Get Started for Free Contexxia identifies hard-to-find pieces of information in SEC filings. No more highlighters, no more redlining, no more poring over huge documents. MADISON AVE. MEDIA, INC. (1411096) 10-Q published on Jul 15, 2011 at 4:35 pm
Reporting Period: May 30, 2011
On May 18, 2011, 50,000 Shares of Common Stock were issued to Evelyn Bautista in lieu of cash compensation for serving as Officer and Director of the Company.
On May 18, 2011, 856,820 Shares of Common Stock were issued to Michael Gleicher in conversion and satisfaction of a Convertible Promissory Note in the amount of $40,666.
On March 17th, 2011 the company approved up to an additional $1,000,000 of secured convertible notes to three shareholders of registrant with maturity of one year. The note will bear a prepaid annual interest rate of 18% and will be founded in trenches. The notes can be converted at any time prior to maturity at the lessor of $.05 per share or the lowest price the company has raised money for new investment for the next year. 1,000,000 warrants will be issued per $100,000 loaned with a term of five years from date of issue and exercisable at the same price as the convertible note. The registrant has granted these notes a security interest junior only to the above convertible notes.
If we experience a shortage of funds prior to generating revenue from operations we may utilize funds from our directors and certain shareholders, if available. However, our directors and shareholders have no formal commitment, arrangement or legal obligation to advance or loan funds to us.