Quarterly report pursuant to Section 13 or 15(d)

Share-Settled Debt

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Share-Settled Debt
3 Months Ended
Mar. 31, 2016
Share-Settled Debt [Abstract]  
SHARE-SETTLED DEBT

7. SHARE-SETTLED DEBT

 

During the quarter ended March 31, 2016, the Company converted $25,000 share-settled debt into 495,188 shares of common stock at $0.12 per share. The Company also recorded an extinguishment loss of $34,000 on the conversion.

 

The Company is in default under the terms of its share-settled debt.