OBLIGATION TO ISSUE COMMON STOCK
|
12 Months Ended |
---|---|
Dec. 31, 2013
|
|
OBLIGATION TO ISSUE COMMON STOCK | |
OBLIGATION TO ISSUE COMMON STOCK |
NOTE 10 OBLIGATION TO ISSUE COMMON STOCK
As of December 31, 2012, the Company was obligated to issue an aggregate of 1,740,698 shares of common stock valued at $337,478 to certain investors and Great Northern Reserve Partners, LLC (GNRP), a former consultant (Andrew Dahl, CEO of the Company, was principal partner of GNRP).
During the quarter ended June 30, 2013, the Company issued 600,000 shares of common stock valued at $72,000 to HEP Investments, LLC according to the terms of a Convertible Note (see Note 7 Convertible Debt).
During the quarter ended September 30, 2013, the Company issued 99,217 shares of common stock valued at $40,802 to HEP Investments, LLC according to the terms of a Convertible Note in order to satisfy the remaining balance of $27,000. This transaction resulted in finance costs of $19,202 being recorded (see Note 7 Convertible Debt).
During the quarter ended December 31, 2013, the Company issued 90,000 shares of common stock valued at $32,310 to HEP Investments, LLC according to the terms of a Convertible Note in order to satisfy the remaining balance of $21,600. This transaction resulted in finance costs of $5,310 being recorded (see Note 7 Convertible Debt).
As of December 31, 2013, the Company has reclassified its obligation to issue an aggregate of 1,385,320 shares of common stock valued at $277,064 to GNRP to accrued liabilities. This reclassification is the result of a Board Resolution passed on July 19, 2013 whereby the Company agreed to repay its debt to GNRP in cash rather than in common stock.
|