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[x]
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2014
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Nevada
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(State or other jurisdiction of incorporation)
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Securities registered pursuant to Section 12(b) of the Act:
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Securities registered pursuant to section 12(g) of the Act:
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NONE
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COMMON STOCK
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Large Accelerated Filer
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[ ]
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Accelerated Filer
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[ ]
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Non-accelerated Filer
(Do not check if a smaller reporting company)
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[ ]
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Smaller Reporting Company
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[x]
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Page
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Business.
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3
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Risk Factors.
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7
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Unresolved Staff Comments.
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7
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Properties.
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7
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Legal Proceedings.
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7
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Mine Safety Disclosures.
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7
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Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities.
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8
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Selected Financial Data.
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14
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Management's Discussion and Analysis of Financial Condition and Results of Operation.
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14
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Quantitative and Qualitative Disclosures About Market Risk.
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18
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Financial Statements and Supplementary Data.
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19
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Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.
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34
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Controls and Procedures.
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34
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Other Information.
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35
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Directors, Executive Officers and Corporate Governance.
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35
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Executive Compensation.
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37
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Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
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38
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Certain Relationships and Related Transactions, and Director Independence.
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39
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Principal Accountant Fees and Services.
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41
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Exhibits and Consolidated Financial Statement Schedules.
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42
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43
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44
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| ITEM 5. | MARKET FOR THE REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES. |
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2014
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High Bid
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Low Bid
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||
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First Quarter, Ending March 31
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$
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0.0039
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$
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0.012
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Second Quarter, Ending June 30
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$
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0.0035
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$
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0.001
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Third Quarter, Ending September 30
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$
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0.0014
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$
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0.0005
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Fourth Quarter, Ending December 31
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$
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0.0008
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$
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0.0001
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2013
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High Bid
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Low Bid
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||
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First Quarter, Ending March 31
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$
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0.0047
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$
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0.0037
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Second Quarter, Ending June 30
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$
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0.0027
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$
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0.0027
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Third Quarter, Ending September 30
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$
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0.0022
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$
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0.0022
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Fourth Quarter, Ending December 31
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$
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0.0014
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$
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0.0014
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Plan category
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Number of securities issued upon
exercise of outstanding options,
warrants and rights
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Weighted-average exercise
price of outstanding options,
warrants and rights
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Number of securities remaining
available for future issuance under
equity compensation plans (excluding
securities reflected in column (a))
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(a)
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(b)
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(c)
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|
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Equity compensation plans
approved by security holders
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0
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0
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0
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Equity compensation plans not
approved by security holders
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0
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0
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30,000,000
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Total
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0
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0
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30,000,000
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a)
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On April 9, 2014, we issued 8,571,429 common shares for the conversion of $12,000 of principal of the June 7, 2013 convertible debenture.
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b)
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On October 21, 2014, we issued 38,520,000 common shares for the conversion of $9,630 of principal of the June 7, 2013 convertible debenture.
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c)
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On October 28, 2014, we issued 38,520,000 common shares for the conversion of $9,630 of principal of the June 7, 2013 convertible debenture.
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d)
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On November 21, 2014, we issued 15,500,000 common shares for the conversion of $1,240 of principal of the June 7, 2013 convertible debenture.
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e)
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On November 26, 2014, we issued 19,000,000 common shares for the conversion of $1,520 of principal of the July 15, 2013 convertible debenture.
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f)
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On December 2, 2014, we issued 24,750,000 common shares for the conversion of $1,980 of principal of the July 15, 2013 convertible debenture.
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g)
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On December 4, 2014, we issued 24,750,000 common shares for the conversion of $1,980 of principal of the July 15, 2013 convertible debenture.
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|
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h)
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On December 9, 2014, we issued 24,750,000 common shares for the conversion of $1,980 of principal of the July 15, 2013 convertible debenture.
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i)
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On February 6, 2015, we issued 28,000,000 common shares upon the issuance of $1,400 of principal of the July 15, 2013 convertible debenture.
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j)
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On February 10, 2015, we issued 28,000,000 common shares upon the conversion of $1,400 of principal of the July 15, 2013 convertible debenture.
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k)
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On February 13, 2015, we issued 31,000,000 common shares upon the issuance of $1,550 of principal of the July 15, 2013 convertible debenture.
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l)
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On February 18, 2015, we issued 31,000,000 common shares upon the conversion of $1,550 of principal of the July 15, 2013 convertible debenture.
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m)
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On February 23, 2015, we issued 31,000,000 common shares upon the issuance of $1,550 of principal of the July 15, 2013 convertible debenture.
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n)
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On March 2, 2015, we issued 35,000,000 common shares upon the conversion of $1,750 of principal of the July 15, 2013 convertible debenture.
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o)
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On March 3, 2015, we issued 37,000,000 common shares upon the issuance of $1,850 of principal of the July 15, 2013 convertible debenture.
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p)
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On March 5, 2015, we entered into settlement and general mutual release agreements with our former president and director and two of our consultants. Pursuant to the settlement and release agreements, we agreed to issue 180,285,000 shares of common stock for the settlement of all amounts owing to these parties.
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q)
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On March 9, 2015, we issued 13,350,000 newly-issued shares of Class B preferred stock and 200,000,000 newly-issued share of restricted shares of common stock under the Strategic Expansion Agreement to SirenGPS. Additionally, under the Strategic Expansion Agreement, we issued to HOEL 342,150,496 newly-issued restricted shares of common stock. Also under the Expansion Agreement, we issued 274,300 newly-issued shares of Class B preferred stock to a designee of the Licensor.
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r)
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On March 13, 2015, we issued 75,000,000 common shares upon the issuance of $3,750 of principal of the July 15, 2013 convertible debenture.
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s)
|
On March 17, 2015, we issued 75,000,000 common shares upon the issuance of $3,750 of principal of the July 15, 2013 convertible debenture.
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t)
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On March 18, 2015, we issued 83,000,000 common shares upon the issuance of $1,490 of principal of the July 15, 2013 convertible debenture and $2,660 of accrued and unpaid interest. Refer to Note 3(b).
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u)
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On March 24, 2015, we issued 87,000,000 common shares upon the issuance of $4,350 of principal of the October 4, 2013 convertible debenture.
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v)
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On March 25, 2015, we issued 87,000,000 common shares upon the issuance of $4,350 of principal of the October 4, 2013 convertible debenture.
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w)
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On April 1, 2015, we consented to the further assignment of the February 18, 2014 and the October 4, 2013 Asher Notes, which were previously assigned to JABRO. The April 8, 2015 assignment assigned the notes to the Purchaser. According to the terms of the April 8, 2015 assignment agreement, the February 18, 2014 note was sold to the Purchaser and simultaneously exchanged for a new note (the "New February Note"). In accordance with the exchange, the New February Note was deemed to have been issued February 18, 2014, and carried substantially the same terms as the original note, with the following exceptions: the New February bears 0% interest, and the overall ownership of the Purchaser at any one moment shall be limited to 9.99% of the issued and outstanding shares of our common stock. The Purchaser also entered into an agreement with JABRO, granting the Purchaser the exclusive right to purchase the October 4, 2013 note, on or before May 7, 2015.
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x)
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On April 1, 2015, we issued a draw-down convertible promissory note to a non-related party in the principal amount of up to $600,000. Under the terms of the promissory note, the amount is unsecured, bears interest at 10% per annum, and is due on April 1, 2016. The note is convertible into shares of common stock at a conversion rate of 50% of the average of the three lowest end of day closing prices of our common stock for the twenty-five trading days prior to the date the holder elects to convert all or part of the promissory note.
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y)
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On April 3, 2015, SirenGPS, Inc., and Hillwinds Ocean Energy, LLC, agreed to convert 200,000,000 shares of common stock, and 222,000,000 shares of common stock, respectively, into 1,050,000 shares and 1,165,000 shares of Class B Preferred Stock, respectively.
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z)
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On April 6, 2015, we executed a Common Stock Purchase Warrant with Iconic Holdings, LLC, a west coast-based institutional investor (the "Purchaser"), providing the Purchaser the right to purchase our shares of common stock by investing up to $50,000 into new shares of common stock at a price of $0.001 per share. On April 2, 2015, we entered into an equity line of credit (ELOC) agreement that permits us to "put" shares to the Purchaser at a 20% discount to the lowest trading price over the five consecutive trading days immediately succeeding the applicable Put Notice Date. The ELOC requires the filing of a registration statement prior to the funds becoming available to us Once the registration is filed, funding under the ELOC occurs at our discretion.
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aa)
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On April 10, 2015, the Company issued 149,844,444 common shares upon the issuance of $6,743 of principal of the February 18, 2014 convertible debenture.
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|
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|
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1.
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Raising $600,000 to acquire an exclusive license to SirenGPS software.
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2.
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Entering into a contracts with public and private entities to provide emergency management services.
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3.
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Applying for at least one grant opportunities from a Federal or U.S. State-sponsored organization or entity. We expect grant writing expenses, including those associated with consultants, to total approximately $30,000.
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4.
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Exploring strategic distribution and technology partnerships or joint ventures that will accelerate the adoption of our emergency management solutions.
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|
December 31, 2014
$
|
December 31, 2013
$
|
|
|
Current Assets
|
1,093 |
3,371
|
|
Current Liabilities
|
1,435,785 |
941,903
|
|
Working Capital (Deficit)
|
(1,434,692) |
(938,532)
|
|
For the year ended
December 31, 2014
$
|
For the year ended
December 31, 2013
$
|
|
|
Cash Flows from (used in) Operating Activities
|
(30,016) |
(103,304)
|
|
Cash Flows from (used in) Investing Activities
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– |
–
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|
Cash Flows from (used in) Financing Activities
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26,718 |
94,025
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|
Net Increase (decrease) in Cash During Period
|
(3,298) |
(9,279)
|
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a)
|
On February 6, 2015, we issued 28,000,000 common shares upon the issuance of $1,400 of principal of the July 15, 2013 convertible debenture.
|
|
b)
|
On February 10, 2015, we issued 28,000,000 common shares upon the conversion of $1,400 of principal of the July 15, 2013 convertible debenture.
|
|
c)
|
On February 13, 2015, we issued 31,000,000 common shares upon the issuance of $1,550 of principal of the July 15, 2013 convertible debenture.
|
|
d)
|
On February 18, 2015, we issued 31,000,000 common shares upon the conversion of $1,550 of principal of the July 15, 2013 convertible debenture.
|
|
e)
|
On February 23, 2015, we issued 31,000,000 common shares upon the issuance of $1,550 of principal of the July 15, 2013 convertible debenture.
|
|
f)
|
On March 2, 2015, we issued 35,000,000 common shares upon the conversion of $1,750 of principal of the July 15, 2013 convertible debenture.
|
|
g)
|
On March 3, 2015, we issued 37,000,000 common shares upon the issuance of $1,850 of principal of the July 15, 2013 convertible debenture.
|
|
h)
|
On March 5, 2015, prior to the execution of the Strategic Expansion Agreement, we reached settlement and general mutual release agreements (the "General Release Agreements") with Tassos Recachinas, our at-the-time President & CEO; Alexander Chirkov, our Chief Scientist for renewable energy and eco-sustainability technologies; and a consultant under renewable energy and eco-sustainability technologies; under which we and these three independent parties agreed to settle any and all amounts owing to them under prior employee and consulting agreements, by converting all amounts owing (amounting to $215,225, $684,500, and $49,000, respectively, or in the aggregate, $948,725) as accrued and disclosed on our balance sheet, in exchange for 74,235,000, 74,235,000, and 31,815,000 newly-issued shares of our common stock, respectively, eliminating these liabilities from our balance sheet.
|
|
i)
|
On March 9, 2015, we closed a Strategic Expansion Agreement, which involves a change in strategy away from the development of renewable energy and eco-sustainability technologies and re-focuses our efforts and resources on emergency management software. On March 9, 2015, we closed a Strategic Expansion Agreement, dated March 5, 2015 (the "Strategic Expansion Agreement") entered into by and between us; Hillwinds Ocean Energy, LLC, a Connecticut limited liability company ("HOEL"), which was formerly our controlling shareholder; and SirenGPS, Inc. a Delaware corporation ("SirenGPS"). Pursuant to the terms and conditions of the Strategic Expansion Agreement, we entered into a global technology license agreement (the "E911 License Agreement") granting us certain rights to that certain technology owned and controlled by SirenGPS related to emergency management, emergency communication, emergency response, enhanced emergency calling and related technologies, and in exchange, SirenGPS received: (a) thirteen million three hundred fifty thousand (13,350,000) newly-issued shares of HDS International Corp. Class B Preferred Stock, $0.001 par value per share (the "New HDSI Class B Preferred Stock"), (b) two hundred million (200,000,000) newly-issued restricted shares of our common stock (the "Transaction Shares") and (c) seven million five hundred thousand (7,500,000) shares of HDS International Corp. Class A Preferred Stock, $0.001 par value per share, from HOEL (the "Transferred Class A Preferred Stock). Pursuant to the terms of the Strategic Expansion Agreement, the Company also issued 274,300 newly-issued shares of Class B Preferred Stock to a designee of SirenGPS at the closing.
|
|
j)
|
On March 13, 2015, we issued 75,000,000 common shares upon the issuance of $3,750 of principal of the July 15, 2013 convertible debenture.
|
|
k)
|
On March 17, 2015, we issued 75,000,000 common shares upon the issuance of $3,750 of principal of the July 15, 2013 convertible debenture.
|
|
l)
|
On March 18, 2015, we issued 83,000,000 common shares upon the issuance of $1,490 of principal of the July 15, 2013 convertible debenture and $2,660 of accrued and unpaid interest. Refer to Note 3(b).
|
|
m)
|
On March 24, 2015, we issued 87,000,000 common shares upon the issuance of $4,350 of principal of the October 4, 2013 convertible debenture.
|
|
n)
|
On March 25, 2015, we issued 87,000,000 common shares upon the issuance of $4,350 of principal of the October 4, 2013 convertible debenture.
|
|
o)
|
On April 1, 2015, we entered into a transaction with Iconic Holdings, LLC (the "Purchaser"), whereby Iconic Holdings agreed to provide up to $600,000 through a structured convertible promissory note (the "Note"), with funds to be received in tranches. The note bears interest of 10% and is due April 1, 2016. The initial purchase price of $40,000 was received on April 9, 2015, with $30,000 remitted and delivered to the Company, $4,000 retained by the Purchaser as an original issue discount, and $6,000 retained by the Purchaser for legal bills. The Purchaser shall have the right to convert the outstanding Principal Amount and interest under the Note in whole or in part into shares of common stock at a price equal to 50% of the average of the lowest end of day closing prices of the Company's common stock during the 25 consecutive trading days prior to the date on which Holder elects to convert all or part of the Note. The Note may be prepaid according to the following schedule: Between 1 and 90 days from the date of execution, the Note may be prepaid for 135% of face value plus accrued interest. Between 91 and 180 days from the date of execution, the Note may be prepaid for 145% of face value plus accrued interest. After 180 days from the date of execution until the Due Date, the Note may not be prepaid without written consent from the Purchaser.
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p)
|
On April 1, 2015, we consented to the assignment of the February 18, 2014 and the October 4, 2013 Asher Notes, which were previously assigned to JABRO. The April 8, 2015 assignment assigned the notes to the Purchaser. According to the terms of the April 8, 2015 assignment agreement, the February 18, 2014 note was sold to the Purchaser and simultaneously exchanged for a new note (the "New February Note"). In accordance with the exchange, The New February Note was deemed to have been issued February 18, 2014, and carried substantially the same terms as the original note, with the following exceptions: the New February bears 0% interest, and the overall ownership of the Purchaser at any one moment shall be limited to 9.99% of the issued and outstanding shares of our common stock. The Purchaser also entered into an agreement with JABRO, granting the Purchaser the exclusive right to purchase the October 4, 2013 note, on or before May 7, 2015.
|
|
q)
|
On April 2, 2015, we entered into an equity line of credit (ELOC) with the Purchaser, that allows the Company to "put" shares to the Purchaser at a 20% discount with a five day look-back, based on the average of the volume weighted average price (VWAP) of the Company's Common Stock during the five days immediately preceding the date of issue. The ELOC requires the filing of a registration statement prior to the funds becoming available to us. Once the registration is filed, funding under the ELOC occurs at our discretion.
|
|
r)
|
On April 3, 2015, SirenGPS, Inc., and Hillwinds Ocean Energy, LLC, agreed to convert 200,000,000 shares of common stock, and 222,000,000 shares of common stock, respectively, into 1,050,000 shares of Class B Preferred Stock, and 1,165,000 shares of Class B Preferred Stock, respectively, at our request to facilitate the closing of the other transactions herein described.
|
|
s)
|
On April 6, 2015, we executed a Common Stock Purchase Warrant with Iconic Holdings, LLC, a west coast-based institutional investor (the "Purchaser"), providing the Purchaser the right to purchase shares of common stock of the company by investing up to $50,000 into new shares of common stock at a price of $0.001 per share. The Warrants expire in five years. This Warrant was negotiated as part of the Note.
|
|
t)
|
On April 10, 2015, we issued 149,844,444 common shares upon payment of $6,743 of principal of the February 18, 2014 convertible debenture.
|
|
Report of Independent Registered Public Accounting Firm
|
F-1
|
|
Consolidated Balance Sheets
|
F-2
|
|
Consolidated Statements of Operations
|
F-3
|
|
Consolidated Statement of Stockholders' Deficit
|
F-4
|
|
Consolidated Statements of Cash Flows
|
F-5
|
|
Notes to the Consolidated Financial Statements
|
F-6
|
|
December 31,
2014
$
|
December 31,
2013
$
|
|||||||
|
ASSETS
|
||||||||
|
Current Assets
|
||||||||
|
Cash
|
73
|
3,371
|
||||||
|
Current portion of deferred financing costs
|
1,020
|
–
|
||||||
|
Total Current Assets
|
1,093
|
3,371
|
||||||
|
Other Assets
|
||||||||
|
Deferred financing costs
|
–
|
6,685
|
||||||
|
Total Assets
|
1,093
|
10,056
|
||||||
|
LIABILITIES AND STOCKHOLDERS' DEFICIT
|
||||||||
|
Current Liabilities
|
||||||||
|
Accounts payable and accrued liabilities
|
728,581
|
449,022
|
||||||
|
Accounts payable and accrued liabilities – related parties
|
304,962
|
143,244
|
||||||
|
Note Payable – related party, currently in default
|
300,000
|
300,000
|
||||||
|
Convertible debentures, net of unamortized discount of $36,088 and $28,384,
respectively
|
31,952
|
4,116
|
||||||
|
Derivative liability
|
70,290
|
45,521
|
||||||
|
Total Current Liabilities
|
1,435,785
|
941,903
|
||||||
|
Non-Current Liabilities
|
||||||||
|
Convertible debentures, net of unamortized discount of $nil and $55,603, respectively
|
–
|
4,397
|
||||||
|
Total Liabilities
|
1,435,785
|
946,300
|
||||||
|
Stockholders' Deficit
|
||||||||
|
Preferred Stock
Authorized: 25,000,000 preferred shares, with a par value of $0.001 per share
Issued and outstanding: nil preferred shares
|
–
|
–
|
||||||
|
Class A Preferred Stock
Authorized: 25,000,000 preferred shares, with a par value of $0.001 per share
Issued and outstanding: 7,500,000 shares
|
7,500
|
7,500
|
||||||
|
Common Stock
Authorized: 2,000,000,000 common shares, with a par value of $0.001 per share
Issued and outstanding: 571,564,504 and 377,203,075 shares, respectively
|
571,564
|
377,203
|
||||||
|
Additional paid-in capital
|
296,785
|
381,775
|
||||||
|
Accumulated deficit
|
(2,310,541
|
)
|
(1,702,722
|
)
|
||||
|
Total Stockholders' Equity/(Deficit)
|
(1,434,692
|
)
|
(936,244
|
)
|
||||
|
Total Liabilities and Stockholders' Equity/(Deficit)
|
1,093
|
10,056
|
||||||
|
Year ended
December 31,
2014
$
|
Year ended
December 31,
2013
$
|
|||||||
|
Revenue
|
–
|
–
|
||||||
|
Operating Expenses
|
||||||||
|
Consulting fees
|
384,000
|
420,500
|
||||||
|
General and administrative
|
2,945
|
6,115
|
||||||
|
Professional fees
|
33,463
|
52,041
|
||||||
|
Transfer agent fees
|
185
|
260
|
||||||
|
Total Operating Expenses
|
420,593
|
478,916
|
||||||
|
Income/(Loss) Before Other Expenses
|
(420,593
|
)
|
(478,916
|
)
|
||||
|
Other Expenses
|
||||||||
|
Interest expense
|
108,546
|
46,006
|
||||||
|
Loss on change in fair value of derivative liability
|
78,680
|
45,521
|
||||||
|
Total Other Expenses
|
187,226
|
91,527
|
||||||
|
Net Income/(Loss)
|
(607,819
|
)
|
(570,443
|
)
|
||||
|
Net Income/(Loss) Per Share, Basic and Diluted
|
(0.00
|
)
|
(0.00
|
)
|
||||
|
Weighted Average Shares Outstanding
|
406,443,367
|
377,186,685
|
||||||
|
Preferred Stock
|
Common Stock
|
Additional
Paid-in
|
Deficit
Accumulated
During the
Development
|
|||||||||||||||||||||||||
|
Amount
|
Amount
|
Capital
|
Stage
|
Total
|
||||||||||||||||||||||||
|
#
|
$
|
|
#
|
|
$
|
|
$
|
|
$
|
|
$
|
|||||||||||||||||
|
Balance, December 31, 2012
|
7,500,000
|
7,500
|
376,603,075
|
376,603
|
283,875
|
(1,132,279
|
)
|
(464,301
|
)
|
|||||||||||||||||||
|
Issuance of shares for
consulting fees
|
–
|
–
|
600,000
|
600
|
5,400
|
–
|
6,000
|
|||||||||||||||||||||
|
Fair value of beneficial
conversion feature recorded on
issuance of convertible debt
|
–
|
–
|
–
|
–
|
92,500
|
–
|
92,500
|
|||||||||||||||||||||
|
Net loss for the year
|
–
|
–
|
–
|
–
|
–
|
(644,602
|
)
|
(644,602
|
)
|
|||||||||||||||||||
|
Balance, December 31, 2013
|
7,500,000
|
7,500
|
377,203,075
|
377,203
|
381,775
|
(1,702,722
|
)
|
(936,244
|
)
|
|||||||||||||||||||
|
Fair value of beneficial
conversion feature recorded on
issuance of convertible debt
|
–
|
–
|
–
|
–
|
15,500
|
–
|
15,500
|
|||||||||||||||||||||
|
Common shares issued for
conversion of debt
|
–
|
–
|
194,361,429
|
194,361
|
(100,490
|
)
|
–
|
93,871
|
||||||||||||||||||||
|
Net loss for the year
|
–
|
–
|
–
|
–
|
–
|
(607,819
|
)
|
(607,819
|
)
|
|||||||||||||||||||
|
Balance, December 31, 2014
|
7,500,000
|
7,500
|
571,564,504
|
571,564
|
296,785
|
(2,310,541
|
)
|
(1,434,692
|
)
|
|||||||||||||||||||
|
Year ended
December 31,
2014
$
|
Year ended
December 31,
2013
$
|
|||||||
|
Operating Activities
|
||||||||
|
Net income/(loss) for the year
|
(607,819
|
)
|
(570,443
|
)
|
||||
|
Adjustment to reconcile net loss to net cash used in operating activities:
|
||||||||
|
Accretion of debt discount
|
63,399
|
8,513
|
||||||
|
Amortization of deferred financing costs
|
6,165
|
2,815
|
||||||
|
Loss on change in fair value of derivative liability
|
78,680
|
45,521
|
||||||
|
Shares issued for management and consulting fees
|
–
|
6,000
|
||||||
|
Changes in operating assets and liabilities:
|
||||||||
|
Prepaid expenses and deposits
|
–
|
–
|
||||||
|
Accounts payable and accrued liabilities
|
279,559
|
329,290
|
||||||
|
Accounts payable and accrued liabilities – related parties
|
150,000
|
75,000
|
||||||
|
Net Cash Gained/(Used) in Operating Activities
|
(30,016
|
)
|
(103,304
|
)
|
||||
|
Financing activities
|
||||||||
|
Proceeds from convertible debenture, net of financing costs
|
15,000
|
83,000
|
||||||
|
Proceeds from related parties
|
11,718
|
11,025
|
||||||
|
Net Cash Provided by Financing Activities
|
26,718
|
94,025
|
||||||
|
Increase/(Decrease) in Cash
|
(3,298
|
)
|
(9,279
|
)
|
||||
|
Cash, Beginning of Period
|
3,371
|
12,650
|
||||||
|
Cash, End of Period
|
73
|
3,371
|
||||||
|
Supplemental Disclosures
|
||||||||
|
Interest paid
|
–
|
–
|
||||||
|
Income tax paid
|
–
|
–
|
||||||
|
Non-cash investing and financing activities
|
||||||||
|
Adjustment to derivative liability due to conversion of debt
|
53,911
|
–
|
||||||
|
Common shares issued for conversion of debt
|
39,960
|
–
|
||||||
|
Debt discount due to beneficial conversion feature
|
15,500
|
92,500
|
||||||
|
g)
|
Derivative Liability
|
|
h)
|
Basic and Diluted Net Loss Per Share
|
|
Balance,
December 31,
2013
$
|
Conversions
$
|
Changes in Fair
Values
$
|
Balance,
December 31,
2014
$
|
|
|
Derivative Liability
|
45,521
|
(53,911)
|
78,680
|
70,290
|
|
l)
|
Recent Accounting Pronouncements
|
|
a)
|
On June 7, 2013, the Company entered into a $32,500 convertible debenture with a non-related party. Under the terms of the debenture, the amount is unsecured, bears interest at 8% per annum, and is due on December 7, 2014. The note is convertible into shares of common stock 180 days after the date of issuance (December 4, 2013) at a conversion rate of 50% of the average of the five lowest closing bid prices of the Company's common stock for the thirty trading days ending one trading day prior to the date the conversion notice is sent by the holder to the Company. As at December 31, 2014, the Company recorded accrued interest of $3,191 (2013 - $1,475), which has been included in accounts payable and accrued liabilities.
|
|
b)
|
On July 15, 2013, the Company entered into a $27,500 convertible debenture with a non-related party. Under the terms of the debenture, the amount is unsecured, bears interest at 8% per annum, and is due on January 16, 2015. The note is convertible into shares of common stock 180 days after the date of issuance (January 11, 2014) at a conversion rate of 50% of the average of the five lowest closing bid prices of the Company's common stock for the thirty trading days ending one trading day prior to the date the conversion notice is sent by the holder to the Company. As at December 31, 2014, the Company recorded accrued interest of $3,077 (2013 - $1,019), which has been included in accounts payable and accrued liabilities.
|
|
c)
|
On October 4, 2013, the Company entered into a $32,500 convertible debenture with a non-related party. Under the terms of the debenture, the amount is unsecured, bears interest at 8% per annum, and is due on July 8, 2015. The note is convertible into shares of common stock 180 days after the date of issuance (April 2, 2014) at a conversion rate of 50% of the average of the five lowest closing bid prices of the Company's common stock for the thirty trading days ending one trading day prior to the date the conversion notice is sent by the holder to the Company. As at December 31, 2014, the Company recorded accrued interest of $3,227 (2013 - $627), which has been included in accounts payable and accrued liabilities.
|
|
d)
|
On February 18, 2014, the Company entered into a $15,500 convertible debenture with a non-related party. Under the terms of the debenture, the amount is unsecured, bears interest at 8% per annum, and is due on August 20, 2015. The note is convertible into shares of common stock 180 days after the date of issuance (August 17, 2014) at a conversion rate of 50% of the average of the five lowest closing bid prices of the Company's common stock for the thirty trading days ending one trading day prior to the date the conversion notice is sent by the holder to the Company. As at December 31, 2014, the Company recorded accrued interest of $1,074 (2013 - $nil), which has been included in accounts payable and accrued liabilities.
|
|
·
|
The underlying stock price of $0.0014 was used as the fair value of the common stock as at December 31, 2013.
|
|
·
|
The underlying stock price of $0.0006 to $0.0001 was used as the fair value of the common stock as at December 31, 2014.
|
|
·
|
The principal of the debenture on the June 7, 2013 date of issuance was $32,500.
|
|
·
|
The balance of the principal and interest of the June 7, 2013 debenture on December 4, 2013, the date the June 7, 2013 debenture became convertible, was $33,775.
|
|
·
|
The balance of the principal and interest of the June 7, 2013 debenture on December 31, 2013 was $33,975.
|
|
·
|
The balance of the principal and interest of the June 7, 2013 debenture on December 31, 2014 was $3,191.
|
|
·
|
The principal of the debenture on the July 15, 2013 date of issuance was $27,500.
|
|
·
|
The balance of the principal and interest of the July 15, 2013 debenture on January 11, 2014, the date the July 15, 2013 debenture became convertible, was $28,579.
|
|
·
|
The balance of the principal and interest of the July 15, 2013 debenture on December 31, 2014 was $23,117.
|
|
·
|
The principal of the debenture on the October 4, 2013 date of issuance was $32,500.
|
|
·
|
The balance of the principal and interest of the October 4, 2013 debenture on April 2, 2014, the date the October 4, 2013 debenture became convertible, was $33,782.
|
|
·
|
The balance of the principal and interest of the October 4, 2013 debenture on December 31, 2014 was $35,727.
|
|
·
|
The principal of the debenture on the February 18, 2014 date of issuance was $15,500.
|
|
·
|
The balance of the principal and interest of the February 18, 2014 debenture on August 17, 2014, the date the February 18, 2014 debenture became convertible, was $16,112.
|
|
·
|
The balance of the principal and interest of the February 18, 2014 debenture on December 31, 2014 was $16,574.
|
|
·
|
Capital raising events are not a factor for the debenture.
|
|
·
|
The Holder would redeem based on availability of alternative financing 0% of the time increasing 1.0% monthly to a maximum of 10%.
|
|
·
|
The Holder would automatically convert the note at maturity if the registration (after 120 days) was effective and the Company is not in default.
|
|
·
|
The projected annual volatility for each valuation period was based on the historic volatility of the Company of 178% as at December 4, 2013, 176% as at December 31, 2013, 175% as at January 11, 2014, 172% as at April 9, 2014, 176% as at June 30, 2014, 176% as at August 17, 2014, 170% as at September 30, 2014, 166% as at October 21, 2014, 165% as at October 22 and November 21, 2014, 166% as at October 26, 2014, 168% as at December 2, 2014, 170% as at December 4, 2014, 172% as at December 9, 2014, and 183% as at December 31, 2014.
|
|
·
|
An event of default would occur 0% of the time, increasing to 1.0% per month to a maximum of 5%. To date, the debenture is not in default nor converted by the Holder.
|
|
|
$
|
|
|
Balance, December 31, 2012
|
–
|
|
|
Derivative loss due to new issuances
|
46,532
|
|
|
Mark to market adjustment at December 31, 2013
|
(1,011)
|
|
|
Balance, December 31, 2013
|
45,521
|
|
|
Derivative loss due to new issuances
|
105,816
|
|
|
Adjustment for conversion
|
(53,911)
|
|
|
Mark to market adjustment at Dec
ember
31, 2014
|
(27,136)
|
|
|
Balance,
December
31, 2014
|
70,290
|
|
a)
|
On April 9, 2014, the Company issued 8,571,429 common shares for the conversion of $12,000 of principal of the June 7, 2013 convertible debenture. Refer to Note 3(a).
|
|
b)
|
On October 21, 2014, the Company issued 38,520,000 common shares for the conversion of $9,630 of principal of the June 7, 2013 convertible debenture. Refer to Note 3(a).
|
|
c)
|
On October 28, 2014, the Company issued 38,520,000 common shares for the conversion of $9,630 of principal of the June 7, 2013 convertible debenture. Refer to Note 3(a).
|
|
d)
|
On November 21, 2014, the Company issued 15,500,000 common shares for the conversion of $1,240 of principal of the June 7, 2013 convertible debenture. Refer to Note 3(a).
|
|
e)
|
On November 26, 2014, the Company issued 19,000,000 common shares for the conversion of $1,520 of principal of the July 15, 2013 convertible debenture. Refer to Note 3(b).
|
|
f)
|
On December 2, 2014, the Company issued 24,750,000 common shares for the conversion of $1,980 of principal of the July 15, 2013 convertible debenture. Refer to Note 3(b).
|
|
g)
|
On December 4, 2014, the Company issued 24,750,000 common shares for the conversion of $1,980 of principal of the July 15, 2013 convertible debenture. Refer to Note 3(b).
|
|
h)
|
On December 9, 2014, the Company issued 24,750,000 common shares for the conversion of $1,980 of principal of the July 15, 2013 convertible debenture. Refer to Note 3(b).
|
|
i)
|
On January 9, 2013, the Company issued 600,000 common shares pursuant to a consulting agreement with a non-related party, as noted in Note 7(d). The shares were recorded at their fair value of $6,000 based on the closing market prices on the date of authorization.
|
|
a)
|
As at December 31, 2014, the Company owes $300,000 (2013 - $300,000) to a company controlled by former officers and directors of the Company. The amount owing is unsecured, bears interest at 10% per annum, and is due on August 16, 2012, currently in default. As at December 31, 2014, the Company has recorded accrued interest of $102,219 (2013 - $72,219) which has been included in accounts payable and accrued liabilities – related party.
|
|
b)
|
As at December 31, 2014, the Company owes $15,225 (2013 - $10,225) to companies under common control by former officers and directors of the Company which has been included in accounts payable and accrued liabilities – related parties. The amounts owing are unsecured, non-interest bearing, and due on demand.
|
|
c)
|
During the year ended December 31, 2014, the Company has incurred $120,000 (2013 - $45,000) to the former President and CEO of the Company for consulting services. As at December 31, 2014, the Company recorded a related party accounts payable of $180,000 (2013 - $60,000), which has been included in accounts payable and accrued liabilities – related party. The amounts owing are unsecured, non-interest bearing, and due on demand.
|
|
d)
|
As at December 31, 2014, the Company owes $7,518 (2013 – $800) to the former President and CEO of the Company for reimbursement of expenses which has been included in accounts payable and accrued liabilities – related parties. The amount owing is unsecured, non-interest bearing, and due on demand.
|
|
a)
|
On October 12, 2011, the Company entered into a verbal consulting agreement with a non-related party whereby the Company will pay a monthly consulting fee for services provided in the amounts of $3,000. The agreement is for a one month term automatically renewing in each successive month unless earlier terminated. On July 18, 2012, the Board of Directors reviewed the consulting agreement and authorized an increase to the monthly consulting fee from $3,000 to $3,750 per month beginning July 2012. On October 1, 2012, the Board of Directors reviewed the consulting agreement and adjusted the consulting fee from $3,750 to $3,000 per month beginning October 2012. On April 8, 2014, The Board of Directors reviewed the consulting agreement and adjusted the consulting fee from $3,000 to $500 per month effective January 1, 2014.
|
|
b)
|
On October 12, 2011, the Company entered into a consulting agreement with a non-related party whereby the Company will pay a monthly consulting fee for services provided in the amounts of $27,500. The agreement is for a one month term automatically renewing in each successive month unless earlier terminated. On April 8, 2014, The Board of Directors reviewed the consulting agreement and adjusted the consulting fee from $27,500 to $21,500 per month effective January 1, 2014.
|
|
c)
|
On October 12, 2011, the Company entered into a consulting agreement with the President and CEO of the Company whereby the Company will pay a monthly consulting fee for services provided in the amounts of $3,000. The agreement is for a one month term automatically renewing in each successive month unless earlier terminated. On June 10, 2012, the Board of Directors authorized an increase to the monthly consulting fee from $3,000 to $6,000 per month beginning June 2012. On July 18, 2012, the Board of Directors reviewed the consulting agreement and adjusted the monthly consulting fee to $3,750 beginning July 2012. On April 8, 2014, The Board of Directors reviewed the consulting agreement and adjusted the consulting fee from $3,750 to $10,000 per month effective January 1, 2014.
|
|
d)
|
On January 2, 2013, the Company entered into a consulting agreement with The Holden Group, LLC ("Holden") whereby the Company paid Holden $2,000 and issued 600,000 restricted common shares of the Company upon the execution of the agreement as well as pay $500 on each of the first, second and third month anniversaries of the agreement. These final three payments have been accrued and recorded in accounts payable and accrued liabilities.
|
|
2014
$
|
2013
$
|
|||
|
Income tax recovery at statutory rate
|
158,351
|
175,604
|
||
|
Valuation allowance change
|
(158,351)
|
(175,604)
|
||
|
Provision for income taxes
|
–
|
–
|
|
2014
$
|
2013
$
|
|||
|
Net operating loss carried forward
|
629,340
|
470,989
|
||
|
Valuation allowance
|
(629,340)
|
(470,989)
|
||
|
Net deferred income tax asset
|
–
|
–
|
|
a)
|
On February 6, 2015, the Company issued 28,000,000 common shares upon the issuance of $1,400 of principal of the July 15, 2013 convertible debenture. Refer to Note 3(b).
|
|
b)
|
On February 10, 2015, the Company issued 28,000,000 common shares upon the conversion of $1,400 of principal of the July 15, 2013 convertible debenture. Refer to Note 3(b).
|
|
c)
|
On February 13, 2015, the Company issued 31,000,000 common shares upon the issuance of $1,550 of principal of the July 15, 2013 convertible debenture. Refer to Note 3(b).
|
|
d)
|
On February 18, 2015, the Company issued 31,000,000 common shares upon the conversion of $1,550 of principal of the July 15, 2013 convertible debenture. Refer to Note 3(b).
|
|
e)
|
On February 23, 2015, the Company issued 31,000,000 common shares upon the issuance of $1,550 of principal of the July 15, 2013 convertible debenture. Refer to Note 3(b).
|
|
f)
|
On March 2, 2015, the Company issued 35,000,000 common shares upon the conversion of $1,750 of principal of the July 15, 2013 convertible debenture. Refer to Note 3(b).
|
|
g)
|
On March 3, 2015, the Company issued 37,000,000 common shares upon the issuance of $1,850 of principal of the July 15, 2013 convertible debenture. Refer to Note 3(b).
|
|
h)
|
On March 5, 2015, the Company entered into a Strategic Expansion Agreement ("Expansion Agreement") with its former controlling shareholder ("Shareholder") and a non-related party ("Licensor"). Pursuant to the terms of the Expansion Agreement, the Company also entered into a Global License Agreement ("License Agreement") granting the Company certain rights to technologies owned and controlled by the Licensor relating to emergency management, emergency communication, emergency response, enhanced emergency calling and related technologies in exchange for 13,350,000 newly-issued shares of Class B preferred stock, 200,000,000 newly-issued share of restricted shares of common stock, and 7,500,000 shares of Class A preferred stock transferred from the Shareholder.
|
|
i)
|
On March 5, 2015, the Company entered into settlement and general mutual release agreements with the Company's former President and Director and two of the Company's consultants. Pursuant to the settlement and release agreements, the Company has agreed to issue a total of 180,285,000 newly-issued shares of common stock for the settlement of all amounts owing to these parties.
|
|
j)
|
On March 5, 2015, the Company entered into a consulting agreement with the former President and Director of the Company ("Consultant") whereby the Company has agreed to pay $12,853 in cash, half to be paid within 15 days of the execution of the agreement and half to be paid within 45 days of the execution of the agreement and $500 in cash, due and payable on the last day of each month ending at the end of May 2015. In return, the Consultant has agreed to provide assistance with a variety of services including: providing the Company with transitional services associated with the Company's SEC filings, assist with the preparation of the 2014 10-K and 2015 Q1 10-Q filings, assist the Company winding down certain legacy business issues and provide the Company with access to files and records.
|
|
k)
|
On March 13, 2015, the Company issued 75,000,000 common shares upon the issuance of $3,750 of principal of the July 15, 2013 convertible debenture. Refer to Note 3(b).
|
|
l)
|
On March 17, 2015, the Company issued 75,000,000 common shares upon the issuance of $3,750 of principal of the July 15, 2013 convertible debenture. Refer to Note 3(b).
|
|
m)
|
On March 18, 2015, the Company issued 83,000,000 common shares upon the issuance of $1,490 of principal of the July 15, 2013 convertible debenture and $2,660 of accrued and unpaid interest. Refer to Note 3(b).
|
|
n)
|
On March 24, 2015, the Company issued 87,000,000 common shares upon the issuance of $4,350 of principal of the October 4, 2013 convertible debenture. Refer to Note 3(c).
|
|
o)
|
On March 25, 2015, the Company issued 87,000,000 common shares upon the issuance of $4,350 of principal of the October 4, 2013 convertible debenture. Refer to Note 3(c).
|
|
p)
|
On April 1, 2015, the Company issued a draw-down convertible promissory note to a non-related party in the principal amount of up to $600,000. Under the terms of the promissory note, the amount is unsecured, bears interest at 10% per annum, and is due on April 1, 2016. The note is convertible into shares of common stock at a conversion rate of 50% of the average of the three lowest end-of-day closing prices of the Company's common stock for the twenty-five trading days prior to the date the holder elects to convert all or part of the promissory note.
|
|
q)
|
On April 1, 2015, the Company consented to the assignment of the February 18, 2014 and the October 4, 2013 convertible debentures. According to the terms of the assignment agreement, the February 18, 2014 note was sold to the purchaser and simultaneously exchanged for a new note (the "New February Note"). In accordance with the exchange, The New February Note was deemed to have been issued February 18, 2014, and carried substantially the same terms as the original note, with the following exceptions: the New February bears 0% interest, and the overall ownership of the purchaser at any one moment shall be limited to 9.99% of the issued and outstanding shares of our common stock. The purchaser also entered into an agreement with original debenture holder, granting the purchaser the exclusive right to acquire the October 4, 2013 note, on or before May 7, 2015
|
|
r)
|
On April 2, 2015, the Company entered into an equity line of credit (ELOC) up to $4,000,000 with a non-related party, which allows the Company to "put" shares to the debtor at a 20% discount to the lowest trading price over the five consecutive trading days immediately succeeding the applicable Put Notice Date. The ELOC requires the filing of a registration statement prior to the funds becoming available to the Company. Once the registration is filed, funding under the ELOC occurs at the discretion of the Company. The minimum amount of the Put Notice is restricted to $5,000 and the maximum to 100% of the average of the daily trading dollar volume for the ten consecutive trading days immediately prior to the Put Notice Date but not to exceed an accumulated amount per month of $150,000 unless prior approval is obtained.
|
|
s)
|
On April 3, 2015, two shareholders of the Company agreed to convert 422,000,000 shares of common stock into 2,215,500 shares of Class B Preferred Stock at the request of the Company, to facilitate the closing of the other transactions herein described.
|
|
t)
|
On April 6, 2015, the Company entered into a Common Stock Purchase Warrant agreement with a non-related party providing the holder the right to purchase shares of common stock of the Company by investing up to $50,000 into new shares of common stock at a price of $0.001 per share for a period of five years. This warrant agreement was negotiated as part of the draw-down convertible promissory note as described in Note 7(p).
|
|
u)
|
On April 10, 2015, the Company issued 149,844,444 common shares upon the issuance of $6,743 of principal of the February 18, 2014 convertible debenture. Refer to Note 3(d).
|
|
1.
|
We do not have an Audit Committee
– While not being legally obligated to have an audit committee, it is the management's view that such a committee, including a financial expert member, is an utmost important entity level control over the Company's financial statement. Currently the Board of Directors acts in the capacity of the Audit Committee, and does not include a member that is considered to be independent of management to provide the necessary oversight over management's activities.
|
|
2.
|
We did not maintain appropriate cash controls
– As of December 31, 2014, we do not maintained sufficient internal controls over financial reporting for the cash process, including failure to segregate cash handling and accounting functions, and did not require dual signature on our bank accounts. Alternatively, the effects of poor cash controls were mitigated by the fact that we have limited transactions in our bank accounts.
|
|
3.
|
We did not implement appropriate information technology controls
– As at December 31, 2014, we retain copies of all financial data and material agreements; however there is no formal procedure or evidence of normal backup of our data or off-site storage of the data in the event of theft, misplacement, or loss due to unmitigated factors.
|
|
1.
|
Our Board of Directors will nominate an audit committee or a financial expert on our Board of Directors.
|
|
2.
|
We will appoint additional personnel to assist with the preparation of our monthly financial reporting, including preparation of the monthly bank reconciliations.
|
|
Name
|
Age
|
Position
|
|
Paul Rauner
|
46
|
President, Principal Executive Officer, Secretary, Treasurer, Principal Financial Officer, Principal Accounting Officer and sole Member of our Board of Directors
|
|
1.
|
A petition under the Federal bankruptcy laws or any state insolvency law was filed by or against, or a receiver, fiscal agent or similar officer was appointed by a court for the business or property of such person, or any partnership in which he was a general partner at or within two years before the time of such filing, or any corporation or business association of which he was an executive officer at or within two years before the time of such filing;
|
|
|
2.
|
Convicted in a criminal proceeding or is a named subject of a pending criminal proceeding (excluding traffic violations and other minor offenses);
|
|
|
3.
|
The subject of any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining him from, or otherwise limiting, the following activities;
|
|
|
|
i)
|
Acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, any other person regulated by the Commodity Futures Trading Commission, or an associated person of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee of any investment company, bank, savings and loan association or insurance company, or engaging in or continuing any conduct or practice in connection with such activity;
|
|
ii)
|
Engaging in any type of business practice; or
|
|
|
iii)
|
Engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of Federal or State securities laws or Federal commodities laws;
|
|
|
4.
|
The subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any Federal or State authority barring, suspending or otherwise limiting for more than 60 days the right of such person to engage in any activity described in paragraph 3.i in the preceding paragraph or to be associated with persons engaged in any such activity;
|
|
|
5.
|
Was found by a court of competent jurisdiction in a civil action or by the Commission to have violated any Federal or State securities law, and the judgment in such civil action or finding by the Commission has not been subsequently reversed, suspended, or vacated;
|
|
|
6.
|
Was found by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated any Federal commodities law, and the judgment in such civil action or finding by the Commodity Futures Trading Commission has not been subsequently reversed, suspended or vacated;
|
|
|
7.
|
Was the subject of, or a party to, any Federal or State judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of:
|
|
|
i)
|
Any Federal or State securities or commodities law or regulation; or
|
|
|
ii)
|
Any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order, or
|
|
|
iii)
|
Any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or
|
|
|
8.
|
Was the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization (as defined in Section 3(a)(26) of the Exchange Act (15 U.S.C. 78c(a)(26))), any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange Act (7 U.S.C. 1(a)(29))), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member.
|
|
|
Name and
Principal Position
|
Year
|
Salary
(US$)
|
Bonus
(US$)
|
Stock
Awards
(US$)
|
Option
Awards
(US$)
|
Non-Equity
Incentive Plan
Compensation
(US$)
|
Nonqualified
Deferred
Compensation
Earnings
(US$)
|
All Other
Compensation
(US$)
|
Total
(US$)
|
|
(a)
|
(b)
|
(c)
|
(d)
|
(e)
|
(f)
|
(g)
|
(h)
|
(i)
|
(j)
|
|
Paul Rauner
|
2014
|
0
|
0
|
0
|
0
|
0
|
0
|
0
1]
|
0
|
|
President/CEO/CFO
|
2013
|
0
|
0
|
0
|
0
|
0
|
0
|
0
1]
|
0
|
|
Tassos Recachinas
|
2014
|
60,000
|
0
|
0
|
0
|
0
|
0
|
60,000
[1]
|
120,000
|
|
President/CEO/CFO
(Resigned 3-9-2015)
|
2013
|
45,000
|
0
|
0
|
0
|
0
|
0
|
45,000
[1]
|
90,000
|
|
Name
(a)
|
Fees Earned
Or Paid in
Cash
(US$)
(b)
|
Stock
Awards
(US$)
(c)
|
Option
Awards
(US$)
(d)
|
Non-Equity
Incentive Plan
Compensation
(US$)
(e)
|
Nonqualified
Deferred
Compensation
Earnings
(US$)
(f)
|
All Other
Compensation
(US$)
(g)
|
Total
(US$)
(h)
|
|
Paul Rauner
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Tassos Recachinas
(Resigned 3-15-2015)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
| ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS. |
|
Name and Address
Beneficial Owner
|
Number of
Common Shares
|
Percentage of
Ownership
|
Number of
Preferred Shares
|
Percentage of
Ownership
|
|
Paul Rauner
|
0
|
0.00%
[1]
|
21,900,000[1]
|
[1]%
|
|
9272 Olive Boulevard
|
||||
|
St. Louis, MO 63132
|
||||
|
All officers and directors as a group
(1 individual)
|
0
|
0.00%
|
21,900,000
|
|
|
Tassos Recachinas
|
373,835,496[2]
|
24.9%
[2]
|
1,165,500[2]
|
|
|
501 Kings Highway East, #108
|
[2]%
|
|||
|
Fairfield, CT 06825
|
| [1] | Owned by Siren GPS, a private corporation owned and controlled by Paul Rauner, our sole officer and director. Comprised of 14,400,000 shares of Class B Preferred Stock (comprising 91% of the Class B Preferred Stock outstanding) and 7,500,000 shares of Class A Preferred Stock (comprising 100% of the Class A Preferred Stock outstanding). Class A Preferred Stock is convertible into shares of common stock at a rate of 20 shares of common stock for each share of Class A Preferred Stock. Class A Preferred Stock entitles the holder to 100 votes per share of Class B Preferred stock on matters subject to a vote of the common shareholders. Class B Preferred Stock is convertible into shares of common stock at a rate of 200 shares of common stock for each share of Class B Preferred Stock. Class B Preferred Stock entitles the holder to 1,000 votes per share of Class B Preferred stock on matters subject to a vote of the common shareholders. SirenGPS, through its current holdings of Class A Preferred stock and Class B Preferred stock, currently controls 83.1% of the vote on all matters submitted to shareholders. Assuming the conversion of all shares of Class A Preferred Stock and Class B Preferred Stock into shares of common stock, Mr. Rauner's beneficial ownership of our fully diluted common stock would be 62.1%. |
| [2] | Of the 373,835,496 shares beneficially owned by Tassos Recachinas, our former President, 299,600,496 shares of common stock are directly held by Hillwinds Ocean Energy, LLC ("HOEL"), an affiliate, while 74,235,000 shares of common stock held directly by Mr. Recachinas. The 1,165,500 shares of preferred stock are owned directly by HOEL, and are comprised of 1,165,500 shares of Class B Preferred Stock, constituting 7% of the Class B Preferred Stock outstanding. Assuming the conversion of all shares of Class B Preferred Stock into shares of common stock, Mr. Recachinas beneficial ownership of our fully diluted common stock would be 12.2%. |
|
2014
|
$
|
10,750
|
M&K CPAS, PLLC
|
|
2013
|
$
|
14,000
|
M&K CPAS, PLLC
|
|
2014
|
$
|
0
|
M&K CPAS, PLLC
|
|
2013
|
$
|
0
|
M&K CPAS, PLLC
|
|
2014
|
$
|
0
|
M&K CPAS, PLLC
|
|
2013
|
$
|
0
|
M&K CPAS, PLLC
|
| (4) | Our audit committee's pre-approval policies and procedures described in paragraph (c)(7)(i) of Rule 2-01 of Regulation S-X were that the audit committee pre-approved all accounting related activities prior to the performance of any services by any accountant or auditor. |
| (5) | The percentage of hours expended on the principal accountant's engagement to audit our financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full time, permanent employees was 0%. |
|
Exhibit
|
Incorporated by reference
|
Filed
|
|||
|
Number
|
Description of Exhibit
|
Form
|
Date
|
Number
|
herewith
|
|
3.1
|
Articles of Incorporation.
|
S-1
|
3/24/09
|
3.1
|
|
|
3.2
|
Bylaws.
|
S-1
|
3/24/09
|
3.2
|
|
|
3.3
|
Amended and Restated Articles of Incorporation.
|
8-K
|
6/14/11
|
3.1a
|
|
|
3.4
|
Amended and Restated Articles of Incorporation.
|
8-K
|
8/17/11
|
3.1
|
|
|
10.1
|
Promissory Note with Hillwinds Ocean Energy, LLC.
|
8-K
|
8/17/11
|
10.2
|
|
|
10.2
|
Settlement Agreement and General Mutual Release with Serik Enterprises, Inc.
|
10-Q
|
11/21/11
|
10.14
|
|
|
10.3
|
Draw Down Convertible Promissory Note.
|
10-Q
|
11/21/11
|
10.15
|
|
|
10.4
|
Intellectual Property License Agreement with Hillwinds Energy Development Corporation.
|
10-K
|
4/16/12
|
10.1
|
|
|
10.5
|
Exclusivity and Feasibility Study Agreement with City of Saint John.
|
8-K
|
12/05/12
|
10.1
|
|
|
10.6
|
Intellectual Property License Agreement with Hillwinds Energy Development Corporation dated December 10, 2012.
|
8-K
|
12/12/12
|
10.1
|
|
|
10.7
|
Consulting Agreement with The Holden Group.
|
8-K
|
1/03/13
|
10.1
|
|
|
10.8
|
Restructuring Agreement with Dennis Holden.
|
8-K/A
|
2/14/13
|
10.1
|
|
|
10.9
|
Restructuring Agreement with Stephen Walker.
|
8-K/A
|
2/14/13
|
10.2
|
|
|
10.10
|
Restructuring Agreement with Lance Warren.
|
8-K/A
|
2/14/13
|
10.3
|
|
|
10.11
|
Exchange Note Purchase Agreement between Jabro Funding Corp. and Iconic
Holdings, LLC dated March 31, 2015.
|
10.1
|
X
|
||
|
10.12
|
Exchange Note Purchase Agreement with Iconic Holdings, LLC dated April 1,
2015.
|
10.2
|
X
|
||
|
10.13
|
Convertible Promissory Note with Iconic Holdings, LLC dated April 1, 2015.
|
10.3
|
X
|
||
|
10.14
|
Investment Agreement (ELOC) and Registration Rights Agreement with Iconic
Holdings, LLC dated April 2, 2015.
|
10.4
|
X
|
||
|
10.15
|
Common Stock Purchase Warrant with Iconic Holdings, LLC dated April 6, 2015.
|
10.5
|
X
|
||
|
10.16
|
Stock Conversion and Subscription Agreement with Hillwinds Ocean Energy,
LLC dated April 3, 2015.
|
10.6
|
X
|
||
|
10.17
|
Stock Conversion and Subscription Agreement with SirenGPS, Inc. dated
April 3, 2015.
|
10.7
|
X
|
||
|
14.1
|
Code of Ethics.
|
10-K
|
3/29/11
|
14.1
|
|
|
23.1
|
Consent of M&K CPAS, PLLC
|
X
|
|||
|
21.1
|
List of Subsidiaries.
|
S-1/A-1
|
1/17/13
|
21.1
|
|
|
31.1
|
Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
X
|
|||
|
32.1
|
Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
X
|
|||
|
101.INS
|
XBRL Instance Document.
|
|
|||
|
101.SCH
|
XBRL Taxonomy Extension – Schema.
|
|
|||
|
101.CAL
|
XBRL Taxonomy Extension – Calculations.
|
|
|||
|
101.LAB
|
XBRL Taxonomy Extension – Labels.
|
|
|||
|
101.PRE
|
XBRL Taxonomy Extension – Presentation.
|
|
|||
|
101.DEF
|
XBRL Taxonomy Extension – Definition.
|
|
|||
|
HDS INTERNATIONAL CORP.
|
||
|
(the "Registrant")
|
||
|
BY:
|
PAUL RAUNER
|
|
|
Paul Rauner
|
||
|
President, Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer, Secretary/Treasurer and sole member of the Board of Directors
|
||
|
Signature
|
Title
|
Date
|
|
PAUL RAUNER
|
President, Principal Executive Officer, Principal
|
April 15, 2015
|
|
Paul Rauner
|
Financial Officer, Principal Accounting Officer,
|
|
|
Secretary/Treasurer and sole member of the Board
|
||
|
of Directors
|
|
Exhibit
|
Incorporated by reference
|
Filed
|
|||
|
Number
|
Description of Exhibit
|
Form
|
Date
|
Number
|
herewith
|
|
3.1
|
Articles of Incorporation.
|
S-1
|
3/24/09
|
3.1
|
|
|
3.2
|
Bylaws.
|
S-1
|
3/24/09
|
3.2
|
|
|
3.3
|
Amended and Restated Articles of Incorporation.
|
8-K
|
6/14/11
|
3.1a
|
|
|
3.4
|
Amended and Restated Articles of Incorporation.
|
8-K
|
8/17/11
|
3.1
|
|
|
10.1
|
Promissory Note with Hillwinds Ocean Energy, LLC.
|
8-K
|
8/17/11
|
10.2
|
|
|
10.2
|
Settlement Agreement and General Mutual Release with Serik Enterprises, Inc.
|
10-Q
|
11/21/11
|
10.14
|
|
|
10.3
|
Draw Down Convertible Promissory Note.
|
10-Q
|
11/21/11
|
10.15
|
|
|
10.4
|
Intellectual Property License Agreement with Hillwinds Energy Development Corporation.
|
10-K
|
4/16/12
|
10.1
|
|
|
10.5
|
Exclusivity and Feasibility Study Agreement with City of Saint John.
|
8-K
|
12/05/12
|
10.1
|
|
|
10.6
|
Intellectual Property License Agreement with Hillwinds Energy Development Corporation dated December 10, 2012.
|
8-K
|
12/12/12
|
10.1
|
|
|
10.7
|
Consulting Agreement with The Holden Group.
|
8-K
|
1/03/13
|
10.1
|
|
|
10.8
|
Restructuring Agreement with Dennis Holden.
|
8-K/A
|
2/14/13
|
10.1
|
|
|
10.9
|
Restructuring Agreement with Stephen Walker.
|
8-K/A
|
2/14/13
|
10.2
|
|
|
10.10
|
Restructuring Agreement with Lance Warren.
|
8-K/A
|
2/14/13
|
10.3
|
|
|
10.11
|
Exchange Note Purchase Agreement between Jabro Funding Corp. and Iconic
Holdings, LLC dated March 31, 2015.
|
10.1
|
X
|
||
|
10.12
|
Exchange Note Purchase Agreement with Iconic Holdings, LLC dated April 1,
2015.
|
10.2
|
X
|
||
|
10.13
|
Convertible Promissory Note with Iconic Holdings, LLC dated April 1, 2015.
|
10.3
|
X
|
||
|
10.14
|
Investment Agreement (ELOC) and Registration Rights Agreement with Iconic
Holdings, LLC dated April 2, 2015.
|
10.4
|
X
|
||
|
10.15
|
Common Stock Purchase Warrant with Iconic Holdings, LLC dated April 6, 2015.
|
10.5
|
X
|
||
|
10.16
|
Stock Conversion and Subscription Agreement with Hillwinds Ocean Energy,
LLC dated April 3, 2015.
|
10.6
|
X
|
||
|
10.17
|
Stock Conversion and Subscription Agreement with SirenGPS, Inc. dated
April 3, 2015.
|
10.7
|
X
|
||
|
14.1
|
Code of Ethics.
|
10-K
|
3/29/11
|
14.1
|
|
|
23.1
|
Consent of M&K CPAS, PLLC
|
X
|
|||
|
21.1
|
List of Subsidiaries.
|
S-1/A-1
|
1/17/13
|
21.1
|
|
|
31.1
|
Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
X
|
|||
|
32.1
|
Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
X
|
|||
|
101.INS
|
XBRL Instance Document.
|
|
|||
|
101.SCH
|
XBRL Taxonomy Extension – Schema.
|
|
|||
|
101.CAL
|
XBRL Taxonomy Extension – Calculations.
|
|
|||
|
101.LAB
|
XBRL Taxonomy Extension – Labels.
|
|
|||
|
101.PRE
|
XBRL Taxonomy Extension – Presentation.
|
|
|||
|
101.DEF
|
XBRL Taxonomy Extension – Definition.
|
|
|||
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|