NOTE 6 - SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2013 |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
NOTE 6 – SUBSEQUENT EVENTS |
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Pursuant to FASB ASC 855-10-50-1, the Company has evaluated subsequent events through the date these financial statements to be issued. |
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On April 10, 2014, the Company received notice from FINRA that the Company’s request for them to review and complete the Corporate Action Request of the Company to complete a Stock-Reverse at a ratio of 1:1,000 would be denied until the Company’s SEC filings were current. |
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On April 1, 2014, the Company entered into a two year 10% convertible note with a private party, totaling $15,000. The note can be converted into post-reverse common stock at a rate of $0.20 per share. |
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On March 15, 2014, the Company assigned two (2) debt items, respectively $5,361.50 and $4,598.10, to a private individual, in exchange for a convertible promissory note which can be converted into post-reverse common stock at a rate of $0.28 per share. |
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On February 24, 2014, the Company assigned a debt item totaling $14,000, to a private individual, in exchange for a convertible promissory note which can be converted into post-reverse common stock at a rate of $0.28 per share. |
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On February 20, 2014, the Company retained Kline Law Group, PC to represent the Company in all matters relating to the US Securities and Exchange Commission, including but not limited to, reviewing and preparing Company filings, press releases, disclosures, etc. |
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On February 18, 2014, the Company filed Form DEF 14C with the Securities and Exchange Commission notifying them of the Company’s intent to complete a Stock-Reverse at a ratio of 1:1,000. In addition, the Company intends to reduce its Authorized Shares from two billion (2,000,000,000) to five hundred million (500,000,000), and reduce the number of Authorized Shares in its 2004 Stock Option/Stock Issuance Plan from two hundred fifty million (250,000,000) to fifty million (50,000,000). |
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On February 18, 2014, the Company entered into a two year 10% convertible note with a private party, totaling $30,000. The note can be converted into post-reverse common stock at a rate of $0.20 per share. |
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On February 12, 2014, the Company filed the required application along with all supplemental documentation with FINRA requesting them to review and complete the Corporate Action Request of the Company to complete a Stock-Reverse at a ratio of 1:1,000. |
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On January 31, 2014, the Company amended the employment agreement with Carl Giese. Pursuant to the Amendment, accrued wages thru January 31, 2014, which totaled $105,000 will be exchanged for 105,000 shares of post-reverse common stock. In addition, the original stock incentive package totaling 25,000,000 shares will be replaced with a new stock incentive package totaling 2,000,000 shares of post-reverse common stock. The common stock in the new stock incentive package will vest in twelve (12) equal installments on a quarterly basis beginning April 1, 2014. |
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On January 31, 2014, the Company amended the employment agreement with Lisa Bilyeu. Pursuant to the Amendment, accrued wages thru January 31, 2014, which totaled $28,000 will be exchanged for 28,000 shares of post-reverse common stock. In addition, the original stock incentive package totaling 10,000,000 shares will be replaced with a new stock incentive package totaling 1,000,000 shares of post-reverse common stock. The common stock in the new stock incentive package will vest in twelve (12) equal installments on a quarterly basis beginning April 1, 2014. |
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On January 31, 2014, the Company amended the employment agreement with Shampa Mitra-Reddy. Pursuant to the Amendment, accrued wages thru January 31, 2014, which totaled $270,000 will be exchanged for 270,000 shares of post-reverse common stock. In addition, the original stock incentive package totaling 50,000,000 shares will be replaced with a new stock incentive package totaling 2,500,000 shares of post-reverse common stock. The common stock in the new stock incentive package will vest in twelve (12) equal installments on a quarterly basis beginning April 1, 2014. |
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On January 31, 2014, the Company amended the employment agreement with Hector Alvarez. Pursuant to the Amendment, accrued wages thru January 31, 2014, which totaled $322,500 will be exchanged for 322,500 shares of post-reverse common stock. In addition, the original stock incentive package totaling 50,000,000 shares will be replaced with a new stock incentive package totaling 2,000,000 shares of post-reverse common stock. The common stock in the new stock incentive package will vest in twelve (12) equal installments on a quarterly basis beginning April 1, 2014. |
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On January 31, 2014, the Company amended the employment agreement with Steve Rowe. Pursuant to the Amendment, accrued wages thru January 31, 2014, which totaled $105,000 will be exchanged for 105,000 shares of post-reverse common stock. In addition, the original stock incentive package totaling 25,000,000 shares will be replaced with a new stock incentive package totaling 2,000,000 shares of post-reverse common stock. The common stock in the new stock incentive package will vest in twelve (12) equal installments on a quarterly basis beginning April 1, 2014. |
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On January 31, 2014, the Company amended the consulting agreement with Norman Hardy. Pursuant to the Amendment, the unissued shares of the original stock incentive package totaling 10,000,000 shares will be replaced with a new stock incentive package totaling 2,500,000 shares of post-reverse common stock. The common stock in the new stock incentive package will vest in twelve (12) equal installments on a quarterly basis beginning April 1, 2014. |
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On January 31, 2014, the Company amended the consulting agreement with Heather Bilyeu. Pursuant to the Amendment, a new stock incentive package totaling 250,000 shares of post-reverse common stock supersedes all previous agreements. The common stock in the new stock incentive package will be issued in five installments of 50,000 shares on a quarterly basis beginning April 1, 2014. |
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On January 31, 2014, the Company amended the consulting agreement with Manishka Investments. Pursuant to the Amendment, the unexercised share option of the original stock incentive package totaling 4,000,000 shares will be replaced with a new stock incentive package totaling 250,000 shares of post-reverse common stock. The common stock in the new stock incentive package will be issued in five installments of 50,000 shares on a quarterly basis beginning April 1, 2014. |
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On January 24, 2014, the Company entered into a two year 10% convertible note with a private party, totaling $7,500. The note can be converted into post-reverse common stock at a rate of $0.20 per share. |
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On January 10, 2014, the Company entered into a two (2) year consulting agreement with CrosspointNW, LLC for the purpose of assisting the Company deploy its LIVE Agent Auto Dealer Kiosks in up to 150 auto dealerships. As consideration for such services, the Company will pay Consultant Twenty-Five Dollars ($25) per customer who enrolls into the Company’s financial services program thru a kiosk. |
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On October 22, 2013, the Company entered into a six month consulting agreement with a private firm to assist the Company in the areas of investor relations, financial relations, and various market awareness programs. The main focus overall is to increase the Company’s presence in the financial communities to more easily raise the required capital to properly run the Company. Under the Consulting Agreement, the Consultant was issued five million (5,000,000) shares of common stock restricted under Rule 144. |
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On October 15, 2013, the Company filed a complaint against two former employees, Michael Nathans and Kevin Goldstein, in Orange County Superior Court, case number 30-2013-00681235-CU-BC-CJC. The complaint consists of Breaches of Contract, Civil Conspiracy-Fraud, Breach of the Implied Covenant of Good Faith and Fair Dealing, Interference with Economic Advantage, Unjust Enrichment/Restitution and Breach of Fiduciary Duty committed by both parties. The total general and special financial damages to be determined at the time of trial. Also, the Company is seeking an Injunction to restrain future conduct and reimbursement of all reasonable attorney fees for the cost of the suit. |
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On October 8, 2013, the Company filed a Form D with the Securities and Exchange Commission notifying the public of an anticipated convertible debt offering in the amount of $5 Million. The notes would be for 2 years and the minimum subscription is anticipated to be $50,000. |
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