Ended
Jun. 30, 2019
Subsequent Events [Abstract]  
Subsequent Events
8) Subsequent Events

 

From July 1, 2019 through August 13, 2019 the Company issued Convertible notes for a total of $530,000. The notes required 6,440 shares of the Company’s common stock to be issued and included interest at rates ranging from 4% to 8% and are for terms of nine to twelve months. The Company also extended nine notes (see below schedule).

 

From July 1, 2019 through August 13, 2019 the Company issued 246.8 shares of Series AA Convertible Preferred Stock at $2,500 per share and received $555,300 net of $61,700 of broker fees. For every $2,500 invested, the investor received one share of Series AA Convertible Preferred Stock convertible into 1,000 shares of Common Stock and 1,000 warrants to purchase Common Stock at $3.50 per share and an expiration period of five years from the original issue date.

 

Convertible Loan Modifications and Extinguishments

 

Subsequent to June 30, 2019, the Company modified or paid off the following loans:

 

Loan inception date   Principal     Modification
date/Pay off date
  Principal and interest paid     Extinguished
or extended
                     
January 3, 2019   $ 50,000     July 3, 2019   $ 12,500     Extended to January 3, 2020

February 9, 2019     100,000     August 9, 2019     9,000    

5 day automatic extension to August 16, 2019

February 26, 2019     86,250     July 26, 2019     8,625     Extended to August 26, 2019
April 10, 2019     86,250     July 10, 2019     8,625     Extended to August 10, 2019
April 19, 2019     150,000     July 19, 2019     22,500     Extended to October 19, 2019
May 1, 2019     100,000     August 1, 2019     25,000     Extended to November 1, 2019
June 15, 2019     115,000     July 15, 2019     11,500     Extended to August 15, 2019
May 15, 2019     220,000    

July 17, 2019

    22,000      Extended to August 17, 2019
April 17, 2019     105,000    

July 23, 2019

    10,500      Extended to August 23, 2019