NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 2018
(UNAUDITED
)
Note 1 Overview and Description of the Company
ABCO Energy, Inc. was organized on July 29, 2004 and operated until July 1, 2011 as Energy Conservation Technologies, Inc. (ENYC). On July 1, 2011 ENYC entered into a share exchange agreement (SEA) with ABCO Energy and acquired all the assets of ABCO. ENYC changed its name to ABCO Energy, Inc. on October 31, 2011. The Company is in the Photo Voltaic (PV) solar systems industry and is an electrical product and services supplier.
The Company prepared these financial statements according to the instructions for Form 10-Q. Therefore, the financial statements do not include all disclosures required by generally accepted accounting principles in the United States. However, the Company has recorded all transactions and adjustments necessary to fairly present the financial statements included in this Form 10-Q. The adjustments made are normal and recurring. The following notes describe only the material changes in accounting policies, account details or financial statement notes during the first Three Months of 2018. Therefore, please read these financial statements and notes to the financial statements together with the audited financial statements and notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2017. The income statement for the Three Months ended March 31, 2018 cannot necessarily be used to project results for the full year.
Note 2 Summary of Significant Accounting Policies
Use of estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) 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. Actual results could differ from those estimates.
Significant estimates include but are not limited to the estimated useful lives of equipment for purposes of depreciation and the valuation of common shares issued for services, equipment and the liquidation of liabilities.
Revenue Recognition
The Company generates revenue from sales of solar products, LED lighting, installation services and leasing fees. During the three months ended March 31, 2018 and 2017, the company had product sales as follows:
Sales Product and Services Description
|
|
2018
|
|
|
2017
|
|
Solar PV residential and commercial sales
|
|
$
|
447,523
|
|
|
|
86
|
%
|
|
$
|
163,506
|
|
|
|
76
|
%
|
Energy efficient lighting & other income
|
|
|
74,522
|
|
|
|
13
|
%
|
|
|
49,066
|
|
|
|
23
|
%
|
Interest Income
|
|
|
250
|
|
|
|
1
|
%
|
|
|
234
|
|
|
|
1
|
%
|
Total revenue
|
|
$
|
522 295
|
|
|
|
100
|
%
|
|
$
|
212,806
|
|
|
|
100
|
%
|
The Company recognizes product revenue, net of sales discounts, returns and allowances. These statements establish that revenue can be recognized when persuasive evidence of an arrangement exists, delivery has occurred, and all significant contractual obligations have been satisfied, the fee is fixed or determinable, and collection is considered probable.
Our revenue recognition is recorded on the percentage of completion method for sales and installation revenue and on the accrual basis for fees and interest income. We recognize and record income when the customer has a legal obligation to pay. All our revenue streams are acknowledged by written contracts for any of the revenue we record. There are no differences between major classes of customers or customized orders. We record discounts, product returns, rebates and other related accounting issues in the normal business manner and experience very small number of adjustments to our written contractual sales. There are no post-delivery obligations because warranties are maintained by our suppliers. Our lease fees are earned by providing services to contractors for financing of solar systems. Normally we will acquire the promissory note (lease) on a leased system that will provide cash flow for up to 20 years. Interest is recorded on the books when earned on amortized leases.
Income (Loss) per Share
Basic earnings per share amounts are calculated based on the weighted average number of shares of common stock outstanding during each period. Diluted earnings per share is based on the weighted average numbers of shares of common stock outstanding for the periods, including dilutive effects of stock options, warrants granted and convertible preferred stock. Dilutive options and warrants that are issued during a period or that expire or are canceled during a period are reflected in the computations for the time they were outstanding during the periods being reported. Since ABCO has incurred losses for all periods except the current period, the impact of the common stock equivalents would be anti-dilutive and therefore are not included in the calculation. In addition, there are no common stock equivalents outstanding at the time of this report.
Effects of Recently Issued Accounting Pronouncements
The Company has reviewed all recently issued accounting pronouncements noting that they do not affect the financial statements.
Fair Value of Financial Instruments
The Company measures assets and liabilities at fair value based on expected exit price as defined by the authoritative guidance on fair value measurements, which represents the amount that would be received on the sale date of an asset or paid to transfer a liability, as the case may be, in an orderly transaction between market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability. The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis whereby inputs, used in valuation techniques, are assigned a hierarchical level.
The following are the hierarchical levels of inputs to measure fair value:
Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2: Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.
Level 3: Unobservable inputs reflecting the Company’s assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.
The carrying amounts of the Company’s financial assets and liabilities, such as cash, accounts payable and accrued expenses, approximate their fair values because of the current nature of these instruments. Debt approximates fair value based on interest rates available for similar financial arrangements. Derivative liabilities which have been bifurcated from host convertible debt agreements are presented at fair value.
Derivative Financial Instruments – This is Level 3
Fair value accounting requires bifurcation of embedded derivative instruments such as convertible features in convertible debts or equity instruments, and measurement of their fair value for accounting purposes. In determining the appropriate fair value, the Company uses the binomial option-pricing model. In assessing the convertible debt instruments, management determines if the convertible debt host instrument is conventional convertible debt and further if there is a beneficial conversion feature requiring measurement. If the instrument is not considered conventional convertible debt, the Company will continue its evaluation process of these instruments as derivative financial instruments.
Once determined, derivative liabilities are adjusted to reflect fair value at each reporting period end, with any increase or decrease in the fair value being recorded in results of operations as an adjustment to fair value of derivatives. In addition, the fair value of freestanding derivative instruments, such as warrants, are also valued using the binomial option-pricing model.
Note 3 Going Concern
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business. Since its inception, the Company has been engaged substantially in financing activities and developing its business plan and marketing. As a result, the Company incurred accumulated net losses from inception through the period ended March 31, 2018 of $(4,546,990), which raises substantial doubt about the Company’s ability to continue as a going concern.
The ability of the Company to continue as a going concern is dependent upon its ability to raise additional capital from the sale of common stock or through debt financing and, ultimately, the achievement of significant operating revenues. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty.
Note 4 Inventory
Inventory of construction supplies not yet charged to specific projects was $38,156 and $38,127 as of March 31, 2018 and December 31, 2017, respectively. The Company values items of inventory at the lower of cost or market and uses the first in first out method to charge costs to jobs.
Note 5 Note Payable – Officers, Directors and Related Parties
Officer loans are demand notes totaling $171,029 and $187,826, respectively, as of March 31, 2018 and December 31, 2017. These notes provide for interest at 12% per annum and are unsecured. Notes payable to the Officers, Directors and Related Parties resulted in interest charges of $5,060 and $5,447 for the periods ended March 31, 2018 and March 31, 2017, respectively. The other related party note from a non-officer or director totaled $49,978 at March 31, 2018.
Related party notes payable and accrued interest as of March 31, 2018 and December 31, 2017 consists of the following:
Description
|
|
Accrued interest due at
March 31, 2018
|
|
|
March 31, 2018
|
|
|
December 31, 2017
|
|
Note payable - Director bearing interest at 12% per annum, unsecured, demand note.
|
|
$
|
28,878
|
|
|
$
|
60,000
|
|
|
$
|
60,000
|
|
Note payable - Officer bearing interest at 12% per annum, unsecured, demand note
|
|
|
14,542
|
|
|
|
61,050
|
|
|
|
61,050
|
|
Note payable – other bearing interest at 12% per annum, unsecured, demand note.
|
|
|
14,349
|
|
|
|
49,979
|
|
|
|
66,776
|
|
Total
|
|
$
|
57,769
|
|
|
$
|
171,029
|
|
|
$
|
187,826
|
|
Note 6 Short Term Notes Payable
Description
|
|
March 31, 2018
|
|
|
December 31, 2017
|
|
Demand note Perfectly Green Corp (1)
|
|
$
|
60,000
|
|
|
$
|
|
|
Merchant Note payable to Web Bank, borrowed 2-1-16, bearing interest at 23% per annum, unsecured. (2) Settled by negotiated payment in 2018
|
|
|
-
|
|
|
|
69,854
|
|
Merchant Note payable to Quarterspot Lending, borrowed 6-27-16, bearing interest at 31% per annum, unsecured. (3) Settled by negotiated payment in 2018
|
|
|
-
|
|
|
|
26,484
|
|
Veritas settlement of the Web Bank and Quarterspot notes
|
|
|
29,003
|
|
|
|
|
|
Total
|
|
$
|
99,003
|
|
|
$
|
96,338
|
|
(1) On January 22, 2018 the Company borrowed $60,000 from Perfectly Green Corporation, a Texas corporation. The note bears interest at 3% per annum and is payable upon demand after 60 days’ notice which cannot be given until after May 31, 2018.
(2) On February 1, 2016, the Company financed operations with a loan in the amount of $150,000 from WebBank. The note is an open credit line with interest rate of 23% maturing in March of 2017. A portion of the loan was used to pay off a credit loan from Orchard Street Funding in the amount of $44,061. On August 22, 2016, the Company ceased making payments on this loan and at December 31, 2017 the Company owed a settled negotiated amount of $69,854 in principal, accrued interest and settlement fees. This loan was personally guaranteed by an Officer of the Company. The Company has negotiated a payment and payoff arrangements for this debt.
(3) On June 28, 2016, the Company financed operations with a loan in the amount of $43,500 from Quarterspot, a lending institution. The note is an open line with interest rate of approximately 31% maturing in September of 2017. On August 22, 2016, the Company ceased making payments on this loan. As of December 31, 2017, the Company owed $26,484 in principal, accrued interest and settlement fees. This loan is not personally guaranteed by an Officer of the Company. Arrangements have been made for the final payment schedule on this loan. The negotiated settlement on the Quarterspot note was $8,650 plus fees. This note and the fees have been paid in full in the period ended March 31, 2018.
The negotiated payment settlements on the loans described in Note 2 and 3 resulted in an obligation totaling $29,003 as of March 31, 2018 with respect to the WebBank loan, the Quarters pot loan and the Veritas settlement fees. The obligation requires ABCO to continue payments of $1,187 per week until the total paid reaches the sum of $29,003 with respect to the loans and fees. Quarterspot loan was paid in full so these payments apply only to WebBank and Veritas. These notes will be considered paid in full at the end of the negotiated settlement period if all such payments are made on a timely basis.
Note 7 Long Term Debt
The Company had no long term debt as of December 31, 2017 and none as of March 31, 2018.
Note 8 Fair Value of Financial Instruments
The following is the major category of liabilities measured at fair value on a recurring basis as of March 31, 2018, using quoted prices in active markets for identical liabilities (Level 1); significant other observable inputs (Level 2); and significant unobservable inputs (Level 3):
|
|
March 31, 2018
|
|
|
December 31, 2017
|
|
Derivative Liabilities from Convertible Notes (Level 3)
|
|
$
|
166,925
|
|
|
$
|
178,013
|
|
Note 9 Stockholder’s Equity
During the three-month period ended March 31, 2018 the Company sold but have not yet issued 25,316,667 shares of common stock and received or credited gross proceeds of $122,764. The expenses of offering totaled $70,225. The net proceeds of $52,539 were used for working capital, corporate expenses, legal fees and public company expenses.
At March 31, 2018 and 2017 the Company had sold but unissued shares that are reflected in the balance sheet and included in total shares outstanding. Many shareholders have elected to wait for the issuance of restricted shares until the holding period has expired. The following table shows the issued and unissued shares at the end of the period.
Description of shares
|
|
March 31, 2018
Shares
|
|
|
Full Value of
unissued shares
|
|
|
Par value
of shares
|
|
|
December 31, 2017
Shares
|
|
|
Full value of
unissued shares
|
|
|
Par Value
of shares
|
|
Common shares sold and issued
|
|
|
161,459,560
|
|
|
$
|
|
|
|
$
|
161,459
|
|
|
|
125,029,647
|
|
|
$
|
|
|
|
$
|
125,030
|
|
Common shares sold and not yet issued
|
|
|
51,903,507
|
|
|
|
103,424
|
|
|
|
51,904
|
|
|
|
37,108,753
|
|
|
|
60,885
|
|
|
|
37,109
|
|
Total common shares
|
|
|
213,363,067
|
|
|
$
|
103,424
|
|
|
$
|
213,363
|
|
|
|
162,138,400
|
|
|
$
|
60,885
|
|
|
$
|
162,139
|
|
On January 17, 2018 the debt holder Blackbridge Capital Growth Fund, LLC converted $14,375 of their convertible debentures into 12,500,000 shares of common stock. This transaction resulted in an increase to paid in capital for derivative gains in the amount of $25,196 in addition to the reduction in the debt in the amount of $14,375. As of March 31, 2018, Blackbridge still held these shares.
On February 2 and February 20, 2018 Crown Bridge Partners, LLC converted $11,865 of their convertible debentures into 13,408,000 shares of common stock.
The Board of Directors of the Company has approved a reverse stock split of its common stock, at a ratio of 1-for-10 (the “Reverse Stock Split”). The Reverse Stock Split became effective with FINRA (the Financial Industry Regulatory Authority) and in the marketplace on January 13, 2017 (the “Effective Date”), whereupon the shares of common stock began trading on a split adjusted basis. On the Effective Date, the Company’s trading symbol was changed to “ABCED” for a period of 20 business days, after which the “D” will be removed from the Company’s trading symbol, which will revert to the original symbol of “ABCE”. In connection with the Reverse Stock Split, the Company’s CUSIP number will change to 00287V204. On the Effective Date, the total number of shares of the Company’s Common Stock held by each stockholder will be converted automatically into the number of whole shares of Common Stock equal to (i) the number of issued and outstanding shares of Common Stock held by such stockholder immediately prior to the Reverse Stock Split, divided by (ii) 10. No fractional shares will be issued, and no cash or other consideration will be paid. Instead, the Company will issue one whole share of the post-Reverse Stock Split Common Stock to any stockholder who otherwise would have received a fractional share because of the Reverse Stock Split.
As a result of the Reverse Stock Split the number of authorized shares of common stock was reduced to 50,000,000 from 500,000,000 shares. At a Special Meeting of Stockholders held on August 17, 2017, Company shareholders authorized an amendment to the Articles of Incorporation to increase the authorized capital to 1,000,000,000 common shares and 100,000,000 preferred shares. The Amendment was filed with the Nevada Secretary of State on August 17, 2017.
On September 15, 2017, the Board of Directors authorized the issuance of an aggregate of 15,000,000 shares of Class B Convertible Preferred Stock [“Series B”] to both Directors of the Company and to two unaffiliated Consultants. Of the Series B, 6,000,000 shares were issued to Charles O’Dowd and 1,000,000 to Wayne Marx, the Directors. Each Consultant received 4,000,000 shares. See the Company’s Schedule 14C filed with the Commission on September 28, 2017. These shares have no market pricing and management assigned the value of $15,000 to the stock issue based on the par value of the preferred stock of $0.001. The 15,000,000 shares of Preferred Stock, each has 20 votes for each preferred share held by them at a record date. The holders of the Preferred are also entitled to own additional 150,000,000 common shares upon conversion of the Preferred Stock. As a result of owning of these shares of Common and Preferred Stock, the Control Shareholders will have voting control the Company.
By Written Consent in lieu of a Meeting of Shareholders executed September 26, 2017, the holders of a majority of the voting power common stock and preferred stock of the Company adopted a further Amendment to the Articles of Incorporation increasing the authorized common stock from 1 Billion shares to 2 Billion shares The Certificate of amendment was filed with the Nevada Secretary of State on September 28, 2017.
On November 8, 2017, the Company entered into a Consulting Agreement (“CA”) with Eurasian Capital, LLC [“Consultant”] which will provide institutional funding services and shareholder and third party sponsorship services for a six month term ending May 7, 2018. Consultant shall be paid a monthly retainer of $10,000 payable in ABCO restricted common stock based upon the 5 day average of the closing bid price commencing on the first day of each month during the effectiveness of the Consulting Agreement. The CA was terminated by the Company on March 29, 2018 for non-performance by Consultant. Consultant was issued 7,194,063 restricted shares for November and December 2017, of which 3,968,254 have been delivered to Consultant. No shares for January through the termination date were ever issued. A dispute has arisen with respect to the number of shares due Consultant as a result of the CA termination. The parties are currently involved in the mediation process required by the terms of the CA. No date has been set for the mediation hearing.
Note 10 Convertible Debt and Derivative Valuation
In accordance with the Statement of Financial Accounting Standard ASC 820-10-35-37 Fair Value in Financial Instruments, Statement of Financial Accounting Standard ASC 815 Accounting for Derivative Instruments and Hedging Activities require that instruments with embedded derivative features be valued at their market values. The Company hired a valuation consultant to value the Convertible Debentures for the derivative portion of the instruments. The Binomial model was used to value the derivative liability for the fiscal year ending December 31, 2017 and March 31, 2018.
During the year ended December 31, 2017, the Company funded operations with borrowing on 2 additional convertible promissory notes and had another debenture due from 2016. This table presents the positions on the notes at March 31, 2018 and December 31, 2017.
Holder
|
|
Date
of Loan
|
|
|
Loan
amount
|
|
|
OID and
discounts
and fees
|
|
|
Interest
rate
|
|
|
Conversions to
shares
|
|
|
Conversion
Dollars
|
|
|
Balance
March 31,
2018
|
|
|
Balance
December 31,
2017
|
|
Blackbridge Capital Growth Fund, LLC
|
|
|
11-2-16
|
|
|
$
|
100,000
|
|
|
$
|
0
|
|
|
|
7
|
%
|
|
|
15,000,000
|
|
|
$
|
21,850
|
|
|
$
|
78,150
|
|
|
$
|
92,525
|
|
Crown Bridge Partners, LLC
|
|
|
1-11-17
|
|
|
$
|
45,000
|
|
|
$
|
5,000
|
|
|
|
5
|
%
|
|
|
17,198
,000
|
|
|
$
|
19,387
|
|
|
$
|
25,613
|
|
|
$
|
39,021
|
|
Power Up Lending Group, Ltd
|
|
|
11-11-17
|
|
|
$
|
58,000
|
|
|
$
|
3,000
|
|
|
|
8
|
%
|
|
None
|
|
|
None
|
|
|
$
|
58,000
|
|
|
$
|
58,000
|
|
Total
|
|
|
|
|
|
$
|
203,000
|
|
|
$
|
8,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
161,763
|
|
|
$
|
189,546
|
|
Debt discount on derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
2,310
|
|
Net total debentures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
161,763
|
|
|
$
|
187,236
|
|
The Company had entered into Securities Purchase Agreement with Blackbridge Capital, LLC, a Delaware limited liability company [“SPA”], operating out of New York, New York (“Blackbridge”) on November 2, 2016 whereby Blackbridge has agreed to purchase up to $5,000,000 worth of shares of the Company’s common stock. The Company had agreed to file a Registration Statement to register such shares for sale to Blackbridge. In addition, the Company has issued [i] a convertible promissory note to Blackbridge pursuant to the Securities Purchase Agreement equal to $150,000 as a commitment fee (the “Blackbridge Note”), [ii] and designated that a portion of the $100,000 Convertible Note was to be used to cover the expenses to be incurred for the preparation and filing of the Registrati
on
s
tatement and related matters (“Expenses Note”).
The balance on the $100,000 Blackbridge note was $78,150 at March 31, 2018.
On March 13, 2017, the Company and Blackbridge, entered into an Agreement, effective as of March 1, 2017, terminating the SPA. The Registration Statement on Form S-1 filed by the Company pursuant to the SPA could not be processed because of technical issues raised by the SEC and was withdrawn on February 28, 2017. In addition, the Blackbridge Note issued by the Company as a commitment fee was declared null and void by agreement, effective March 1, 2017.
On January 11, 2017, the Company issued a twelve (12) month $45,000 convertible promissory note to Crown Bridge Partners, LLC, (“Crown”), which bears interest at the rate of 5% per annum on the principal sum of the outstanding (“Crown Note”). The Company received net proceeds of $40,000 after deductions for expenses from the Crown Note which is convertible at any time after the six (6) month anniversary of the Note into shares of common stock as a conversion price equal to 52% of the lowest one (1) trade prices in the 20 trading days before the conversion date. During 2017 Crown converted $5,979 of their convertible debentures for 3,790,000 shares of common stock. On February 2 and February 20, 2018 Crown converted $11,865 of their convertible debentures into 13,408,000 shares of common stock. The balance of the note was $26,613 as of March 31, 2018.
On October 13, 2017, the Company issued a nine (9) month $58,000 convertible promissory note to Power Up Lending Group, Ltd., (“Power Up”), which bears interest at the rate of 8% per annum on the principal sum of the outstanding (“Power Up Note”). The Company received net proceeds of $55,000 after deductions for expenses from the Power Up Note. The Power Up Note is convertible at any time after the six (6) month anniversary of the Note into shares of common stock as a conversion price equal to 58% of the lowest two (2) trade prices in the 15 trading days before the conversion date. The earliest conversion date
was
April 19, 2018.
The Company determined that the conversion feature embedded within the Expenses Note is a financial derivative. The Generally Accepted Accounting Principles (GAAP) required that the Company’s embedded conversion option be accounted for at fair value. The following schedule shows the change in fair value of the derivative liabilities at March 31, 2018 and December 31, 2017:
Description
|
|
March 31,
2018
|
|
|
December 31,
2017
|
|
Purchase price of the three convertible debentures
|
|
$
|
203,000
|
|
|
$
|
203,000
|
|
Valuation premium on notes during 2017
|
|
|
36,075
|
|
|
|
24,987
|
|
Balance of derivative liability net of discount on the two notes (See Consolidated Balance sheet liabilities)
|
|
$
|
166,925
|
|
|
$
|
178,013
|
|
The Company recorded finance fees and interest on derivatives for the three months ended March 31, 2018 of $6,807.
The Company measured and utilized quoted prices in active markets for identical liabilities (Level 1); significant other observable inputs (Level 2); and significant unobservable inputs (level 3) in applying valuation technology to derivative values for March 31, 2018 and December 31, 2017 and throughout the year.
Note 11 Income Taxes
The company has net operating loss carryforwards as of March 31, 2018 totaling approximately $3,357,100. Accrued derivative liabilities of $1,040,166 and stock-based compensation from 2017 totaling $81,400 are assumed to be non-tax events. A deferred 21% tax benefit of approximately $704,991 has been offset by a valuation allowance of the same amount as its realization is not assured.
Due to the current uncertainty of realizing the benefits of the tax NOL carry-forward, a valuation allowance equal to the tax benefits for the deferred taxes has not been established. The full realization of the tax benefit associated with the carry-forward depends predominately upon the Company’s ability to generate taxable income during future periods, which is not assured.
The Company files tax returns in the USA only and is not subject to taxation in any foreign country. There are three open years for which the Internal Revenue Service can examine our tax returns so 2015, 2016 and 2017 are still open years.
The NOL carryforward expires according to the following schedule:
Year Ending
December 31:
|
|
Actual
Total Loss (income)
|
|
|
Less
Derivative expense
|
|
|
Less
Stock Based Compensation
|
|
|
Net Tax loss
subject to carry over
|
|
2038
|
|
$
|
6,827
|
|
|
|
71,689
|
|
|
|
-
|
|
|
|
(
64,862
|
)
|
2037
|
|
|
599,936
|
|
|
$
|
41,289
|
|
|
$
|
81,400
|
|
|
$
|
477,247,
|
|
2036
|
|
|
1,923,384
|
|
|
|
1,006,154
|
|
|
|
|
|
|
|
917,230
|
|
2035
|
|
|
214,823
|
|
|
|
|
|
|
|
|
|
|
|
214,823
|
|
2034
|
|
|
635,517
|
|
|
|
|
|
|
|
|
|
|
|
635,517
|
|
2033
|
|
|
622,474
|
|
|
|
|
|
|
|
|
|
|
|
622,474
|
|
2032
|
|
|
230,224
|
|
|
|
|
|
|
|
|
|
|
|
230,224
|
|
2031
|
|
|
182,908
|
|
|
|
|
|
|
|
|
|
|
|
182,908
|
|
2030
|
|
|
130,897
|
|
|
|
|
|
|
|
-
|
|
|
|
130,897
|
|
Totals
|
|
$
|
4,
546,990
|
|
|
$
|
1,
119,132
|
|
|
$
|
81,400
|
|
|
$
|
3,346,458
|
|
Note 12 Subsequent Events
During the period April 1, 2018 through May 11, 2018, the Company sold 34,500,000 shares of restricted common stock for gross proceeds of $172,435 and net proceeds of $74,716.
During the period April 1, 2018 and May 18, 2018 Power Up Lending Group, LLC and Crown Bridge Partners, LLC converted $87,513 of their convertible debentures into 82,391,166 common shares.