Annual report pursuant to Section 13 and 15(d)

SUBSEQUENT EVENTS

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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2017
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 22 - SUBSEQUENT EVENTS

 

On January 23, 2018, the Company entered into a short-term loan agreement and received loan proceeds of $250,000 with principal and interest due 60 days from issuance. The note requires a one-time fee in the amount of $12,500 to compensate for the first two weeks of the term and each week thereafter (weeks 3-8) a fee of $1,250 shall be due and owing accruing on the first day of the week. A fee of 100,000 shares of restricted common stock shall be issued as a penalty for each month or prorated for any two-week portion of any month the note is outstanding for months 3 through 6, and a fee of 200,000 shares of restricted common stock shall be issued to lender for each month or prorated for each two-week portion of any month the note is outstanding beginning in month 7 until paid in full.

 

On February 26, 2018, the Company entered into a short-term loan agreement and received loan proceeds of $100,000. The principal and interest are due and payable on or before May 31, 2018. The note requires a one-time fee in the amount of $25,000 shall be paid as interest. In the event the note and interest are not paid on or before June 1, 2018, a fee of $5,000 shall be due and owing accruing on the first day of each month commencing June 1, 2018. The note is secured by all of the proceeds from the sale of SEM’s BioActive Media paid to or received by SEM or MV.

 

During March 2018, the Company issued 25,000 shares of $.001 par value common stock for proceeds of $120,000.

 

During April 2018, the Company issued 75,000 shares of $.001 par value common stock for services provided and to be provided through May 31, 2018 totaling approximately $58,000.

 

As of April 15, 2018, the Company three short term notes for which the penalty period for shares to be issued has been reached. The Company has recorded 665,000 shares of its common stock as issuable under the terms of those agreements. The shares were valued at $306,900 and are recorded as interest expense. Additional shares will be issued by the Company under the terms of the agreements.