|
6. COMMON STOCK TRANSACTIONS
|
9 Months Ended |
|---|---|
|
Jan. 31, 2014
|
|
| Equity [Abstract] | |
| COMMON STOCK TRANSACTIONS |
During the nine months ended January 31, 2014, 12,570,000 shares of Common Stock were issued to officers and directors of the Company for compensation. These shares were valued using the closing share price of the Common Stock on the day of issuance for a total non-cash expense of $1,333,348.
During the nine months ended January 31, 2014, 9,864,999 shares of Common Stock were issued to consultants for services rendered to the Company. These shares were valued using the closing share price of the Common Stock price on the day of issuance for a total non-cash expense of $1,152,396. As of January 31, 2014, $647,958 of this expense has been deferred to prepaids and will be expensed to future periods as determined by the term of each agreement.
During the nine months ended January 31, 2014, the Company sold 16,200,000 shares of Common Stock for $1,828,000. $50,000 of this amount was received subsequent to January 31, 2014 and has, therefore, been recorded as a stock subscription receivable.
During the nine months ended January 31, 2014, the Company received $2,000,000 from the sale of 17,000,000 shares of Common Stock. As of January 31, 2014, these shares had not yet been issued and are disclosed as Common Stock to be issued.
In May 2013, the Company issued 26,000,000 shares of Common Stock in exchange for debt of $471,010 and accrued interest of $31,095. These shares were valued using the closing share price of the Common Stock on the day of issuance for a total of $4,475,000 resulting in a loss on settlement of debt of $3,973,795.
In May 2013, 75,000 shares of Common Stock were issued to settle debt of $32,392. The shares were valued using the closing share price of the Common Stock on the day of issuance resulting in a gain on settlement of debt of $21,142.
In November 2013, 2,000,000 shares of Common Stock were issued to settle debt of $400,000. The shares were valued using the closing share price of the Common Stock on the day of issuance resulting in a gain on settlement of debt of $174,000.
In December 2013, 141,667 shares of Common Stock were issued for service and to settle debt totaling $16,717. The shares were valued using the closing share price of the Common Stock on the day of.
During the nine months ended January 31, 2014, a shareholder converted 8,500 shares of the Company’s Series E Preferred Stock (defined below) into 54,000,000 shares of Common Stock. The shares were valued using the closing share price of the Common Stock on the day of issuance for a total of $6,475,000 resulting in a loss on conversion of $5,895,000.
All shares were issued without registration under the Securities Act of 1933, as amended (“Securities Act”) in reliance upon the exemption afforded by Section 4(2) of the Securities Act. |