Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2017shares | |
Document And Entity Information | |
Entity Registrant Name | VNUE, Inc. |
Entity Central Index Key | 1,376,804 |
Document Type | 10-Q |
Document Period End Date | Sep. 30, 2017 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Is Entity a Well-known Seasoned Issuer? | No |
Is Entity a Voluntary Filer? | No |
Is Entity's Reporting Status Current? | Yes |
Entity Filer Category | Smaller Reporting Company |
Entity Common Stock, Shares Outstanding | 69,244,707 |
Document Fiscal Period Focus | Q3 |
Document Fiscal Year Focus | 2,017 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Current Assets | ||
Cash | $ 73,195 | $ 17,952 |
Prepaid expenses | 2,667 | |
Total assets | 75,862 | 17,952 |
Current Liabilities | ||
Accounts payable and accrued expenses | 550,639 | 391,952 |
Accrued payroll (including $453,585 and $312,710 payable to officers) | 908,263 | 703,138 |
Advances from stockholders | 14,720 | 14,720 |
Note payable to officer | 74,131 | 74,131 |
Notes payable | 9,000 | 34,000 |
Convertible notes payable, net | 400,033 | 121,865 |
Convertible notes payable, related parties, net | 30,000 | 22,101 |
Derivative liabilities | 779,903 | 508,107 |
Total current liabilities | 2,766,689 | 1,870,014 |
Commitment and contingencies | ||
Stockholders' Deficit | ||
Preferred stock, par value $0.0001: 20,000,000 shares authorized; none issued | ||
Common stock, par value $0.0001: 750,000,000 shares authorized; 69,244,707 and 64,487,971 shares issued and outstanding, respectively | 6,924 | 6,449 |
Additional Paid-in Capital | 4,670,643 | 4,428,357 |
Common stock to be issued, 4,674,352 shares and 4,674,352 shares, respectively | 903,570 | 903,570 |
Accumulated deficit | (8,271,964) | (7,190,438) |
Total Stockholders' Deficit | (2,690,827) | (1,852,062) |
Total Liabilities and Stockholders' Deficit | $ 75,862 | $ 17,952 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Current Liabilities | ||
Accrued payroll payable to officers | $ 453,585 | $ 312,710 |
Stockholders' Equity | ||
Preferred Stock, par value | $ 0.0001 | $ 0.0001 |
Preferred Stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Common Stock, par value | $ 0.0001 | $ 0.0001 |
Common Stock, shares authorized | 750,000,000 | 750,000,000 |
Common Stock, shares issued | 69,244,707 | 64,487,971 |
Common Stock, shares outstanding | 69,244,707 | 64,487,971 |
Common stock to be issued | 4,674,352 | 4,674,352 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Condensed Consolidated Statements Of Operations | ||||
Revenues | $ 37,825 | |||
Operating Expenses | ||||
Direct costs of revenues | 35,151 | |||
Software development | 24,778 | 126,838 | 92,905 | 1,033,207 |
General and administrative | 172,319 | 154,908 | 631,057 | 992,470 |
Loss from Operations | (197,097) | (281,746) | (721,288) | (2,025,677) |
Other income/(expenses) | ||||
Change in fair value of derivative liability | 57,467 | (23,345) | 38,068 | 194,912 |
Gain on extinguishment of derivative liability | 174,529 | 292,838 | 21,308 | |
Financing costs | (342,708) | (214,067) | (691,144) | (332,081) |
Sale of trademark | 30,000 | 30,000 | ||
Other income/(expenses), net | (110,712) | (207,412) | (360,238) | (85,861) |
Net Loss | $ (307,809) | $ (489,158) | $ (1,081,526) | $ (2,111,538) |
Loss per share - Basic and Diluted | $ 0 | $ (0.01) | $ (0.01) | $ (0.03) |
Weighted average common shares outstanding - Basic and diluted | 73,919,059 | 68,891,601 | 72,205,256 | 67,591,512 |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Changes in Stockholders' Deficit (Unaudited) - 9 months ended Sep. 30, 2017 - USD ($) | Common Stock par value $0.0001 | Additional Paid-In Capital | Shares to be Issued | Accumulated Deficit | Total |
Beginning balance, shares at Dec. 31, 2016 | 64,487,971 | ||||
Beginning balance, amount at Dec. 31, 2016 | $ 6,449 | $ 4,428,357 | $ 903,570 | $ (7,190,438) | $ (1,852,062) |
Shares returned by officer, shares | (5,000,000) | ||||
Shares returned by officer, amount | $ (500) | 500 | |||
Shares issued for services, shares | 2,575,000 | ||||
Shares issued for services, amount | $ 258 | 94,868 | 95,125 | ||
Shares issued for conversion of debt, shares | 7,181,736 | ||||
Shares issued for conversion of debt, amount | $ 718 | 62,803 | 63,521 | ||
Fair value of warrants issued related to convertible note payable | 18,261 | 18,261 | |||
Beneficial conversion feature on conversion of note | 65,855 | 65,855 | |||
Net loss | (1,081,526) | (1,081,526) | |||
Ending balance, shares at Sep. 30, 2017 | 69,244,707 | ||||
Ending balance, amount at Sep. 30, 2017 | $ 6,924 | $ 4,670,643 | $ 903,570 | $ (8,271,964) | $ (2,690,827) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash Flows From Operating Activities | ||
Net loss | $ (1,081,526) | $ (2,111,538) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Change in fair value of derivative liabilities | (38,068) | (194,912) |
Derivative value in excess of convertible notes | 291,702 | 90,762 |
Note issued for financing costs | 25,000 | |
Gain on extinguishment of derivative liability | (292,838) | (21,308) |
Amortization of debt discount | 265,828 | 86,113 |
Beneficial conversion feature on conversion of note | 65,855 | |
Original issue discount on convertible note payable | 9,000 | |
Shares to be issued for financing costs | 41,000 | |
Shares issued for services | 95,125 | |
Shares to be issued for services | 730,513 | |
Shares transferred for financing costs | 108,000 | |
Shares transferred for compensation | 491,153 | |
Changes in operating assets and liabilities: | ||
Prepaid expense | (2,667) | 37,500 |
Accounts payable and accrued expenses | 163,707 | 276,217 |
Accrued payroll | 205,125 | 210,912 |
Net Cash Used in Operating Activities | (318,757) | (230,587) |
Cash Flows From Financing Activities | ||
Advances from (repayment to) stockholders, net | 17,510 | |
Proceeds from issuance of convertible notes payable | 407,000 | 250,000 |
Repayment of convertible notes payable | (33,000) | |
Shares to be issued for proceeds from sale of common shares | 5,000 | |
Net Cash Provided by Financing Activities | 374,000 | 272,510 |
Net Change in Cash | 55,243 | 41,923 |
Cash - Beginning of the Reporting Period | 17,952 | 7,788 |
Cash - End of the Reporting Period | 73,195 | 49,711 |
Supplemental Disclosure of Cash Flow Information: | ||
Interest Paid | ||
Income Tax Paid | ||
Non-Cash Financing Activities | ||
Common shares issued upon conversion of notes payable and accrued interest | 63,521 | 20,385 |
Return of common shares by officer | (500) | |
Note payable converted to convertible note | 50,000 | |
Fair value of derivative created upon issuance of convertible debt recorded as debt discount | $ 311,000 | $ 300,000 |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Note 1 - Organization and Basis of Presentation | History and Organization VNUE, Inc. (formerly Tierra Grande Resources, Inc.) ("VNUE", "TGRI", or the "Company") was incorporated under the laws of the State of Nevada on April 4, 2006. On May 29, 2015, VNUE, Inc. entered into a merger agreement with VNUE Washington, Inc. Pursuant to the terms of the Merger Agreement, all of the outstanding shares of any class or series of VNUE Washington were exchanged for an aggregate of 50,762,987 shares of TGRI common stock. As a result of the Merger, VNUE Washington became a wholly-owned subsidiary of the Company, and the transaction was accounted for as a reverse merger with VNUE Washington deemed the acquiring company for accounting purposes, and the Company deemed the legal acquirer. The Company is developing a technology driven solution for Artists, Venues and Festivals to automate the capturing, publishing and monetization of their content. The Company conducted a reverse stock split of the Companys common stock at a ratio 1 for 10 of each share issued and outstanding on the effective date of April 15, 2017. The reverse was effective as to the market on August 7, 2017. All historical reported share amounts within have been adjusted to reflect the reverse stock split. On July 10, 2017, the Company entered into a Licensing Agreement with RockHouse Live Media Productions, Inc., DBA DiscLive or DiscLive Network (DiscLive) to formalize the terms of the Strategic Alliance entered into by the Company with DiscLive on July 21, 2016. VNUE has acquired an exclusive license from DiscLive, for a period of three years unless earlier terminated under the Agreement, for the use of all its assets, including but not limited to the DiscLive brand, website (including eCommerce platform), intellectual property, inventory, equipment, trade secrets and anything related to its business of instant live recording. Under the terms of the Agreement, DiscLive granted the Company a worldwide exclusive license. In exchange for the license, DiscLive will receive a license fee equal to five percent (5%) of any sales derived from the sale and use of the products and services. DiscLive is controlled by our Chief Executive Officer. On October 16, 2017, the Company entered into an agreement with PledgeMusic, Inc., whereby the Company will acquire the assets of the digital live music distribution platform Set.fm from PledgeMusic. Additionally, the Company will offer PledgeMusic North Americas full suite of music business tools allowing artists to sell music, merchandise and live experiences directly to fans, enhancing the Companys clients revenue opportunities on a shared revenue basis. Set.fm is a DIY platform that makes it easy for artists to record and sell their live shows directly to fans mobile devices, uploading simultaneously with their performance. The platform, which also features an innovative and easy-to-use studio app, already boasts thousands of artists and tens of thousands of fans using it. VNUE plans to update and improve the existing platform for indie artists and their fans, and to implement pro features for artists that VNUE and its affiliate DiscLive produce. Basis of Presentation The interim condensed consolidated financial statements included herein reflect all material adjustments (consisting of normal recurring adjustments and reclassifications and non-recurring adjustments) which, in the opinion of management, are ordinary and necessary for a fair presentation of results for the interim periods. Certain information and footnote disclosures required under the accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC). The Company believes that the disclosures are adequate to make the information presented not misleading. The condensed consolidated balance sheet information as of December 31, 2016 was derived from the audited consolidated financial statements included in the Companys Annual Report on Form 10-K filed with the SEC on April 14, 2017 (the 2016 Annual Report). These condensed consolidated financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2016 and notes thereto included in the 2016 Annual Report. The results of operations for the three and nine months ended September 30, 2017 are not necessarily indicative of the results to be expected for the entire fiscal year or for any other period. Going Concern The Companys condensed consolidated financial statements have been prepared assuming that it will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business. As reflected in the condensed consolidated financial statements, the Company had a stockholders deficit of $2,690,827 at September 30, 2017, and incurred a net loss of $1,081,526, and used net cash in operating activities of $318,757 for the reporting period then ended. Certain of the Companys notes payable are also past due and in default. These factors raise substantial doubt about the Companys ability to continue as a going concern within one year after the date that the financial statements are issued. The condensed consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. As a result, management has concluded that there is substantial doubt about the Companys ability to continue as a going concern within one year of the date that the consolidated financial statements were issued. In addition, the Companys independent registered public accounting firm, in their report on the Companys consolidated financial statements for the year ended December 31, 2016, has expressed substantial doubt about the Companys ability to continue as a going concern. Management estimates that the current funds on hand will be sufficient to continue operations through June 2018. The ability of the Company to continue as a going concern is dependent on the Companys ability to execute its strategy and in its ability to raise additional funds. Management is currently seeking additional funds, primarily through the issuance of equity securities for cash to operate our business. No assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, it may contain undue restrictions on our operations, in the case of debt financing or cause substantial dilution for our stock holders, in case or equity financing. |
Significant and Critical Accoun
Significant and Critical Accounting Policies and Practices | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Note 2 - Significant and Critical Accounting Policies and Practices | Principles of Consolidation The Company consolidates all wholly owned and majority-owned subsidiaries in which the Companys power to control exists. The Company consolidates the following subsidiaries and/or entities: Name of consolidated subsidiary or Entity State or other jurisdiction of incorporation or organization Date of incorporation or formation (date of acquisition/disposition, if applicable) Attributable interest VNUE Inc. (formerly TGRI) The State of Nevada April 4, 2006 (May 29, 2015) 100 % VNUE Inc. (VNUE Washington) The State of Washington October 16, 2014 100 % VNUE LLC The State of Washington August 1, 2013 (December 3, 2014) 100 % VNUE Technology Inc. The State of Washington October 16, 2014 90 % VNUE Media Inc. The State of Washington October 16, 2014 89 % VNUE Technology, Inc. and VNUE Media, Inc. were inactive corporations with no operations at September 30, 2017 and 2016, respectively. Inter-company balances and transactions have been eliminated. Revenue Recognition The Company recognizes revenue on the sale of digital video disks (DVD) that contain the recording of live concerts and made available to concert viewers immediately after the show and on-line. Use of Estimates and Assumptions and Critical Accounting Estimates and Assumptions The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Critical accounting estimates are estimates for which (a) the nature of the estimate is material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change and (b) the impact of the estimate on financial condition or operating performance is material. Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Management regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates are adjusted accordingly. Actual results could differ from those estimates. Significant estimates include the assumptions used to value the derivative liabilities, the valuation allowance for the deferred tax asset and the accruals for potential liabilities. Fair Value of Financial Instruments The Company follows the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and to measure the fair value of its financial instruments. The FASB Accounting Standards Codification establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The three levels of fair value hierarchy are described below. Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2 Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable reporting date as of the end of the period. Level 3 Pricing inputs that are generally observable inputs and not corroborated by market data. Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. The carrying amounts of the Companys financial assets and liabilities, including cash, accounts payable, accrued expenses, and other current liabilities, approximate their fair values because of the short maturity of these instruments. The fair value of the derivative liabilities of $779,903 and $508,107 at September 30, 2017 and December 31, 2016, respectively, were valued using Level 2 inputs. Derivative Financial Instruments The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the condensed consolidated statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within twelve months of the balance sheet date. Loss per Common Share Basic earnings (loss) per share are computed by dividing the net income (loss) applicable to Common Stockholders by the weighted average number of shares of Common Stock outstanding during the year. Diluted earnings (loss) per share is computed by dividing the net income (loss) applicable to Common Stockholders by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued, using the treasury stock method. Potential common shares are excluded from the computation as their effect is antidilutive. For the three and nine months ended September 30, 2017 and 2016, the calculations of basic and diluted loss per share are the same because potential dilutive securities would have an anti-dilutive effect. As of September 30, 2017 and 2016, we excluded the outstanding securities summarized below, which entitle the holders thereof to acquire shares of common stock, from our calculation of earnings per share, as their effect would have been anti-dilutive. September 30, 2017 2016 Convertible Notes Payable 110,015,835 15,951,363 Warrants 1,000,000 - Total 111,015,835 15,951,363 Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers In February 2016, the FASB issued ASU No. 2016-02, Leases In March 2016, the FASB issued the ASU 2016-09, Compensation - Stock Compensation (Topic 718) In July 2017, the FASB issued ASU 2017-11 , Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future financial statements. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Note 3 - Related Party Transactions | DiscLive Network On July 10, 2017, the Company entered into a Licensing Agreement with RockHouse Live Media Productions, Inc., DBA DiscLive or DiscLive Network (DiscLive) to formalize the terms of the Strategic Alliance entered into by the Company with DiscLive on July 21, 2016. VNUE has acquired an exclusive license from DiscLive, for a period of three years unless earlier terminated under the Agreement, for the use of all its assets, including but not limited to the DiscLive brand, website (including eCommerce platform), intellectual property, inventory, equipment, trade secrets and anything related to its business of instant live recording. Under the terms of the Agreement, DiscLive granted the Company a worldwide exclusive license. In exchange for the license, DiscLive will receive a license fee equal to five percent (5%) of any sales derived from the sale and use of the products and services. DiscLive is controlled by our Chief Executive Officer. Revenues of $37,825 and cost of revenues of $35,151 during the nine months ended September 30, 2017 were recorded using the assets licensed under this agreement. Advances from Stockholders / Employees From time to time, employees of the Company advance funds to the Company for working capital purposes. The advances are unsecured, non-interest bearing and due on demand. As of September 30, 2017 and December 31, 2016, the advances from the employees were $14,720 and $14,720, respectively. Note payable to President and Significant Stockholder On December 31, 2014 the Company entered into a note payable agreement with its President, and significant stockholder of the Company. The note is unsecured, non-interest bearing and due on December 31, 2024. As of September 30, 2017 and December 31, 2016, the note payable to the officer was $74,131 and $74,131, respectively. Convertible Notes Payable to the Officers and Directors In August 2014 the Company issued non-interest bearing convertible notes to certain Officers and Directors of the Company for working capital purposes. The notes are convertible at variable prices and payable on demand at any time after the earlier of (i) 36 months following the note issuance or (ii) the consummation of a corporate transaction if not previously converted. See further discussion in Note 5. Transactions with Louis Mann On August 26, 2015, the Company entered into an Advisory Agreement with Louis Mann (MANN), a former officer and director with the Company who resigned from his officer and director on August 26, 2015. The Advisory Agreement provided for MANNs continued and ongoing advisory services to the Company until December 31, 2015 and MANN was to be paid $25,000 for providing such advisory services, which was due and payable on or before December 31, 2015. Such amount is included in accrued expenses at September 30, 2017 and December 31, 2016, respectively. |
Notes Payable
Notes Payable | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Note 4 - Notes Payable | Notes payable as of September 30, 2017 and December 31, 2016 consist of the following As of September 30, December 31, 2017 2016 Individual (a) $ 9,000 $ 9,000 Tarpon (b) - 25,000 Total $ 9,000 $ 34,000 ______________ (a) On December 17, 2015, the Company issued a Promissory Note in the principal amount of $9,000. The note is due within 10 business days of the Company receiving a notice of effectiveness of its Form S-1 filed on February 22, 2016. Failure to make payment during that 10 business day period shall constitute an Event of Default, as a result of which the note will become immediately due and payable and the balance will bear interest at 7%. The Companys Form S-1 was declared effective on March 8, 2016 and payment was due before March 22, 2016. The Company did not repay the note before March 22, 2016; therefore, the note is in default with an interest rate of 7%. (b) On February 18, 2016, as a condition for the execution of an Equity Purchase Agreement with Tarpon (See Note 7), the Company issued a Promissory Note to Tarpon in the principal amount of $25,000 with an interest rate at 10% per annum and a maturity date of August 31, 2016. The note was recorded as financing cost upon issuance. On April 7, 2017, the Company and Tarpon entered into an amendment to the Promissory Note. The amendment added a conversion feature to the Note so that the Note and all accrued interest are convertible into shares of the Companys common stock at a conversion price equal to 50% of the lowest closing bid price of the common stock for the 30 trading days preceding the conversion date, and the maturity date was extended to December 31, 2017. On April 7, 2017, Tarpon converted its remaining aggregate principal and interest balance of $27,116 into 3,873,377 shares of the Companys common stock and the Note was retired. The market price on the date of conversion was in excess of the conversion price and as a result, the Company recorded a beneficial conversion feature on the conversion of $65,855 during the nine months ended September 30, 2017, which is included in financing costs in the Condensed Consolidated Statements of Operations. |
Convertible Notes Payable
Convertible Notes Payable | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Note 5 - Convertible Notes Payable | Convertible notes payable consist of the following: As of September 30, December 31, 2017 2016 Various Convertible Notes (a) $ 55,000 $ 55,000 Tarpon Convertible Note (b) - 33,500 Tarpon Convertible Note (c) - - Ylimit, LLC Convertible Notes (d) 517,000 300,000 Crossover Capital Fund II, LLC Convertible Notes (e) 61,000 - Golock Capital, LLC Convertible Notes (f) 105,000 - Total Convertible Notes 738,000 388,500 Discount (307,967 ) (244,534 ) Convertible notes, net $ 430,033 $ 143,966 ______________ (a) In August 2014 the Company issued a series of convertible notes with various interest rates ranging up to 10% per annum. The Note Conversion Price is determined as follows: (a) if the Note is converted upon the Next Equity Financing, an amount equal to 80% of the price paid per share paid by the investors in the Next Equity Financing; (b) if the Note is converted in the event of a Corporate Transaction, a price per share derived by dividing a pre-money valuation of $8,000,000 by the number of shares outstanding immediately prior to the time of such conversion, on a fully diluted basis; or (c) if the Note is converted as part of a Maturity Conversion, a price per unit derived by dividing a pre-money valuation of $8,000,000 by the total number of units (restricted and non-restricted) outstanding immediately prior to the time of such conversion, on a fully diluted basis. The notes are due and payable on demand at any time after the earlier of (i) 36 months following the note issuance or (ii) the consummation of a corporate transaction if not previously converted. The balance of the notes outstanding was $55,000 as of September 30, 2017 and December 31, 2016, of which $30,000 was due to related parties. (b) On June 15, 2015, as a condition for the execution of an Equity Purchase Agreement with Tarpon, the Company issued a Promissory Note to Tarpon in the principal amount of $50,000 with an interest rate at 10% per annum and a maturity date of December 31, 2015. The note was recorded as financing cost upon issuance. On February 26, 2016, the Company and Tarpon entered into an amendment to the Promissory Note. The amendment added a conversion feature to the Note so that the Note and all accrued interest are convertible into shares of the Companys common stock at a conversion price equal to 80% of the lowest closing bid price of the common stock for the 30 trading days preceding the conversion date, and the maturity date was extended to December 31, 2016. During 2016, Tarpon converted aggregate principal and interest of $20,385 into 3,488,075 shares of the Companys common stock. During the nine months ended September 30, 2017, Tarpon converted its remaining aggregate principal and interest balance of $36,405 into 3,307,959 shares of the Companys common stock and the Note was retired. (c) On March 11, 2017 the Company issued a convertible note to Tarpon in the principal amount of $33,000 which included a 10% original issue discount, or $3,000, with an interest rate at 10% per annum and a maturity date of December 31, 2017. The Note Conversion was determined as follows: The note was convertible into shares of the Companys common stock at the lessor of (i) 50% of the lowest closing bid price in the 30 trading days prior to the date that the note was issued or (ii) 50% of the lowest closing bid price in the 30 trading days prior to the day that the Holder requests conversion; unless otherwise modified by mutual agreement between the Parties (the Conversion Price); provided that if the closing bid price for the common stock on the Clearing Date (defined below) was lower than that used for the Conversion Price, then the Conversion Price shall be adjusted such that the Discount shall be taken from the closing bid price on the Clearing Date, and the Company shall issue additional shares to Holder to reflect such adjusted conversion price. During the nine months ended September 30, 2017, the Company paid the remaining outstanding principal and interest balance of $37,950 in cash and the Note was retired. (d) On May 9, 2016 the Company issued a convertible note in the principal amount of $100,000 with interest at 10% per annum and due on May 9, 2018. The note is secured by the Companys rights, titles and interests in all the Companys tangible and intangible assets, including intellectual property and proprietary software whether existing now or created in the future. The Note Conversion Price is determined as follows: if the Company receives equity funding of $1 million or more, then the Lender may choose to either convert the Note into shares of the Companys common stock or request repayment of the principal and interest on the Note. If the Lender chooses to convert the Note, then the Lender shall receive the number of shares equal to the dollar amount of principal and interest owed by the Company as of the date of the conversion divided by 85% of the per share stock price in the equity funding. If the Company borrows additional amounts above the initial $100,000, then the Lender shall receive the number of shares equal to the dollar amount of principal and interest of those additional borrowings owed by the Company as of the date of the conversion divided by 75% of the per share stock price in the equity funding. On July 18, 2016, August 10, 2016 and September 30, 2016, the note was amended to authorize additional borrowings of $50,000 on each of the dates listed with the terms remaining the same except as noted above. During the nine months ended September 30, 2017, the Company received additional borrowings of $217,000 and on August 25, 2017, the Note was amended to authorize total borrowings on this Note to $517,000 with the terms remaining the same except that the conversion feature was modified to state that all borrowings under the note will be converted at 85% of the per share stock price in the equity funding, but in no event shall the conversion price be less than $0.035 per share. The balance of the notes outstanding was $517,000 and $300,000 as of September 30, 2017 and December 31, 2016, respectively. (e) On August 21, 2017, the Company issued a convertible note to Crossover Capital Fund II, LLC (the Buyer) in the principal amount of $61,000 with an interest rate of 8% per annum and a maturity date of August 21, 2018. The note included an original issue discount of 10%, or $6,000. The note is convertible into shares of common stock of the Company at 50% of the lowest closing bid price in the 20 trading days prior to the day that the Buyer request. The note may be prepaid with the following penalties prior to the 180 th Prepay Date Prepay Amount < 31 days 115% of principal plus accrued interest 31-60 days 120% of principal plus accrued interest 61-90 days 125% of principal plus accrued interest 91-120 days 130% of principal plus accrued interest 121-150 days 135% of principal plus accrued interest 151-180 days 140% of principal plus accrued interest In the event of default, as defined in the note agreement, interest shall accrue at a default interest rate of 19% per annum or at the highest rate of interest permitted by law, whichever is less. If the Company loses the bid price for its stock in the market (including the OTC marketplace or other exchange) or the Companys common stock is delisted from an exchange or if trading has been suspended for more than 10 consecutive days, the outstanding principal amounts would increase 20% or 50%, respectively. The Company is required to instruct its transfer agent to reserve 62,564,000 share of its common stock. The balance of the note outstanding was $61,000 as of September 30, 2017. (f) On September 1, 2017, the Company issued a convertible note to Golock Capital, LLC (Lender) in the principal amount of $105,000 with an interest rate at 10% per annum and a maturity date of August 31, 2018. The note is convertible into shares of the Companys common stock at $0.02 per share. As additional consideration for the Lender to enter into this agreement with the Company, the Company issued a warrant to the Lender for 1,000,000 shares of the Companys common stock (see Note 7). In addition, the Lender shall have the first right of refusal as to any future funding of Borrower in that Lender shall have the right to provide all or a portion of the funding upon the same terms as those offered in writing by any third party or contained in any private placement of borrower. The Lender, upon conversion, shall have piggy back registration rights for all of its common stock shares in any registration or post-effective amendment to any registration initiated by Borrower with the Securities and Exchange Commission. The balance of the note outstanding was $105,000 as of September 30, 2017. The Company considered the current FASB guidance of Contracts in Entitys Own Stock which indicates that any adjustment to the fixed amount (either conversion price or number of shares) of the instrument regardless of the probability of whether or not within the issuers control means the instrument is not indexed to the issuers own stock. Accordingly, the Company determined that the conversion prices of the Notes were not a fixed amount because they were either subject to an adjustment based on the occurrence of future offerings or events or the conversion price was variable. As a result, the Company determined that the conversion features of the Notes were not considered indexed to the Companys own stock and characterized the fair value of the conversion features as derivative liabilities upon issuance. The Company determined that upon issuance of the Notes, the initial fair value of the embedded conversion feature was recorded as debt discount offsetting the fair value of the Notes and the remainder recorded as financing costs in the Condensed Consolidated Statement of Operations. The discount is being amortized using the effective interest rate method over the life of the debt instruments. As of December 31, 2016, the unamortized debt discount was $244,534. During the nine months ended September 30, 2017, the Company issued $311,000 of convertible notes subject to a debt discount, and created a derivative liability upon issuance with a fair value of $668,557, of which $311,000 was recorded as a valuation discount, and the remaining $357,557 was recorded as a financing cost. In addition, the Company recorded an additional debt discount of $18,261 related to a warrant issued associated with the issuance of a convertible note during the period. During the nine months ended September 30, 2017, amortization of debt discount was $265,828. The unamortized balance of the debt discount was $307,967 as of September 30, 2017. For the purposes of Balance Sheet presentation, convertible notes payable have been presented as follows: September 30, 2017 December 31, 2016 Convertible notes payable, net $ 400,033 $ 121,865 Convertible notes payable, related party, net 30,000 22,101 Total $ 430,033 $ 143,966 |
Derivative Liability
Derivative Liability | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Note 6 - Derivative Liability | The FASB has issued authoritative guidance whereby instruments which do not have fixed settlement provisions are deemed to be derivative instruments. The conversion prices of the Notes described in Note 5 were not a fixed amount because they were either subject to an adjustment based on the occurrence of future offerings or events or they were variable. Since the number of shares is not explicitly limited, the Company is unable to conclude that enough authorized and unissued shares are available to settle the conversion option. In accordance with the FASB authoritative guidance, the conversion features have been characterized as derivative liabilities to be re-measured at the end of every reporting period with the change in value reported in the statement of operations. As of September 30, 2017 and December 31, 2016, the derivative liabilities were valued using a probability weighted average Black-Scholes-Merton pricing model with the following assumptions: September 30, 2017 Issued During 2017 December 31, 2016 Exercise Price $ 0.002 0.108 $ 0.005 0.026 $ 0.013 0.116 Stock Price $ 0.008 $ 0.006 - 0.035 $ 0.044 Risk-free interest rate 0.84 1.24 % 0.94 1.23 % 0.59 0.85 % Expected volatility 358 % 273% - 344 % 243 % Expected life (in years) 1.000 0.792 1.292 0.583 1.833 Expected dividend yield 0 % 0 % 0 % Fair Value: $ 779,903 $ 594,666 $ 508,107 The risk-free interest rate was based on rates established by the Federal Reserve Bank. The Company uses the historical volatility of its common stock to estimate the future volatility for its common stock. The expected life of the conversion feature of the notes was based on the remaining term of the notes. The expected dividend yield was based on the fact that the Company has not customarily paid dividends in the past and does not expect to pay dividends in the future. During the nine months ended September 30, 2017, the Company recognized $38,068 as other income, compared to $194,912 as other income during the nine months ended September 30, 2016, which represented the change in the fair value of the derivative from the respective prior period. In addition, the Company recognized derivative liabilities of $602,702 upon issuance of convertible notes during the period and a gain of $292,838 and $21,308 during the nine months ended September 30, 2017 and 2016, respectively, which represented the extinguishment of derivative liabilities related to both the extinguishment of convertible notes with cash and the conversion of a note to common stock. |
Stockholders' Deficit
Stockholders' Deficit | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Note 7 - Stockholders' Deficit | Common stock returned by officer On March 15, 2017, a Company officer voluntarily returned 5,000,000 shares of Common Stock held by him to the Company for no consideration. The shares were subsequently cancelled. Shares issued for services During the nine months ended September 30, 2017, the Company issued an aggregate of 2,575,000 shares of its common stock to certain employees and contractors for services valued at $95,125, based upon the closing market price on the date the shares were authorized to be issued. Warrants A summary of warrants for the nine months ended September 30, 2017 is as follows: Number of Weighted - Average Shares Exercise Price Outstanding at December 31, 2016 - - Granted 1,000,000 $ 0.01 Forfeited - - Outstanding at September 30, 2017 1,000,000 $ 0.01 Exercisable at September 30, 2017 1,000,000 $ 0.01 On September 1, 2017, the Company issued 1,000,000 warrants to purchase the Companys common stock as an inducement to enter into a convertible note payable with Golock Capital LLC (See Note 5). The fair value of the warrants granted was determined to be $18,261 and was recorded as a debt discount and being amortized to financing costs over a term of the related convertible note of 12 months. The fair value of the warrant was calculated using the Black-Scholes option pricing model using the following assumptions stock price of $0.01; exercise price of $0.01; expected life of 1 year; volatility of 358%; no dividend rate and a discount rate of 1.31%. Additional information regarding warrants outstanding as of September 30, 2017 is as follows: Warrants Outstanding at September 30, 2017 Warrants Exercisable at September 30, 2017 Weighted Average Weighted Weighted Number of Remaining Average Number of Average Range of Shares Contractual Life Exercise Shares Exercise Exercise Outstanding (Years) Price Exercisable Price $ 0.01 1,000,000 2.92 $ 0.01 1,000,000 $ 0.01 1,000,000 1,000,000 The weighted-average remaining contractual life of warrants outstanding and exercisable at September 30, 2017 is 2.92 years. |
Commitment and Contingencies
Commitment and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Note 8 - Commitment and Contingencies | Litigation Hughes Media Law Group, Inc. On December 11, 2015, Hughes Media Law Group, Inc. (HLMG) filed a lawsuit against VNUE, Inc. in the Superior Court of King County, Washington, under case number 15-2-30108-0. HMLG claims damages of $130,553 for unpaid legal fees HMLG alleges are owed pursuant to an April 4, 2014 agreement with VNUE Washington VNUE Washington VNUE Washington |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Note 9 - Subsequent Events | Asset Acquisition On October 16, 2017, the Company entered into an agreement with PledgeMusic, Inc., whereby the Company will acquire the assets of the digital live music distribution platform Set.fm from PledgeMusic. Additionally, the Company will offer PledgeMusic North Americas full suite of music business tools allowing artists to sell music, merchandise and live experiences directly to fans, enhancing the Companys clients revenue opportunities on a shared revenue basis. Set.fm is a DIY platform that makes it easy for artists to record and sell their live shows directly to fans mobile devices, uploading simultaneously with their performance. The platform, which also features an innovative and easy-to-use studio app, already boasts thousands of artists and tens of thousands of fans using it. VNUE plans to update and improve the existing platform for indie artists and their fans, and to implement pro features for artists that VNUE and its affiliate DiscLive produce. PledgeMusic has a growing base of 3 million music fans directly engaging with the artists they love. The platform has launched more than 50,000 campaigns across a wide range of artists with inventive ways to connect with those fans, creating newfound revenue and strategic marketing and engagement opportunities. Convertible Note Payable Subsequent to September 30, 2017, the Company received additional borrowings of $50,000 and issued the Lender a warrant to purchase 3,454,708 shares of the Companys common stock at an exercise price of $0.015 per share. |
Significant and Critical Acco16
Significant and Critical Accounting Policies and Practices (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Significant And Critical Accounting Policies And Practices Policies | |
Principles of Consolidation | The Company consolidates all wholly owned and majority-owned subsidiaries in which the Companys power to control exists. The Company consolidates the following subsidiaries and/or entities: Name of consolidated subsidiary or Entity State or other jurisdiction of incorporation or organization Date of incorporation or formation (date of acquisition/disposition, if applicable) Attributable interest VNUE Inc. (formerly TGRI) The State of Nevada April 4, 2006 (May 29, 2015) 100 % VNUE Inc. (VNUE Washington) The State of Washington October 16, 2014 100 % VNUE LLC The State of Washington August 1, 2013 (December 3, 2014) 100 % VNUE Technology Inc. The State of Washington October 16, 2014 90 % VNUE Media Inc. The State of Washington October 16, 2014 89 % VNUE Technology, Inc. and VNUE Media, Inc. were inactive corporations with no operations at September 30, 2017 and 2016, respectively. Inter-company balances and transactions have been eliminated. |
Revenue Recognition | The Company recognizes revenue on the sale of digital video disks (DVD) that contain the recording of live concerts and made available to concert viewers immediately after the show and on-line. |
Use of Estimates and Assumptions and Critical Accounting Estimates and Assumptions | The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Critical accounting estimates are estimates for which (a) the nature of the estimate is material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change and (b) the impact of the estimate on financial condition or operating performance is material. Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Management regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates are adjusted accordingly. Actual results could differ from those estimates. Significant estimates include the assumptions used to value the derivative liabilities, the valuation allowance for the deferred tax asset and the accruals for potential liabilities. |
Fair Value of Financial Instruments | The Company follows the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and to measure the fair value of its financial instruments. The FASB Accounting Standards Codification establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The three levels of fair value hierarchy are described below. Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2 Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable reporting date as of the end of the period. Level 3 Pricing inputs that are generally observable inputs and not corroborated by market data. Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. The carrying amounts of the Companys financial assets and liabilities, including cash, accounts payable, accrued expenses, and other current liabilities, approximate their fair values because of the short maturity of these instruments. The fair value of the derivative liabilities of $779,903 and $508,107 at September 30, 2017 and December 31, 2016, respectively, were valued using Level 2 inputs. |
Derivative Financial Instruments | The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the condensed consolidated statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within twelve months of the balance sheet date. |
Loss per Common Share | Basic earnings (loss) per share are computed by dividing the net income (loss) applicable to Common Stockholders by the weighted average number of shares of Common Stock outstanding during the year. Diluted earnings (loss) per share is computed by dividing the net income (loss) applicable to Common Stockholders by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued, using the treasury stock method. Potential common shares are excluded from the computation as their effect is antidilutive. For the three and nine months ended September 30, 2017 and 2016, the calculations of basic and diluted loss per share are the same because potential dilutive securities would have an anti-dilutive effect. As of September 30, 2017 and 2016, we excluded the outstanding securities summarized below, which entitle the holders thereof to acquire shares of common stock, from our calculation of earnings per share, as their effect would have been anti-dilutive. September 30, 2017 2016 Convertible Notes Payable 110,015,835 15,951,363 Warrants 1,000,000 - Total 111,015,835 15,951,363 |
Recently Issued Accounting Pronouncements | In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers In February 2016, the FASB issued ASU No. 2016-02, Leases In March 2016, the FASB issued the ASU 2016-09, Compensation - Stock Compensation (Topic 718) In July 2017, the FASB issued ASU 2017-11 , Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future financial statements. |
Significant and Critical Acco17
Significant and Critical Accounting Policies and Practices (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Significant And Critical Accounting Policies And Practices Tables | |
Schedule of Principles of Consolidation | Name of consolidated subsidiary or Entity State or other jurisdiction of incorporation or organization Date of incorporation or formation (date of acquisition/disposition, if applicable) Attributable interest VNUE Inc. (formerly TGRI) The State of Nevada April 4, 2006 (May 29, 2015) 100 % VNUE Inc. (VNUE Washington) The State of Washington October 16, 2014 100 % VNUE LLC The State of Washington August 1, 2013 (December 3, 2014) 100 % VNUE Technology Inc. The State of Washington October 16, 2014 90 % VNUE Media Inc. The State of Washington October 16, 2014 89 % |
Schedule of Loss per Common Share | September 30, 2017 2016 Convertible Notes Payable 110,015,835 15,951,363 Warrants 1,000,000 - Total 111,015,835 15,951,363 |
Notes Payable (Tables)
Notes Payable (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Payable Tables | |
Schedule of Notes payable | As of September 30, December 31, 2017 2016 Individual (a) $ 9,000 $ 9,000 Tarpon (b) - 25,000 Total $ 9,000 $ 34,000 |
Convertible Notes Payable (Tabl
Convertible Notes Payable (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Convertible Notes Payable Tables | |
Schedule of Convertible notes payable | Convertible notes payable consist of the following: As of September 30, December 31, 2017 2016 Various Convertible Notes (a) $ 55,000 $ 55,000 Tarpon Convertible Note (b) - 33,500 Tarpon Convertible Note (c) - - Ylimit, LLC Convertible Notes (d) 517,000 300,000 Crossover Capital Fund II, LLC Convertible Notes (e) 61,000 - Golock Capital, LLC Convertible Notes (f) 105,000 - Total Convertible Notes 738,000 388,500 Discount (307,967 ) (244,534 ) Convertible notes, net $ 430,033 $ 143,966 ______________ (a) In August 2014 the Company issued a series of convertible notes with various interest rates ranging up to 10% per annum. The Note Conversion Price is determined as follows: (a) if the Note is converted upon the Next Equity Financing, an amount equal to 80% of the price paid per share paid by the investors in the Next Equity Financing; (b) if the Note is converted in the event of a Corporate Transaction, a price per share derived by dividing a pre-money valuation of $8,000,000 by the number of shares outstanding immediately prior to the time of such conversion, on a fully diluted basis; or (c) if the Note is converted as part of a Maturity Conversion, a price per unit derived by dividing a pre-money valuation of $8,000,000 by the total number of units (restricted and non-restricted) outstanding immediately prior to the time of such conversion, on a fully diluted basis. The notes are due and payable on demand at any time after the earlier of (i) 36 months following the note issuance or (ii) the consummation of a corporate transaction if not previously converted. The balance of the notes outstanding was $55,000 as of September 30, 2017 and December 31, 2016, of which $30,000 was due to related parties. (b) On June 15, 2015, as a condition for the execution of an Equity Purchase Agreement with Tarpon, the Company issued a Promissory Note to Tarpon in the principal amount of $50,000 with an interest rate at 10% per annum and a maturity date of December 31, 2015. The note was recorded as financing cost upon issuance. On February 26, 2016, the Company and Tarpon entered into an amendment to the Promissory Note. The amendment added a conversion feature to the Note so that the Note and all accrued interest are convertible into shares of the Companys common stock at a conversion price equal to 80% of the lowest closing bid price of the common stock for the 30 trading days preceding the conversion date, and the maturity date was extended to December 31, 2016. During 2016, Tarpon converted aggregate principal and interest of $20,385 into 3,488,075 shares of the Companys common stock. During the nine months ended September 30, 2017, Tarpon converted its remaining aggregate principal and interest balance of $36,405 into 3,307,959 shares of the Companys common stock and the Note was retired. (c) On March 11, 2017 the Company issued a convertible note to Tarpon in the principal amount of $33,000 which included a 10% original issue discount, or $3,000, with an interest rate at 10% per annum and a maturity date of December 31, 2017. The Note Conversion was determined as follows: The note was convertible into shares of the Companys common stock at the lessor of (i) 50% of the lowest closing bid price in the 30 trading days prior to the date that the note was issued or (ii) 50% of the lowest closing bid price in the 30 trading days prior to the day that the Holder requests conversion; unless otherwise modified by mutual agreement between the Parties (the Conversion Price); provided that if the closing bid price for the common stock on the Clearing Date (defined below) was lower than that used for the Conversion Price, then the Conversion Price shall be adjusted such that the Discount shall be taken from the closing bid price on the Clearing Date, and the Company shall issue additional shares to Holder to reflect such adjusted conversion price. During the nine months ended September 30, 2017, the Company paid the remaining outstanding principal and interest balance of $37,950 in cash and the Note was retired. (d) On May 9, 2016 the Company issued a convertible note in the principal amount of $100,000 with interest at 10% per annum and due on May 9, 2018. The note is secured by the Companys rights, titles and interests in all the Companys tangible and intangible assets, including intellectual property and proprietary software whether existing now or created in the future. The Note Conversion Price is determined as follows: if the Company receives equity funding of $1 million or more, then the Lender may choose to either convert the Note into shares of the Companys common stock or request repayment of the principal and interest on the Note. If the Lender chooses to convert the Note, then the Lender shall receive the number of shares equal to the dollar amount of principal and interest owed by the Company as of the date of the conversion divided by 85% of the per share stock price in the equity funding. If the Company borrows additional amounts above the initial $100,000, then the Lender shall receive the number of shares equal to the dollar amount of principal and interest of those additional borrowings owed by the Company as of the date of the conversion divided by 75% of the per share stock price in the equity funding. On July 18, 2016, August 10, 2016 and September 30, 2016, the note was amended to authorize additional borrowings of $50,000 on each of the dates listed with the terms remaining the same except as noted above. During the nine months ended September 30, 2017, the Company received additional borrowings of $217,000 and on August 25, 2017, the Note was amended to authorize total borrowings on this Note to $517,000 with the terms remaining the same except that the conversion feature was modified to state that all borrowings under the note will be converted at 85% of the per share stock price in the equity funding, but in no event shall the conversion price be less than $0.035 per share. The balance of the notes outstanding was $517,000 and $300,000 as of September 30, 2017 and December 31, 2016, respectively. (e) On August 21, 2017, the Company issued a convertible note to Crossover Capital Fund II, LLC (the Buyer) in the principal amount of $61,000 with an interest rate of 8% per annum and a maturity date of August 21, 2018. The note included an original issue discount of 10%, or $6,000. The note is convertible into shares of common stock of the Company at 50% of the lowest closing bid price in the 20 trading days prior to the day that the Buyer request. The note may be prepaid with the following penalties prior to the 180 th Prepay Date Prepay Amount < 31 days 115% of principal plus accrued interest 31-60 days 120% of principal plus accrued interest 61-90 days 125% of principal plus accrued interest 91-120 days 130% of principal plus accrued interest 121-150 days 135% of principal plus accrued interest 151-180 days 140% of principal plus accrued interest In the event of default, as defined in the note agreement, interest shall accrue at a default interest rate of 19% per annum or at the highest rate of interest permitted by law, whichever is less. If the Company loses the bid price for its stock in the market (including the OTC marketplace or other exchange) or the Companys common stock is delisted from an exchange or if trading has been suspended for more than 10 consecutive days, the outstanding principal amounts would increase 20% or 50%, respectively. The Company is required to instruct its transfer agent to reserve 62,564,000 share of its common stock. The balance of the note outstanding was $61,000 as of September 30, 2017. (f) On September 1, 2017, the Company issued a convertible note to Golock Capital, LLC (Lender) in the principal amount of $105,000 with an interest rate at 10% per annum and a maturity date of August 31, 2018. The note is convertible into shares of the Companys common stock at $0.02 per share. As additional consideration for the Lender to enter into this agreement with the Company, the Company issued a warrant to the Lender for 1,000,000 shares of the Companys common stock (see Note 7). In addition, the Lender shall have the first right of refusal as to any future funding of Borrower in that Lender shall have the right to provide all or a portion of the funding upon the same terms as those offered in writing by any third party or contained in any private placement of borrower. The Lender, upon conversion, shall have piggy back registration rights for all of its common stock shares in any registration or post-effective amendment to any registration initiated by Borrower with the Securities and Exchange Commission. The balance of the note outstanding was $105,000 as of September 30, 2017. |
Schedule of convertible notes payable for balance sheet | September 30, 2017 December 31, 2016 Convertible notes payable, net $ 400,033 $ 121,865 Convertible notes payable, related party, net 30,000 22,101 Total $ 430,033 $ 143,966 |
Derivative Liability (Tables)
Derivative Liability (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Liability Tables | |
Schedule of derivative liabilities fair value | September 30, 2017 Issued During 2017 December 31, 2016 Exercise Price $ 0.002 0.108 $ 0.005 0.026 $ 0.013 0.116 Stock Price $ 0.008 $ 0.006 - 0.035 $ 0.044 Risk-free interest rate 0.84 1.24 % 0.94 1.23 % 0.59 0.85 % Expected volatility 358 % 273% - 344 % 243 % Expected life (in years) 1.000 0.792 1.292 0.583 1.833 Expected dividend yield 0 % 0 % 0 % Fair Value: $ 779,903 $ 594,666 $ 508,107 |
Stockholders' Deficit (Tables)
Stockholders' Deficit (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Stockholders Deficit Tables | |
Transactions involving the Company's warrant | Number of Weighted - Average Shares Exercise Price Outstanding at December 31, 2016 - - Granted 1,000,000 $ 0.01 Forfeited - - Outstanding at September 30, 2017 1,000,000 $ 0.01 Exercisable at September 30, 2017 1,000,000 $ 0.01 |
Summary of warrants outstanding and related prices | Warrants Outstanding at September 30, 2017 Warrants Exercisable at September 30, 2017 Weighted Average Weighted Weighted Number of Remaining Average Number of Average Range of Shares Contractual Life Exercise Shares Exercise Exercise Outstanding (Years) Price Exercisable Price $ 0.01 1,000,000 2.92 $ 0.01 1,000,000 $ 0.01 1,000,000 1,000,000 |
Organization and Basis of Pre22
Organization and Basis of Presentation (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Stock split description | 1 for 10 | ||||
Stockholders' Deficit | $ (2,690,827) | $ (2,690,827) | $ (1,852,062) | ||
Net Loss | $ (307,809) | $ (489,158) | (1,081,526) | $ (2,111,538) | |
Net Cash Used in Operating Activities | $ (318,757) | $ (230,587) | |||
Term of licensing agreement | 3 years | ||||
Licensing fees as a percentage of sales | (5.00%) | ||||
Vnue Inc. formerly TGRI [Member] | |||||
State of Incorporation | Nevada | ||||
Entity Incorporation, Date of Incorporation | Apr. 4, 2006 | ||||
Licensing fees as a percentage of sales | (5.00%) | ||||
TGRI [Member] | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 50,762,987 |
Significant and Critical Acco23
Significant and Critical Accounting Policies and Practices (Details) | 9 Months Ended |
Sep. 30, 2017 | |
Vnue Inc. formerly TGRI [Member] | |
State of Incorporation | Nevada |
Entity Incorporation, Date of Incorporation | Apr. 4, 2006 |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
Vnue Inc. Vnue Washington [Member] | |
State of Incorporation | Washington |
Entity Incorporation, Date of Incorporation | Oct. 16, 2014 |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
Vnue LLC [Member] | |
State of Incorporation | Washington |
Entity Incorporation, Date of Incorporation | Aug. 1, 2013 |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
Vnue Technology Inc [Member] | |
State of Incorporation | Washington |
Entity Incorporation, Date of Incorporation | Oct. 16, 2014 |
Noncontrolling Interest, Ownership Percentage by Parent | 90.00% |
Vnue Media Inc [Member] | |
State of Incorporation | Washington |
Entity Incorporation, Date of Incorporation | Oct. 16, 2014 |
Noncontrolling Interest, Ownership Percentage by Parent | 89.00% |
Significant and Critical Acco24
Significant and Critical Accounting Policies and Practices (Details 1) - shares | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Potentially dilutive securities, outstanding | 111,015,835 | 15,951,363 |
Warrant [Member] | ||
Potentially dilutive securities, outstanding | 1,000,000 | |
Convertible Notes Payable [Member] | ||
Potentially dilutive securities, outstanding | 110,015,835 | 15,951,363 |
Significant and Critical Acco25
Significant and Critical Accounting Policies and Practices (Details Narrative) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Significant And Critical Accounting Policies And Practices Details Narrative | ||
Fair value of derivative liabilities | $ 779,903 | $ 508,107 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Dec. 17, 2015 | Aug. 26, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Note payable to officer | $ 74,131 | $ 74,131 | $ 74,131 | ||||
Advances from stockholders | 14,720 | 14,720 | $ 14,720 | ||||
Revenues | 37,825 | ||||||
Cost of revenues | $ 35,151 | ||||||
License term | 3 years | ||||||
Licensing fees as a percentage of sales | (5.00%) | ||||||
Note maturity date | Mar. 22, 2016 | ||||||
DiscLive Network [Member] | |||||||
Revenues | $ 37,825 | ||||||
Cost of revenues | $ 35,151 | ||||||
License term | 3 years | ||||||
Licensing fees as a percentage of sales | (5.00%) | ||||||
Mann [Member] | |||||||
Advisory Agreement Description | The Advisory Agreement provided for MANNs continued and ongoing advisory services to the Company until December 31, 2015 and MANN was to be paid $25,000 for providing such advisory services, which was due and payable on or before December 31, 2015. Such amount is included in accrued expenses at September 30, 2017 and December 31, 2016, respectively. |
Notes Payable (Details)
Notes Payable (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 | |
Notes payable | $ 9,000 | $ 34,000 | |
Individual [Member] | |||
Notes payable | [1] | 9,000 | 9,000 |
Tarpon [Member] | |||
Notes payable | [2] | $ 25,000 | |
[1] | (a) On December 17, 2015, the Company issued a Promissory Note in the principal amount of $9,000. The note is due within 10 business days of the Company receiving a notice of effectiveness of its Form S-1 filed on February 22, 2016. Failure to make payment during that 10 business day period shall constitute an Event of Default, as a result of which the note will become immediately due and payable and the balance will bear interest at 7%. The Company?s Form S-1 was declared effective on March 8, 2016 and payment was due before March 22, 2016. The Company did not repay the note before March 22, 2016; therefore, the note is in default with an interest rate of 7%. | ||
[2] | (b) On February 18, 2016, as a condition for the execution of an Equity Purchase Agreement with Tarpon (See Note 7), the Company issued a Promissory Note to Tarpon in the principal amount of $25,000 with an interest rate at 10% per annum and a maturity date of August 31, 2016. The note was recorded as financing cost upon issuance. On April 7, 2017, the Company and Tarpon entered into an amendment to the Promissory Note. The amendment added a conversion feature to the Note so that the Note and all accrued interest are convertible into shares of the Company?s common stock at a conversion price equal to 50% of the lowest closing bid price of the common stock for the 30 trading days preceding the conversion date, and the maturity date was extended to December 31, 2017. On April 7, 2017, Tarpon converted its remaining aggregate principal and interest balance of $27,116 into 3,873,377 shares of the Company?s common stock and the Note was retired. The market price on the date of conversion was in excess of the conversion price and as a result, the Company recorded a beneficial conversion feature on the conversion of $65,855 during the nine months ended September 30, 2017, which is included in financing costs in the Condensed Consolidated Statements of Operations. |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) - USD ($) | Apr. 07, 2017 | Mar. 11, 2017 | Dec. 17, 2015 | Jun. 15, 2015 | Sep. 30, 2017 | Dec. 31, 2016 | Feb. 18, 2016 |
Short-term Debt [Line Items] | |||||||
Debt Instrument, Maturity Date | Mar. 22, 2016 | ||||||
Principal amount | $ 9,000 | ||||||
Interest rate | 7.00% | ||||||
Common stock value | $ 6,924 | $ 6,449 | |||||
Beneficial conversion feature | $ 65,855 | ||||||
Tarpon Bay Partners LLC [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Principal amount | $ 25,000 | ||||||
Interest rate | 10.00% | ||||||
Tarpon [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Debt Instrument, Maturity Date | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Conversion price | The amendment added a conversion feature to the Note so that the Note and all accrued interest are convertible into shares of the Companys common stock at a conversion price equal to 50% of the lowest closing bid price of the common stock for the 30 trading days preceding the conversion date | The note was convertible into shares of the Companys common stock at the lessor of (i) 50% of the lowest closing bid price in the 30 trading days prior to the date that the note was issued or (ii) 50% of the lowest closing bid price in the 30 trading days prior to the day that the Holder requests conversion; unless otherwise modified by mutual agreement between the Parties (the Conversion Price) | Note and all accrued interest are convertible into shares of the Companys common stock at a conversion price equal to 80% of the lowest closing bid price of the common stock for the 30 trading days | ||||
Common stock share | $ 3,873,377 | ||||||
Common stock value | $ 27,116 |
Convertible Notes Payable (Deta
Convertible Notes Payable (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 738,000 | $ 388,500 | |
Debt Instrument, Unamortized Discount | (307,967) | (244,534) | |
Convertible Debt, Total | 430,033 | 143,966 | |
Various Convertible Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | [1] | 55,000 | 55,000 |
Tarpon Convertible Note [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | [2] | 33,500 | |
Tarpon Convertible Note One [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | [3] | ||
Ylimit, LLC [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | [4] | 517,000 | 300,000 |
Crossover Capital Fund II, LLC [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | [5] | 61,000 | |
Golock Capital, LLC [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | [6] | $ 105,000 | |
[1] | (a) In August 2014 the Company issued a series of convertible notes with various interest rates ranging up to 10% per annum. The Note Conversion Price is determined as follows: (a) if the Note is converted upon the Next Equity Financing, an amount equal to 80% of the price paid per share paid by the investors in the Next Equity Financing; (b) if the Note is converted in the event of a Corporate Transaction, a price per share derived by dividing a ?pre-money? valuation of $8,000,000 by the number of shares outstanding immediately prior to the time of such conversion, on a fully diluted basis; or (c) if the Note is converted as part of a Maturity Conversion, a price per unit derived by dividing a ?pre-money? valuation of $8,000,000 by the total number of units (restricted and non-restricted) outstanding immediately prior to the time of such conversion, on a fully diluted basis. The notes are due and payable on demand at any time after the earlier of (i) 36 months following the note issuance or (ii) the consummation of a corporate transaction if not previously converted. The balance of the notes outstanding was $55,000 as of September 30, 2017 and December 31, 2016, of which $30,000 was due to related parties. | ||
[2] | (b) On June 15, 2015, as a condition for the execution of an Equity Purchase Agreement with Tarpon, the Company issued a Promissory Note to Tarpon in the principal amount of $50,000 with an interest rate at 10% per annum and a maturity date of December 31, 2015. The note was recorded as financing cost upon issuance. On February 26, 2016, the Company and Tarpon entered into an amendment to the Promissory Note. The amendment added a conversion feature to the Note so that the Note and all accrued interest are convertible into shares of the Company?s common stock at a conversion price equal to 80% of the lowest closing bid price of the common stock for the 30 trading days preceding the conversion date, and the maturity date was extended to December 31, 2016. During 2016, Tarpon converted aggregate principal and interest of $20,385 into 3,488,075 shares of the Company?s common stock. During the nine months ended September 30, 2017, Tarpon converted its remaining aggregate principal and interest balance of $36,405 into 3,307,959 shares of the Company?s common stock and the Note was retired. | ||
[3] | (c) On March 11, 2017 the Company issued a convertible note to Tarpon in the principal amount of $33,000 which included a 10% original issue discount, or $3,000, with an interest rate at 10% per annum and a maturity date of December 31, 2017. The Note Conversion was determined as follows: The note was convertible into shares of the Company?s common stock at the lessor of (i) 50% of the lowest closing bid price in the 30 trading days prior to the date that the note was issued or (ii) 50% of the lowest closing bid price in the 30 trading days prior to the day that the Holder requests conversion; unless otherwise modified by mutual agreement between the Parties (the ?Conversion Price?); provided that if the closing bid price for the common stock on the Clearing Date (defined below) was lower than that used for the Conversion Price, then the Conversion Price shall be adjusted such that the Discount shall be taken from the closing bid price on the Clearing Date, and the Company shall issue additional shares to Holder to reflect such adjusted conversion price. During the nine months ended September 30, 2017, the Company paid the remaining outstanding principal and interest balance of $37,950 in cash and the Note was retired. | ||
[4] | (d) On May 9, 2016 the Company issued a convertible note in the principal amount of $100,000 with interest at 10% per annum and due on May 9, 2018. The note is secured by the Company?s rights, titles and interests in all the Company?s tangible and intangible assets, including intellectual property and proprietary software whether existing now or created in the future. The Note Conversion Price is determined as follows: if the Company receives equity funding of $1 million or more, then the Lender may choose to either convert the Note into shares of the Company?s common stock or request repayment of the principal and interest on the Note. If the Lender chooses to convert the Note, then the Lender shall receive the number of shares equal to the dollar amount of principal and interest owed by the Company as of the date of the conversion divided by 85% of the per share stock price in the equity funding. If the Company borrows additional amounts above the initial $100,000, then the Lender shall receive the number of shares equal to the dollar amount of principal and interest of those additional borrowings owed by the Company as of the date of the conversion divided by 75% of the per share stock price in the equity funding. On July 18, 2016, August 10, 2016 and September 30, 2016, the note was amended to authorize additional borrowings of $50,000 on each of the dates listed with the terms remaining the same except as noted above. During the nine months ended September 30, 2017, the Company received additional borrowings of $217,000 and on August 25, 2017, the Note was amended to authorize total borrowings on this Note to $517,000 with the terms remaining the same except that the conversion feature was modified to state that all borrowings under the note will be converted at 85% of the per share stock price in the equity funding, but in no event shall the conversion price be less than $0.035 per share. The balance of the notes outstanding was $517,000 and $300,000 as of September 30, 2017 and December 31, 2016, respectively. | ||
[5] | (e) On August 21, 2017, the Company issued a convertible note to Crossover Capital Fund II, LLC (the Buyer) in the principal amount of $61,000 with an interest rate of 8% per annum and a maturity date of August 21, 2018. The note included an original issue discount of 10%, or $6,000. The note is convertible into shares of common stock of the Company at 50% of the lowest closing bid price in the 20 trading days prior to the day that the Buyer request. The note may be prepaid with the following penalties prior to the 180th day from date of issuance In the event of default, as defined in the note agreement, interest shall accrue at a default interest rate of 19% per annum or at the highest rate of interest permitted by law, whichever is less. If the Company loses the bid price for its stock in the market (including the OTC marketplace or other exchange) or the Companys common stock is delisted from an exchange or if trading has been suspended for more than 10 consecutive days, the outstanding principal amounts would increase 20% or 50%, respectively. The Company is required to instruct its transfer agent to reserve 62,564,000 share of its common stock. The balance of the note outstanding was $61,000 as of September 30, 2017. | ||
[6] | (f) On September 1, 2017, the Company issued a convertible note to Golock Capital, LLC (Lender) in the principal amount of $105,000 with an interest rate at 10% per annum and a maturity date of August 31, 2018. The note is convertible into shares of the Companys common stock at $0.02 per share. As additional consideration for the Lender to enter into this agreement with the Company, the Company issued a warrant to the Lender for 1,000,000 shares of the Company?s common stock (see Note 7). In addition, the Lender shall have the first right of refusal as to any future funding of Borrower in that Lender shall have the right to provide all or a portion of the funding upon the same terms as those offered in writing by any third party or contained in any private placement of borrower. The Lender, upon conversion, shall have piggy back registration rights for all of its common stock shares in any registration or post-effective amendment to any registration initiated by Borrower with the Securities and Exchange Commission. The balance of the note outstanding was $105,000 as of September 30, 2017. |
Convertible Notes Payable (De30
Convertible Notes Payable (Details) (Parenthetical) - USD ($) | Sep. 01, 2017 | Apr. 07, 2017 | Mar. 11, 2017 | May 09, 2016 | Aug. 28, 2017 | Dec. 17, 2015 | Jun. 15, 2015 | Aug. 31, 2014 | Dec. 31, 2017 | Sep. 30, 2017 | Jul. 14, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Aug. 25, 2016 | Aug. 10, 2016 | Jul. 18, 2016 |
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Face Amount | $ 738,000 | $ 388,500 | |||||||||||||||
Debt Instrument, Maturity Date | Mar. 22, 2016 | ||||||||||||||||
Convertible Notes Payable [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Face Amount | $ 100,000 | $ 61,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | 8.00% | 10.00% | ||||||||||||||
Debt Instrument, Convertible, Terms of Conversion Feature | The Lender may choose to either convert the Note into shares of the Companys common stock or request repayment of the principal and interest on the Note. If the Lender chooses to convert the Note, then the Lender shall receive the number of shares equal to the dollar amount of principal and interest owed by the Company as of the date of the conversion divided by 85% of the per share stock price in the equity funding | The note is convertible into shares of common stock of the Company at 50% of the lowest closing bid price in the 20 trading days prior to the day that the Buyer request. | Note is converted upon the Next Equity Financing, an amount equal to 80% of the price paid per share paid by the investors in the Next Equity Financing | ||||||||||||||
Debt outstanding balance | 55,000 | $ 55,000 | 30,000 | ||||||||||||||
Debt Instrument, Maturity Date | May 9, 2018 | Aug. 21, 2018 | |||||||||||||||
Debt Instrument, Term | 36 months | ||||||||||||||||
Equity funding | $ 1,000,000 | ||||||||||||||||
Additional amounts borrowed | $ 100,000 | ||||||||||||||||
Debt issue discount, percentage | 10.00% | ||||||||||||||||
Debt issue discount amount | $ 6,000 | ||||||||||||||||
Due to related parties | $ 30,000 | ||||||||||||||||
Conversion price per share | $ 0.035 | ||||||||||||||||
Default interest rate | 19.00% | ||||||||||||||||
Convertible Notes Payable [Member] | Golock Capital, LLC [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Face Amount | $ 105,000 | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | ||||||||||||||||
Debt Instrument, Maturity Date | Aug. 31, 2018 | ||||||||||||||||
Conversion price per share | $ 0.02 | ||||||||||||||||
Warrant issued | $ 1,000,000 | ||||||||||||||||
Convertible Notes Payable [Member] | September 1, 2017 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt outstanding balance | 105,000 | ||||||||||||||||
Convertible Notes Payable [Member] | August 21, 2017 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt outstanding balance | $ 61,000 | ||||||||||||||||
Reserve common stock | 62,564,000 | ||||||||||||||||
Convertible Notes Payable [Member] | May 9, 2016 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt outstanding balance | $ 517,000 | $ 300,000 | |||||||||||||||
Convertible Notes Payable One [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Convertible, Terms of Conversion Feature | The Company as of the date of the conversion divided by 75% of the per share stock price in the equity funding | If the Company loses the bid price for its stock in the market (including the OTC marketplace or other exchange) or the Companys common stock is delisted from an exchange or if trading has been suspended for more than 10 consecutive days, the outstanding principal amounts would increase 20% or 50%, respectively | If the Note is converted in the event of a Corporate Transaction, a price per share derived by dividing a pre-money valuation of $8,000,000 by the number of shares outstanding immediately prior to the time of such conversion, on a fully diluted basis | ||||||||||||||
Additional amounts borrowed | $ 100,000 | $ 217,000 | $ 50,000 | $ 517,000 | $ 50,000 | $ 50,000 | |||||||||||
Convertible Notes PayableTwo [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Convertible, Terms of Conversion Feature | the terms remaining the same except that the conversion feature was modified to state that all borrowings under the note will be converted at 85% of the per share stock price in the equity funding | If the Note is converted as part of a Maturity Conversion, a price per unit derived by dividing a pre-money valuation of $8,000,000 by the total number of units (restricted and non-restricted) outstanding immediately prior to the time of such conversion, on a fully diluted basis | |||||||||||||||
Tarpon [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Face Amount | $ 33,000 | $ 50,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | 10.00% | |||||||||||||||
Debt Instrument, Convertible, Terms of Conversion Feature | The amendment added a conversion feature to the Note so that the Note and all accrued interest are convertible into shares of the Companys common stock at a conversion price equal to 50% of the lowest closing bid price of the common stock for the 30 trading days preceding the conversion date | The note was convertible into shares of the Companys common stock at the lessor of (i) 50% of the lowest closing bid price in the 30 trading days prior to the date that the note was issued or (ii) 50% of the lowest closing bid price in the 30 trading days prior to the day that the Holder requests conversion; unless otherwise modified by mutual agreement between the Parties (the Conversion Price) | Note and all accrued interest are convertible into shares of the Companys common stock at a conversion price equal to 80% of the lowest closing bid price of the common stock for the 30 trading days | ||||||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | ||||||||||||||
Converted common stock, shares | 3,488,075 | 33,079,594 | |||||||||||||||
Convertedcommon stock, value | $ 20,385 | $ 36,045 | |||||||||||||||
Debt issue discount, percentage | 10.00% | ||||||||||||||||
Debt issue discount amount | $ 3,000 | ||||||||||||||||
Outstanding principal and interest balance paid | $ 37,950 |
Convertible Notes Payable (De31
Convertible Notes Payable (Details 1) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Convertible Notes Payable Details 1 | ||
Convertible notes payable, net | $ 400,033 | $ 121,865 |
Convertible notes payable, related party, net | 30,000 | 22,101 |
Total | $ 430,033 | $ 143,966 |
Convertible Notes Payable (De32
Convertible Notes Payable (Details Narrative) - USD ($) | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Amortization of debt discount | $ 265,828 | $ 86,113 | |
Debt Instrument, Unamortized Discount | (307,967) | $ (244,534) | |
Convertible Note [Member] | |||
Amortization of debt discount | 265,828 | ||
Convertible notes | 311,000 | ||
Valuation discount | 311,000 | ||
Recorded derivative liability | 668,557 | ||
Recorded financing cost | 357,557 | ||
Additional debt discount | $ 18,261 |
Derivative Liability (Details)
Derivative Liability (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Derivatives, Fair Value [Line Items] | ||
Stock Price | $ 0.008 | $ 0.044 |
Expected volatility | 243.00% | |
Expected dividend yield | 0.00% | 0.00% |
Fair Value: | $ 779,903 | $ 508,107 |
Issued during 2017 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Expected dividend yield | 0.00% | |
Fair Value: | $ 594,666 | |
Minimum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Exercise Price | $ 0.002 | $ 0.013 |
Risk-free interest rate | 0.84% | 0.59% |
Expected life (in years) | 69 months 29 days | |
Minimum [Member] | Issued during 2017 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Exercise Price | $ 0.005 | |
Stock Price | $ 0.006 | |
Risk-free interest rate | 0.94% | |
Expected volatility | 273.00% | |
Expected life (in years) | 95 months 1 day | |
Maximum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Exercise Price | $ 0.108 | $ 0.116 |
Risk-free interest rate | 1.24% | 0.85% |
Expected life (in years) | 1 year 99 months 29 days | |
Maximum [Member] | Issued during 2017 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Exercise Price | $ 0.026 | |
Stock Price | $ 0.035 | |
Risk-free interest rate | 1.23% | |
Expected volatility | 344.00% | |
Expected life (in years) | 1 year 35 months 1 day |
Derivative Liability (Details N
Derivative Liability (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Derivative Liability Details Narrative | ||||
Change in the fair value of derivative liability | $ 57,467 | $ (23,345) | $ 38,068 | $ 194,912 |
Gain on extinguishment of derivative liability | 174,529 | 292,838 | $ 21,308 | |
Derivative liabilities | $ 602,702 | $ 602,702 |
Stockholders Deficit (Details)
Stockholders Deficit (Details) - Warrant [Member] | 9 Months Ended |
Sep. 30, 2017$ / sharesshares | |
Number of Outstanding, Beginning Balance | shares | |
Granted | shares | 1,000,000 |
Forfeited | shares | 0 |
Number of Outstanding, Ending Balance | shares | 1,000,000 |
Number of Outstanding, Exercisable | shares | 1,000,000 |
Weighted Average Exercise Price, Beginning Balance | $ / shares | |
Granted | $ / shares | 0.01 |
Forfeited | $ / shares | |
Weighted Average Exercise Price, Ending Balance | $ / shares | 0.01 |
Weighted Average Exercise Price, Exercisable | $ / shares | $ 0.01 |
Stockholders Deficit (Details 1
Stockholders Deficit (Details 1) - $ / shares | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Weighted Average Remaining Contractual Life (Years) | 2 years 11 months 1 day | |
Warrant [Member] | ||
Number of Outstanding | 1,000,000 | |
Weighted average exercise price outstanding | $ 0.01 | |
Number of exercisable | 1,000,000 | |
Weighted average exercise price Exercisable | $ 0.01 | |
Range of Exercise 0.01 [Member] | Warrant [Member] | ||
Number of Outstanding | 1,000,000 | |
Weighted Average Remaining Contractual Life (Years) | 2 years 11 months 1 day | |
Weighted average exercise price outstanding | $ 0.01 | |
Number of exercisable | 1,000,000 | |
Weighted average exercise price Exercisable | $ 0.01 |
Stockholders' Deficit (Details
Stockholders' Deficit (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | Mar. 15, 2017 | |
Class of Stock [Line Items] | |||
Returned shares | 5,000,000 | ||
Volatility | 243.00% | ||
Weighted-average remaining contractual life of warrants | 2 years 11 months 1 day | ||
Golock Capital LLC [Member] | |||
Class of Stock [Line Items] | |||
Stock price | $ 0.01 | ||
Exercise price | $ 0.01 | ||
Expected life | 1 year | ||
Volatility | 358.00% | ||
Discount rate | 1.31% | ||
Additional debt discount | $ 18,261 | ||
Warrant issued | 1,000,000 | ||
Shares Issued for Services [Member] | |||
Class of Stock [Line Items] | |||
Stock Issued During Period, Value, New Issues | $ 95,125 | ||
Stock Issued During Period, Shares, New Issues | 2,575,000 |
Commitment and Contingencies (D
Commitment and Contingencies (Details Narrative) - Hughes Media Law Group Inc [Member] | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Other Commitments [Line Items] | |
Defendant period | 60 days |
July 25, 2016 [Member] | |
Other Commitments [Line Items] | |
Judgment awarded | $ 133,482 |
Interest rate | 12.00% |
Initial judgment payment | $ 12,000 |
Initial judgment payment, description | Paid within five days of the judgment. |
Monthly payment | $ 4,000 |
April 4, 2014 [Member] | |
Other Commitments [Line Items] | |
Unpaid legal fees | $ 130,553 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Subsequent Event [Member] | 1 Months Ended |
Oct. 16, 2017USD ($)Number$ / sharesshares | |
Additional borrowing | $ | $ 50,000 |
Warrant to purchase shares | shares | 3,454,708 |
Exercise price | $ / shares | $ 0.015 |
Number of campaigns | 50,000 |
Number of music fans | 3,000,000 |