| 6. Subsequent Events |
We
performed a review of events subsequent to the balance sheet date through the date the financial statements were issued and determined,
except as disclosed herein, that there were no other such events requiring recognition or disclosure in the financial statements.
| ● |
On July 1, 2014
IssuWorks was granted 50,000 warrants with an exercise price of $0.56. On June 26, 2014, PBI announced the engagement
of IssuWorks and their management team to review strategic and financing alternatives, including the possible spin-off of
vertical market applications into new, stand-alone businesses. IssueWorks will be granted 50,000 warrants each month
with an exercise price of $0.56 as compensation. |
| ● |
On July 1, 2014
the Company issued 37,500 warrants with an exercise price of $0.55, to an individual in connection with a one year consulting
agreement. |
| ● |
On July 7, 2014
the Company’s Board of Directors voted to extend the closing of the Series K private placement to August 15, 2014. |
| ● |
On July 10, 2014
the Company signed a six month note and received $66,750 after fees and commission of $8,250. |
| ● |
On July 15, 2014
the Company signed a six month note for $105,000 and received $100,000 net of fees. |
| ● |
On July 14, 2014
the Company converted 1,411 shares of Series J convertible preferred stock and $22,712 of accrued and unpaid dividends into
1,477,799 shares of common stock. |
| ● |
On July 31, 2014
the Company signed an agreement to extend the maturity date of the $223,000 convertible note to October 4, 2014. The Company
paid the lender $12,000 in fees in connection with the extension. |
| ● |
On August 6, 2014
the Company signed a merchant agreement and received $74,000 net of fees. The note will be paid back at the rate
of $632 per business day until a total of $101,250 has been paid. |
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