Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v3.10.0.1
Subsequent Events
9 Months Ended
Sep. 30, 2018
Notes  
Subsequent Events

NOTE 14 - SUBSEQUENT EVENTS

 

On October 12, 2018, the Company filed a Certificate of Change to the Company’s Articles of Incorporation with the Nevada Secretary of State increasing the Company’s number of authorized shares from 300,000,000 shares of common stock, par value $0.001 to 600,000,000 shares of common stock, par value $0.001 effective the date of filing.  On November 16, 2018, the Company’s Board of Directors approved a resolution to increase the number of authorized shares from 600,000,000 to 1,000,000,000 shares of common stock, par value $0.001.

 

On October 16, 2018 (the “Issuance Date”), the Company closed a convertible promissory note (the “Convertible Note”) with Power Up Lending Group LTD (“Holder”). The principal amount of the Convertible Note is $75,000 and matures on October 9, 2019 (the “Maturity Date”). The Convertible Note bears interest at the rate of 10% per annum. Upon an event of default, the interest rate shall increase to 18% for as the event of default is continuing (“Default Interest”). The Convertible Note may be converted, at the Holder’s discretion, into the Company’s common stock at any time after 180 days (the “Prepayment Date”) at a 35% discount to the average of the lowest two closing bid prices during the 15 trading days prior to the date of a conversion notice. Until the 30th day after the Issuance Date, the Company may pay the principal at a cash redemption premium of 110%, in addition to outstanding interest, without the Holder’s consent; from the 31st day to the 60th day after the Issuance Date, the Company may pay the principal at a cash redemption premium of 115%, in addition to outstanding interest, without the Holder’s consent; from the 61st day after the Issuance Date to the 90th day, the Company may pay the principal at a cash redemption premium of 120%, in addition to outstanding interest, without the Holder’s consent; from the 91st day after the Issuance Date to the 120th day, the Company may pay the principal at a cash redemption premium of 125%, in addition to outstanding interest, without the Holder’s consent; from the 121st day after the Issuance Date to the 150th day, the Company may pay the principal at a cash redemption premium of 130%, in addition to outstanding interest, without the Holder’s consent; from the 151st day after the Issuance Date to the 180th day, the Company may pay the principal at a cash redemption premium of 135%, in addition to outstanding interest, without the Holder’s consent. After the expiration of 180 days following the Issuance Date, the Company shall have no right of repayment. At any time on or after the Maturity Date, the Company may repay the then outstanding principal plus accrued interest and Default Interest, if any, to the Holder.

 

Between October 16 and November 12, 2018, a Holder of one of the Company’s convertible notes elected to convert a total of $63,857 in Company debt, fees and interest due to shares of Spindle common stock.  Per the terms of the note, the conversion prices were calculated to between $.00325 and $.0078 per share, resulting in a total issuance of 15,866,882 shares to the Holder.

 

On October 1, 2018, a Holder of one of the Company’s convertible notes elected to convert $30,000 in Company debt to shares of Spindle common stock.  Per the terms of the note, the conversion price was calculated to be $.0078 per share, resulting in the issuance of 3,846,153 shares to the Holder. On November 5, 2018, the same Holder elected to convert $17,664 in Company debt to shares of Spindle common stock.  Per the terms of the note, the conversion price was calculated to be $.003575 per share, resulting in the issuance of 4,940,992 shares to the Holder.